Transactions & Deals in Canada

Essentials guide · Source-checked research98% of statements checked against a source48 checked against an official source1 checked against a secondary sourceChecked 2026-10-19Not yet professionally reviewed

• For 2026 the Investment Canada Act net benefit review thresholds for direct acquisitions of control are CAD 1.452 billion in enterprise value for private-sector WTO investors, CAD 2.179 billion for private-sector trade agreement investors and CAD 578 million in asset value for WTO state-owned enterprise investors.

  Federal. Non-WTO investments and acquisitions of cultural businesses are reviewable at CAD 5 million (direct) or CAD 50 million (indirect) in asset value.Innovation, Science and Economic Development Canada (Investment Canada Act) · checked 2026-10-19

• Any foreign investment in Canada can be reviewed on national security grounds regardless of its value and whether it is subject to the mandatory filing requirements, including minority investments; without a voluntary filing the review period runs until five years after implementation.

  Federal (Investment Canada Act, Part IV.1). Pre-implementation voluntary notification is encouraged, especially for state-owned or state-influenced investors.Innovation, Science and Economic Development Canada (Investment Canada Act) · checked 2026-10-19

• Once a complete pre-merger notification is filed with the Competition Bureau an initial 30-day waiting period starts, during which the parties may not complete the merger unless the Bureau grants a waiver; a supplementary information request triggers a further 30-day period.

  Federal (Competition Act). Applies to notifiable transactions above the size-of-parties and size-of-transaction thresholds.Competition Bureau Canada · checked 2026-10-19

• For 2026 the Competition Act pre-merger notification thresholds are a size-of-parties threshold of CAD 400 million in combined Canadian assets or revenues of the parties and affiliates and a size-of-transaction threshold of CAD 93 million.

  Federal. The size-of-transaction threshold is reviewed annually and was unchanged for 2026; the size-of-parties threshold is not indexed.Torys LLP · checked 2026-10-19

• Where an investment is reviewable under the Investment Canada Act, the Minister assesses net benefit to Canada against six factors and has 45 days to decide, extendable by 30 days by notice; if no decision or extension notice is given in time the investment is deemed approved.

  Federal. National security review timelines are separate.Innovation, Science and Economic Development Canada (Investment Canada Act) · checked 2026-10-19

• The Companies' Creditors Arrangement Act applies to insolvent corporations owing more than CAD 5 million and is carried out under court supervision, with a court-appointed monitor and a stay of proceedings in the initial order.

  Federal insolvency law. Smaller debtors restructure through proposals or bankruptcy under the Bankruptcy and Insolvency Act.Office of the Superintendent of Bankruptcy (ISED) · checked 2026-10-19

Read the full guide: Entry, investment and company formation · M&A, merger control, investment screening and insolvency