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Investment Canada Act

Doing Business in Quebec

Canada has a number of federal and provincial statutes that are industry-specific (in such areas as financial services, telecommunications, broadcasting and air transport) and that limit foreign investments in Canada by non-Canadians. However, the Investment Canada Act (“ICA”) is the only statute of general application in Canada that provides for the notification and review of business investments by non-Canadians.

Doing Business in Quebec

The ICA provides for two review mechanisms: (i) review to determine whether an investment (typically, a business acquisition) is of “net benefit to Canada”; and (ii) national security review of an investment. Net benefit reviews, except in the case of investments in businesses engaged in cultural activities, apply only to very large transactions and are based largely on economic considerations, while national security reviews are conducted at the discretion of the government.

We are expert in both review mechanisms, and provide tactical and strategic advice and representation to assist clients in navigating their investment through the process with a view to achieving their objectives on a timely and efficient basis. Our assistance includes preparing filings, making oral and written representations to the relevant agencies, and negotiating undertakings.