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BANC - Standing Committee

Banking, Commerce and the Economy

Report of the committee

Thursday, March 21, 2024

The Standing Senate Committee on Banking, Commerce and the Economy has the honour to present its


Your committee, to which was referred Bill C-34, An Act to amend the Investment Canada Act, has, in obedience to the order of reference of Thursday, December 14, 2023, examined the said bill and now reports the same without amendment but with certain observations, which are appended to this report.

Respectfully submitted,



Observations to the Twelfth Report of the Standing Senate Committee on Banking, Commerce and the Economy (Bill C-34)

The committee supports Bill C-34 with reservations. We heard serious concerns from several witnesses that the scope of the legislation is too limited and does not adequately balance our economic and national security needs. Several national security experts stated the bill did not sufficiently account for the threat of foreign actors.

Your committee believes it is important to ensure that government-funded intellectual property and treatment of personal data be considered as economic net benefit factors and that forthcoming regulations reflect that. Due to the limited levels of domestic investment in the intangibles sector, the strategic value of these assets may not be fully captured in commercial valuations of acquired corporations. Thus, prioritizing expert technical diligence is essential in the Net Benefit Review, with threshold metrics adapting to evolving intangible asset valuation methodologies.

The committee acknowledges the close work with our Five Eyes partners, but considering the evolving threat of foreign interference, the Government should move quickly to increase greater collaboration with our allies.

Finally, because of the rapidly evolving nature of foreign investment in Canada and the growing concerns over national security in an era of great geopolitical changes, the committee recommends that in 3 years’ time the Minister of Innovation, Science and Industry report to parliamentarians on whether the Investment Canada Act is meeting its objectives.

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