An Act to amend the Investment Canada Act
An Act to amend the Investment Canada Act. Royal assent March 22, 2024 (S.C. 2024, c. 4). First substantive Investment Canada Act reform in over a decade. Adds a pre-implementation filing requirement for certain investments in sensitive sectors (critical minerals, critical infrastructure, sensitive personal data, advanced technologies including AI and quantum), even where they fall below the standard net-benefit review threshold. Adds an interim closing order, allowing the Minister to block transactions during a national-security review. Increases penalties for non-compliance to a maximum of $500,000 per day. Sponsored by François-Philippe Champagne as Minister of Innovation, Science and Industry. Largely a response to concerns about state-owned foreign investment in Canadian critical-mineral assets.
Status
Quick learn
Tightens federal screening of foreign acquisitions of Canadian companies in sensitive sectors (critical minerals, defence, advanced tech, biotech). Lets the federal government compel a national-security review of any deal regardless of size. Aligned with similar US and Australian rules.
Issues this bill touches
- National Security
Modernizes Investment Canada Act national-security reviews. Adds mandatory pre-closing filings in sensitive sectors.
Legislative history
- Introduced
Tabled in the originating chamber by the sponsor.
View source - First reading
First reading in the House of Commons.
View source - Second reading
Second reading in the House of Commons.
View source - Third reading
Third reading in the House of Commons.
View source - First reading
First reading in the Senate.
View source - Royal assent
Approved by both chambers and granted royal assent; now law.
View source - Third reading
Third reading in the Senate.
View source - Royal assent
Royal assent received.
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Sponsored by
François-Philippe ChampagneLIBERALOfficial source
Read full text on Parliament of Canada