CANADA: Government of Canada have Issued a New Form for Acquiring Control of Existing Businesses

Thursday October 5 2017

The Government of Canada have issued a new form to be completed when acquiring control of an existing Canadian business under section 36 of the Investments Canada Act.

Non-Canadian must file a notification each and every time they commence a new business activity in Canada and each time they acquire control of an existing Canadian business where the establishment or acquisition of control is not a reviewable transaction.

A Notification must be filed no later than thirty days after the implementation of the investment. An investment is reviewable if there is an acquisition of a Canadian business and the value, calculated in the manner prescribed in the Investment Canada Regulations, of the Canadian business being acquired equals or exceeds the relevant threshold under the Investment Canada Act. Different thresholds for review apply in respect of:

• Private sector WTO investments
• Private sector trade agreement investments
• State-owned enterprise WTO investments
• Non-WTO investments and Investments in a cultural business

Please see our thresholds for review article for more information.

Click here for New Forms. Please note issues have been reported with the use of Chrome and Mozilla Firefox.

Click on the link above for further information.