[Excerpt] Foreign investment in Canada is regulated by the Investment Canada Act (“ICA”), which came into force 30 June 1985. Generally speaking, the ICA monitors the establishment of new businesses and the acquisition of existing Canadian businesses by non-Canadians. Whether an entity is non-Canadian is determined by the nationality of the individual who ultimately beneficially owns or controls the entity. Every non-Canadian who is a citizen or resident of a country that is a member of the World Trade Organization (a “WTO Investor”) is given special status under the ICA for most transactions.
In addition to the ICA, other federal statutes regulate and restrict foreign investment in specialized industries in sectors such as telecommunications, broadcasting and financial industries.