Investment Canada Act

This Act may be cited as the Investment Canada Act.

Recognizing that increased capital and technology benefits Canada, and recognizing the importance of protecting national security, the purposes of this Act are to provide for the review of significant investments in Canada by non-Canadians in a manner that encourages investment, economic growth and employment opportunities in Canada and to provide for the review of investments in Canada by non-Canadians that could be injurious to national security.

In this Act,

Agency[Repealed, 1995, c. 1, s. 45]

assets includes tangible and intangible property of any value; (actifs)

business includes any undertaking or enterprise capable of generating revenue and carried on in anticipation of profit; (entreprise)

Canada includes the exclusive economic zone of Canada and the continental shelf of Canada; (Canada)

Canadian means

a Canadian citizen,

a permanent resident within the meaning of subsection 2(1) of the Immigration and Refugee Protection Act who has been ordinarily resident in Canada for not more than one year after the time at which he or she first became eligible to apply for Canadian citizenship,

a Canadian government, whether federal, provincial or local, or an agency thereof, or

an entity that is Canadian-controlled, as determined under subsection 26(1) or (2) and in respect of which there has been no determination made under any of subsections 26(2.1), (2.11) and (2.31) or declaration made under subsection 26(2.2) or (2.32); (Canadien)

Canadian business means a business carried on in Canada that has

a place of business in Canada,

an individual or individuals in Canada who are employed or self-employed in connection with the business, and

assets in Canada used in carrying on the business; (entreprise canadienne)

corporation means a body corporate with or without share capital; (personne morale)

Director means the Director of Investments appointed under section 6; (directeur)

entity means a corporation, partnership, trust or joint venture; (unité)

joint venture means an association of two or more persons or entities, where the relationship among those associated persons or entities does not, under the laws in force in Canada, constitute a corporation, a partnership or a trust and where, in the case of an investment to which this Act applies, all the undivided ownership interests in the assets of the Canadian business or in the voting interests of the entity that is the subject of the investment are or will be owned by all the persons or entities that are so associated; (coentreprise)

Minister means such member of the Queen’s Privy Council for Canada as is designated by the Governor in Council as the Minister for the purposes of this Act; (ministre)

new Canadian business, in relation to a non-Canadian, means a business that is not already being carried on in Canada by the non-Canadian and that, at the time of its establishment,

is unrelated to any other business being carried on in Canada by that non-Canadian, or

is related to another business being carried on in Canada by that non-Canadian but falls within a prescribed specific type of business activity that, in the opinion of the Governor in Council, is related to Canada’s cultural heritage or national identity; (nouvelle entreprise canadienne)

non-Canadian means an individual, a government or an agency thereof or an entity that is not a Canadian; (non-Canadien)

own means beneficially own; (propriétaire)

person means an individual, a government or an agency thereof or a corporation; (personne)

prescribed means prescribed by the regulations made pursuant to this Act; (Version anglaise seulement)

state-owned enterprise means

the government of a foreign state, whether federal, state or local, or an agency of such a government;

an entity that is controlled or influenced, directly or indirectly, by a government or agency referred to in paragraph (a); or

an individual who is acting under the direction of a government or agency referred to in paragraph (a) or who is acting under the influence, directly or indirectly, of such a government or agency; (entreprise d’État)

voting group means two or more persons who are associated with respect to the exercise of rights attached to voting interests in an entity by contract, business arrangement, personal relationship, common control in fact through the ownership of voting interests, or otherwise, in such a manner that they would ordinarily be expected to act together on a continuing basis with respect to the exercise of those rights; (groupement de votants)

voting interest, with respect to

a corporation with share capital, means a voting share,

a corporation without share capital, means an ownership interest in the assets thereof that entitles the owner to rights similar to those enjoyed by the owner of a voting share, and

a partnership, trust or joint venture, means an ownership interest in the assets thereof that entitles the owner to receive a share of the profits and to share in the assets on dissolution; (intérêt avec droit de vote)

voting share means a share in the capital of a corporation to which is attached a voting right ordinarily exercisable at meetings of shareholders of the corporation and to which is ordinarily attached a right to receive a share of the profits, or to share in the assets of the corporation on dissolution, or both. (action avec droit de vote)

The Minister is responsible for the administration of this Act.

The Minister shall

[Repealed, 1995, c. 1, s. 47]

ensure that the notification and review of investments are carried out in accordance with this Act; and

perform all other duties required by this Act to be performed by the Minister.

In exercising the Minister’s powers and performing his duties under this Act, the Minister

shall, where appropriate, make use of the services and facilities of other departments, branches or agencies of the Government of Canada;

may, with the approval of the Governor in Council, enter into agreements, for the purposes of this Act, with the government of any province or any agency thereof, or with any other entity or person, and may make disbursements up to an amount equal to the aggregate of the amounts to be contributed by all parties to the agreement, even before those amounts have been contributed; and

may consult with, and organize conferences of, representatives of industry and labour, provincial and local authorities and other interested persons.

The Minister may appoint an officer, to be known as the Director of Investments, to advise and assist the Minister in exercising the Minister’s powers and performing the Minister’s duties under this Act.

[Repealed, 1995, c. 1, s. 48]

This Act, other than Part IV.1, does not apply in respect of

the acquisition of voting shares or other voting interests by any person in the ordinary course of that person’s business as a trader or dealer in securities;

the acquisition of voting interests by any person in the ordinary course of a business carried on by that person that consists of providing, in Canada, venture capital on terms and conditions not inconsistent with such terms and conditions as may be fixed by the Minister;

the acquisition of control of a Canadian business in connection with the realization of security granted for a loan or other financial assistance and not for any purpose related to the provisions of this Act, if the acquisition is subject to approval under the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act or the Trust and Loan Companies Act;

the acquisition of control of a Canadian business for the purpose of facilitating its financing and not for any purpose related to the provisions of this Act on the condition that the acquirer divest himself of control within two years after it is acquired or within such longer period as is approved by the Minister;

the acquisition of control of a Canadian business by reason of an amalgamation, a merger, a consolidation or a corporate reorganization following which the ultimate direct or indirect control in fact of the Canadian business, through the ownership of voting interests, remains unchanged;

the acquisition of control of a Canadian business carried on by an agent of Her Majesty in right of Canada or a province or by a Crown corporation within the meaning of the Financial Administration Act;

the acquisition of control of a Canadian business carried on by a corporation the taxable income of which is exempt from tax under Part I of the Income Tax Act by virtue of paragraph 149(1)(d) of that Act;

any transaction to which Part XII.01 of the Bank Act applies;

the involuntary acquisition of control of a Canadian business on the devolution of an estate or by operation of law;

the acquisition of control of a Canadian business by

an insurance company incorporated in Canada that is a company or a provincial company to which the Insurance Companies Act applies, on the condition that the gross investment revenue of the company from the Canadian business is included in computing the income of the company under subsection 138(9) of the Income Tax Act,

a foreign entity that has been approved by order of the Superintendent of Financial Institutions under Part XIII of the Insurance Companies Act to insure in Canada risks, on the condition that the gross investment revenue of the company from the Canadian business is included in computing the income of the company under subsection 138(9) of the Income Tax Act and the voting interests of the entity carrying on the Canadian business, or the assets used in carrying on the Canadian business, are vested in trust under that Part, or

a corporation incorporated in Canada, all the issued voting shares of which, other than the qualifying voting shares of directors, are owned by an insurance company described in subparagraph (i), a foreign entity described in subparagraph (ii) or by a corporation controlled directly or indirectly through the ownership of voting shares by such an insurance company or foreign entity, on the condition that, in the case of a foreign entity described in subparagraph (ii), the voting interests of the entity carrying on the Canadian business, or the assets used in carrying on the Canadian business, are vested in trust under Part XIII of the Insurance Companies Act; and

the acquisition of control of a Canadian business the revenue of which is generated from farming carried out on the real property acquired in the same transaction.

Part IV does not apply in respect of the acquisition of control of a Canadian business in connection with the realization of security granted for a loan or other financial assistance and not for any purpose related to the provisions of this Act, if the acquisition is not subject to approval under the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act or the Trust and Loan Companies Act.

Part IV.1 does not apply in respect of

the acquisition of control of a Canadian business in connection with the realization of security granted for a loan or other financial assistance and not for any purpose related to the provisions of this Act, if the acquisition is subject to approval under the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act or the Trust and Loan Companies Act;

the acquisition of control of a Canadian business by reason of an amalgamation, a merger, a consolidation or a corporate reorganization following which the ultimate direct or indirect control in fact of the Canadian business, through the ownership of voting interests, remains unchanged, if the acquisition is subject to approval under the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act or the Trust and Loan Companies Act;

the acquisition of control of a Canadian business carried on by an agent of Her Majesty in right of Canada or a province or by a Crown corporation within the meaning of the Financial Administration Act;

any transaction to which Part XII.01 of the Bank Act applies; or

the acquisition of control of a Canadian business by any of the following entities, if the acquisition is subject to approval under the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act or the Trust and Loan Companies Act:

an insurance company incorporated in Canada that is a company or a provincial company to which the Insurance Companies Act applies, on the condition that the gross investment revenue of the company from the Canadian business is included in computing the income of the company under subsection 138(9) of the Income Tax Act,

a foreign entity that has been approved by order of the Superintendent of Financial Institutions under Part XIII of the Insurance Companies Act to insure in Canada risks, on the condition that the gross investment revenue of the company from the Canadian business is included in computing the income of the company under subsection 138(9) of the Income Tax Act and the voting interests of the entity carrying on the Canadian business, or the assets used in carrying on the Canadian business, are vested in trust under that Part, or

a corporation incorporated in Canada, all the issued voting shares of which, other than the qualifying voting shares of directors, are owned by an insurance company described in subparagraph (i), by a foreign entity described in subparagraph (ii) or by a corporation controlled directly or indirectly through the ownership of voting shares by such an insurance company or foreign entity, on the condition that, in the case of a foreign entity described in subparagraph (ii), the voting interests of the entity carrying on the Canadian business, or the assets used in carrying on the Canadian business, are vested in trust under Part XIII of the Insurance Companies Act.

If any condition referred to in paragraph (1)(d) or (j) or (2)(e) is not complied with, the exemption under that paragraph does not apply and the transaction referred to in that paragraph is subject to this Act as if it had never been exempt.

The following investments by non-Canadians are subject to notification under this Part:

an investment to establish a new Canadian business; and

an investment to acquire control of a Canadian business in any manner described in subsection 28(1), unless the investment is reviewable pursuant to section 14.

Where an investment is subject to notification under this Part, the non-Canadian making the investment shall, at any time prior to the implementation of the investment or within thirty days thereafter, in the manner prescribed, give notice of the investment to the Director providing such information as is prescribed.

Where a notice given under section 12 provides all the required information or reasons for the inability to provide any part of the required information, or where the notice is completed pursuant to subsection (2), the Director shall forthwith send a receipt to the non-Canadian that gave the notice

certifying the date on which

the complete notice given under section 12 was received by the Director, or

the information required to complete the notice was received by the Director pursuant to subsection (2); and

advising the non-Canadian that

the investment is not reviewable under Part IV, or

unless the Director sends the non-Canadian a notice for review under section 15 within 45 days after the certified date referred to in paragraph (a) or within the prescribed period, the investment is not reviewable under Part IV.

Where a notice given under section 12 is incomplete, the Director shall forthwith send a notice to the non-Canadian that gave the notice under that section, specifying the information required to complete the notice under section 12 and requesting that the information be provided to the Director in order to complete that notice.

An investment in respect of which a receipt is sent under subsection (1) is not reviewable under Part IV if

the information provided by the non-Canadian and relied on by the Director in sending the receipt is accurate; and

in a case where the receipt contains the advice referred to in subparagraph (1)(b)(ii), no notice for review is sent to the non-Canadian pursuant to section 15 within 45 days after the certified date referred to in paragraph (1)(a) or within the prescribed period.

The following investments by non-Canadians are reviewable under this Part:

an investment to acquire control of a Canadian business in any manner described in paragraph 28(1)(a), (b) or (c), where the limits set out in subsection (3) apply;

an investment to acquire control of a Canadian business in the manner described in subparagraph 28(1)(d)(i), where the limits set out in subsection (3) apply;

an investment to acquire control of a Canadian business in the manner described in subparagraph 28(1)(d)(ii), where the circumstances described in subsection (2) and the limits set out in subsection (3) apply; and

an investment to acquire control of a Canadian business in the manner described in subparagraph 28(1)(d)(ii), where the circumstances described in subsection (2) do not apply and the limits set out in subsection (4) apply.

The circumstances referred to in paragraphs (1)(c) and (d) are that the value, calculated in the manner prescribed, of the assets of the entity carrying on the Canadian business, and of all other entities in Canada, the control of which is acquired, directly or indirectly, amounts to more than fifty per cent of the value, calculated in the manner prescribed, of the assets of all entities the control of which is acquired, directly or indirectly, in the transaction of which the acquisition of control of the Canadian business forms a part.

An investment described in paragraph (1)(a), (b) or (c) is reviewable under this Part where the value, calculated in the manner prescribed, of is five million dollars or more.

the assets acquired, in the case where control of a Canadian business is acquired in the manner described in paragraph 28(1)(c), or

the assets of the entity carrying on the Canadian business, and of all other entities in Canada, the control of which is acquired, directly or indirectly, in the case where control of a Canadian business is acquired in the manner described in paragraph 28(1)(a), (b) or (d),

An investment described in paragraph (1)(d) is reviewable under this Part where the value, calculated in the manner prescribed, of the assets of the entity carrying on the Canadian business, and of all other entities in Canada, the control of which is acquired, directly or indirectly, is fifty million dollars or more.

[Repealed, 1994, c. 47, s. 132]

[Repealed, 1994, c. 47, s. 133]

Despite the limits set out in subsection 14(3), but subject to subsection (1.1), an investment described in paragraph 14(1)(a) or (b) by a WTO investor or — if the Canadian business that is the subject of the investment is, immediately prior to the implementation of the investment, controlled by a WTO investor — by a non-Canadian, other than a WTO investor, is reviewable under section 14 only if the enterprise value, calculated in the manner prescribed, of the assets described in paragraph 14(3)(a) or (b), as the case may be, is equal to or greater than,

[Repealed, 2017, c. 20, s. 192]

for an investment implemented at any time in the period that begins on the day on which this paragraph comes into force and that ends on December 31 of the following year, $1,000,000,000; and

for an investment implemented at any time in the year that begins after the period referred to in paragraph (d), or in any subsequent year, the amount determined under subsection (2).

Despite the limits set out in subsection 14(3), an investment described in paragraph 14(1)(a) or (b) by a WTO investor that is a state-owned enterprise or — if the Canadian business that is the subject of the investment is, immediately prior to the implementation of the investment, controlled by a WTO investor — by a state-owned enterprise, other than a WTO investor, is reviewable under section 14 only if the value calculated in the manner prescribed, of the assets described in paragraph 14(3)(a) or (b), as the case may be, is equal to or greater than the applicable amount determined under subsection (2).

The amount for any year for the purposes of paragraph (1)(e) and subsection (1.1) shall be determined by the Minister in January of that year by rounding off to the nearest million dollars the amount arrived at by using the following formula: means the average of the Nominal Gross Domestic Products at market prices for the most recent four consecutive quarters; and means the average of the Nominal Gross Domestic Products at market prices for the four consecutive quarters for the comparable period in the year preceding the year used in calculating the Current Nominal GDP at Market Prices.

As soon as possible after determining the amount for any particular year, the Minister shall publish the amount in the Canada Gazette.

Despite paragraphs 14(1)(c) and (d), an investment described in either paragraph that is implemented after this subsection comes into force is not reviewable under section 14 if it is made by

a WTO investor; or

a non-Canadian, other than a WTO investor, if the Canadian business that is the subject of the investment is, immediately prior to the implementation of the investment, controlled by a WTO investor.

This section does not apply in respect of an investment to acquire control of a Canadian business that is a cultural business.

In this section and section 14.2,

controlled by a WTO investor, with respect to a Canadian business, means, notwithstanding subsection 28(2),

the ultimate direct or indirect control in fact of the Canadian business by a WTO investor through the ownership of voting interests, or

the ownership by a WTO investor of all or substantially all of the assets used in carrying on the Canadian business; (sous le contrôle d’un investisseur OMC)

cultural business means a Canadian business that carries on any of the following activities, namely,

the publication, distribution or sale of books, magazines, periodicals or newspapers in print or machine readable form, other than the sole activity of printing or typesetting of books, magazines, periodicals or newspapers,

the production, distribution, sale or exhibition of film or video recordings,

the production, distribution, sale or exhibition of audio or video music recordings,

the publication, distribution or sale of music in print or machine readable form, or

radio communication in which the transmissions are intended for direct reception by the general public, any radio, television and cable television broadcasting undertakings and any satellite programming and broadcast network services; (entreprise culturelle)

financial institution[Repealed, 2009, c. 2, s. 448]

financial service[Repealed, 2009, c. 2, s. 448]

WTO Agreement has the meaning given to the word “Agreement” by subsection 2(1) of the World Trade Organization Agreement Implementation Act; (Accord sur l’OMC)

WTO investor means

an individual, other than a Canadian, who is a national of a WTO Member or who has the right of permanent residence in relation to that WTO Member,

a government of a WTO Member, whether federal, state or local, or an agency thereof,

an entity that is not a Canadian-controlled entity, as determined pursuant to subsection 26(1) or (2), and that is a WTO investor-controlled entity, as determined in accordance with subsection (7),

a corporation or limited partnership

that is not a Canadian-controlled entity, as determined pursuant to subsection 26(1),

that is not a WTO investor within the meaning of paragraph (c),

of which less than a majority of its voting interests are owned by WTO investors,

that is not controlled in fact through the ownership of its voting interests, and

of which at least two-thirds of the members of its board of directors, or of which at least two-thirds of its general partners, as the case may be, are any combination of Canadians and WTO investors,

a trust

that is not a Canadian-controlled entity, as determined pursuant to subsection 26(1) or (2),

that is not a WTO investor within the meaning of paragraph (c),

that is not controlled in fact through the ownership of its voting interests, and

of which at least two-thirds of its trustees are any combination of Canadians and WTO investors, or

any other form of business organization specified by the regulations that is controlled by a WTO investor; (investisseur OMC)

WTO Member means a Member of the World Trade Organization established by Article I of the WTO Agreement. (membre de l’OMC)

For the purposes only of determining whether an entity is a “WTO investor-controlled entity” under paragraph (c) of the definition WTO investor in subsection (6),

subsections 26(1) and (2) and section 27 apply and, for that purpose,

every reference in those provisions to “Canadian” or “Canadians” shall be read and construed as a reference to “WTO investor” or “WTO investors”, respectively,

every reference in those provisions to “non-Canadian” or “non-Canadians” shall be read and construed as a reference to “non-Canadian, other than a WTO investor,” or “non-Canadians, other than WTO investors,” respectively, except for the reference to “non-Canadians” in subparagraph 27(d)(ii), which shall be read and construed as a reference to “not WTO investors”,

every reference in those provisions to “Canadian-controlled” shall be read and construed as a reference to “WTO investor-controlled”, and

the reference in subparagraph 27(d)(i) to “Canada” shall be read and construed as a reference to “a WTO Member”; and

where two persons, one being a Canadian and the other being a WTO investor, own equally all of the voting shares of a corporation, the corporation is deemed to be WTO investor-controlled.

Despite the limits set out in subsections 14(3) and 14.1(1), an investment described in paragraph 14(1)(a) or (b) by a trade agreement investor, other than a state-owned enterprise, or — if the Canadian business that is the subject of the investment is, immediately prior to the implementation of the investment, controlled by a trade agreement investor — by a non-Canadian other than a trade agreement investor and other than a state-owned enterprise, is reviewable under section 14 only if the enterprise value, calculated in the prescribed manner, of the assets described in paragraph 14(3)(a) or (b), as the case may be, is equal to or greater than

for an investment implemented at any time in the period that begins on the day on which this paragraph comes into force and that ends on December 31 of the following calendar year, $1,500,000,000, and

for an investment implemented in any subsequent calendar year, the amount determined in respect of that calendar year under subsection (3).

Despite the limits set out in subsections 14(3) and (4), an investment described in paragraph 14(1)(c) or (d) by an investor described in any of the following paragraphs is reviewable under section 14 only if the enterprise value, calculated in the prescribed manner, of the assets described in paragraph 14(3)(b) or subsection 14(4), as the case may be, is equal to or greater than the applicable amount referred to under paragaph (1)(a) or (b):

a trade agreement investor that is neither a WTO investor as defined in subsection 14.1(6) nor a state-owned enterprise; or

a non-Canadian that is not a trade agreement investor, a WTO investor as defined in subsection 14.1(6) or a state-owned enterprise, if the Canadian business that is the subject of the investment is, immediately prior to the implementation of the investment, controlled by a trade agreement investor.

The amount for any year for the purposes of paragraph (1)(b) shall be determined by the Minister in January of that year by rounding off to the nearest million dollars the amount arrived at by using the following formula: the Current Nominal GDP at Market Prices is the average of the Nominal Gross Domestic Products at market prices for the most recent four consecutive quarters; and the Previous Year Nominal GDP at Market Prices is the average of the Nominal Gross Domestic Products at market prices for the four consecutive quarters for the comparable period in the year preceding the year used in calculating the Current Nominal GDP at Market Prices.

As soon as possible after determining the amount for any particular year, the Minister shall publish the amount in the Canada Gazette.

This section does not apply in respect of an investment to acquire control of a Canadian business that is a cultural business, as defined in subsection 14.1(6).

The following definitions apply in this section.

controlled by a trade agreement investor, with respect to a Canadian business, means, despite subsection 28(2),

the ultimate direct or indirect control in fact of the Canadian business by a trade agreement investor through the ownership of voting interests; or

the ownership by a trade agreement investor of all or substantially all of the assets used in carrying on the Canadian business. (sous le contrôle d’un investisseur (traité commercial))

trade agreement country means a country other than Canada that is a party either to an Agreement described in subparagraph (a)(i) or (i.1) of the definition trade agreement investor in this subsection or to a trade agreement listed in column 1 of the schedule. (pays (traité commercial))

trade agreement investor means

an individual, other than a Canadian, who is

a natural person within the meaning of Article 8.1 of the Agreement as defined in section 2 of the Canada-European Union Comprehensive Economic and Trade Agreement Implementation Act,

a natural person within the meaning of Article 8.1 of CETA, as defined in section 2 of the Canada–United Kingdom Trade Continuity Agreement Implementation Act, as incorporated by reference in CUKTCA, or

a national within the meaning of any provision set out in column 2 of the schedule corresponding to a trade agreement set out in column 1;

the government of a trade agreement country, whether federal, state or local, or an agency of such a government;

an entity that is not a Canadian-controlled entity, as determined under subsection 26(1) or (2), and that is a trade agreement investor-controlled entity, as determined in accordance with subsection (7);

a corporation or limited partnership that meets the following criteria:

it is not a Canadian-controlled entity, as determined under subsection 26(1),

it is not an entity described in paragraph (c),

less than a majority of its voting interests are owned by trade agreement investors,

it is not controlled in fact through the ownership of its voting interests, and

at least two-thirds of the members of its board of directors, or at least two-thirds of its general partners, as the case may be, are any combination of Canadians and trade agreement investors;

a trust that meets the following criteria:

it is not a Canadian-controlled entity, as determined under subsection 26(1) or (2),

it is not an entity described in paragraph (c),

it is not controlled in fact through the ownership of its voting interests, and

at least two-thirds of its trustees are any combination of Canadians and trade agreement investors; or

any other form of business organization specified by the regulations that is controlled by a trade agreement investor. (investisseur (traité commercial))

For the purpose only of determining whether an entity is a trade agreement investor-controlled entity under paragraph (c) of the definition trade agreement investor in subsection (6),

subsections 26(1) and (2) and section 27 apply and, for that purpose,

every reference in those provisions to “Canadian” or “Canadians” shall be read and construed as a reference to “trade agreement investor” or “trade agreement investors”, respectively,

every reference in those provisions to “non-Canadian” or “non-Canadians” shall be read and construed as a reference to “non-Canadian other than a trade agreement investor,” or “non-Canadians, other than trade agreement investors,” respectively, except for the reference to “non-Canadians” in subparagraph 27(d)(ii), which shall be read and construed as a reference to “not trade agreement investors”,

every reference in those provisions to “Canadian-controlled” shall be read and construed as a reference to “trade agreement investor-controlled”, and

the reference in subparagraph 27(d)(i) to “Canada” shall be read and construed as a reference to “a trade agreement country”; and

if two persons, one being a Canadian and the other being a trade agreement investor, own equally all of the voting shares of a corporation, the corporation is deemed to be trade agreement investor-controlled.

The Governor in Council may make any regulations that the Governor in Council considers necessary for carrying out the purposes and provisions of sections 14.1 and 14.11.

The Governor in Council may, by order, amend the schedule by adding, deleting or replacing the name of a trade agreement in column 1 or a corresponding provision setting out the meaning of national in column 2.

An investment subject to notification under Part III that would not otherwise be reviewable is reviewable under this Part if

it falls within a prescribed specific type of business activity that, in the opinion of the Governor in Council, is related to Canada’s cultural heritage or national identity; and