An Act to amend the Investment Canada Act (S.C. 2024, c. 4)

Marginal note:2009, c. 2, s. 462(1)

• 21 (1) Subsection 40(1) of the Act is replaced by the following:

  Marginal note:Application for court order

  • 40 (1) An application on behalf of the Minister may be made to a superior court for an order under subsection (2) or (2.1) if

    • (a) a non-Canadian fails to give notice in accordance with paragraph 12(1)(a) or to file, with respect to a Canadian business that carries on a prescribed business activity, an application in accordance with section 17; or

    • (b) a non-Canadian or any other person or entity fails to comply with a demand under section 39.

• Marginal note:2009, c. 2, s. 462(2)

  (2) The portion of subsection 40(2) of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Court orders

    (2) If, at the conclusion of the hearing on an application referred to in subsection (1), the superior court decides that the non-Canadian has failed to give the notice or file the application referred to in paragraph (1)(a), or that the Minister was justified in sending a demand to the non-Canadian or other person or entity under section 39 and that the non-Canadian or other person or entity has failed to comply with the demand, the court may make any order or orders that, in its opinion, the circumstances require, including an order

• Marginal note:2009, c. 2, s. 462(4)

  (3) Paragraphs 40(2)(c.1) and (d) of the Act are replaced by the following:

  • (c.1) directing the non-Canadian to comply with a written undertaking given to His Majesty in right of Canada and referred to in paragraph 25.3(6)(c) or 25.31(a);

  • (c.2) directing the non-Canadian to comply with an order made under section 25.3;

  • (d) against the non-Canadian imposing a penalty not exceeding

    • (i) in the case of a failure to give notice in accordance with paragraph 12(1)(a) or to file, with respect to a Canadian business that carries on a prescribed business activity, an application in accordance with section 17, the greater of $500,000 and any prescribed amount, or

    • (ii) in the case of any other contravention of the provisions of this Act or the regulations, the greater of $25,000 and any prescribed amount for each day of the contravention;

• Marginal note:2009, c. 2, s. 462(6)

  (4) Subsection 40(2.1) of the Act is replaced by the following:

  • Marginal note:Court orders — person or entity

    (2.1) If, at the conclusion of the hearing on an application referred to in subsection (1), the superior court decides that the Minister was justified in sending a demand to a person or an entity under section 39 and that the person or entity has failed to comply with it, the court may make any order or orders that, in its opinion, the circumstances require, including an order against the person or entity imposing a penalty not exceeding the greater of $25,000 and any prescribed amount for each day of the contravention.

Transitional Provisions

Marginal note:Definitions

• 22 (1) The following definitions apply in this section.

  former Act

  former Act means the Investment Canada Act as it read immediately before the day on which section 15 comes into force. (ancienne loi)

  new Act

  new Act means the Investment Canada Act as it reads on the day on which section 15 comes into force. (nouvelle loi)

• Marginal note:Review continued under new Act

  (2) Subject to subsection (3), on or after the day on which section 15 comes into force, the review of any investment under Part IV.1 of the former Act in respect of which a measure has not been taken under subsection 25.3(6) of the former Act shall be taken up and continued in accordance with the new Act.

• Marginal note:Subsections 25.3(2) and (6)

  (3) If a notice has been sent under subsection 25.3(2) of the former Act in respect of the investment before the day on which section 15 comes into force,

  • (a) the Minister shall, without delay after that day, send to the non-Canadian making the investment and to any person or entity from which the Canadian business or the entity referred to in paragraph 25.1(c) of the new Act is being acquired, a notice referred to in subsection 25.3(2) of the new Act; and

  • (b) the prescribed period for the purposes of subsection 25.3(6) of the new Act is the period beginning on the day on which the order under subsection 25.3(1) of the former Act is made and ending 45 days after that day.

Coming into Force

Marginal note:Order in council

23 The provisions of this Act come into force on a day or days to be fixed by order of the Governor in Council.