Investment Canada Act: Commentary and Annotation, 2026 Edition

Foreign investment review continues to be a critical issue for foreign investors, Canadian businesses and their advisors. This biennial publication annotates each substantive provision of the Investment Canada Act (ICA), and contains extensive commentary and discussion on the most recent legislative and policy developments in this area of practice. It also features tables of all recent decisions and past Ministerial opinions, as well as helpful flow charts and diagrams throughout the book to explain the application of the ICA in an easy-to-understand format.

Investment Canada Act: Commentary and Annotation by Brian A. Facey and Kevin MacDonald from Blake, Cassels & Graydon LLP is a must-have practical guide for foreign investment and competition lawyers, general corporate and securities lawyers, government officials, as well as international companies and Canadian businesses that participate in the review processes under the Investment Canada Act.

Highlights of the 2026 Edition

• A fully updated unannotated version of the statute at the beginning of the book
• Discussion of the Government of Canada’s Critical Mineral Strategy and policy statement, as well as the revised Guidelines on the National Security Review of Investments
• Discussion of recent amendments and commentary contextualizing the current and upcoming changes to the Investment Canada Act
• Recent key transactions such as:
  • Jinteng Mining Pte. Ltd.’s acquisition of Pan American Silver Corp. (2024)
  • TikTok Technology Canada, Inc.’s ordered wind-up (2024)
  • Bluvec Technologies Inc. and Pegauni Technology Inc’s ordered shutdown (2024)
  • Hikivision Canada Inc.’s ordered shutdown (2025)
• Updated commentary throughout the ICA, including developments related to notification, reviewable investments, national security reviews (i.e., the ordered wind-up of TikTok Technology Canada, Inc.), and ministerial notices
• Updated ICA Forms
• A look forward at what to expect in 2026 and beyond
• And more

Features and Benefits

• Annotations of every substantive ICA provision – Covering all manner of issues under the ICA, including investments by SOEs
• Summaries of commitments and undertakings – Given by investors in major transactions since 2006, providing useful precedents for practitioners and companies participating in similar transactions
• A table of ICA decisions of the Minister Innovation, Science and Industry – Including the nationality of the investor, destination of the investment, the industry, the dates of announcement and filing (where publicly available), the decision date, the length of the review period and the deal size
• All Ministerial opinions – Providing practical examples of how the various provisions of the ICA have been applied in specific contexts cross-referenced under each relevant section of the ICA, and included in a single appendix for ease of reference
• Statistics on ICA transactions – Including details of the filing, acquisition type, country of origin, destination and industry sector
• Helpful flow charts – Demonstrating the application of the ICA to various types of investments
• Illustrative charts and diagrams throughout – Presenting information in an easy-to-understand and straightforward manner
• Useful appendices – With helpful information including statistics on transactions reportable under the ICA, lists of key contacts and a summary of the Ministerial opinions

Who Should Read This Book?

• Foreign investment, competition law and international trade lawyers – To assist in identifying issues and advising clients on ICA issues
• Corporate law and securities lawyers – To assist in identifying ICA issues
• In-house counsel – To assist in identifying and addressing ICA issues
• Government lawyers and other administrators – To facilitate the review of investments under the ICA and address issues of statutory interpretation
• Investment bankers and advisors – Both in Canada and internationally to keep informed of foreign investment issues
• International companies – To assist in complying with the ICA