Investment Canada Act — I-21.8 14.1
Limits for WTO investors 14.1 (1) Despite the limits set out in subsection 14(3), but subject to subsection (1.1), an investment described in paragraph 14(1)(a) or (b) by a WTO investor or — if the Canadian business that is the subject of the investment is, immediately prior to the implementation of the investment, controlled by a WTO investor — by a non-Canadian, other than a WTO investor, is reviewable under section 14 only if the enterprise value, calculated in the manner prescribed, of the assets described in paragraph 14(3)(a) or (b), as the case may be, is equal to or greater than, (a) to (c) [Repealed, 2017, c. 20, s. 192] (d) for an investment implemented at any time in the period that begins on the day on which this paragraph comes into force and that ends on December 31 of the following year, $1,000,000,000; and (e) for an investment implemented at any time in the year that begins after the period referred to in paragraph (d), or in any subsequent year, the amount determined under subsection (2). Limits for WTO investors that are state-owned enterprises (1.1) Despite the limits set out in subsection 14(3), an investment described in paragraph 14(1)(a) or (b) by a WTO investor that is a state-owned enterprise or — if the Canadian business that is the subject of the investment is, immediately prior to the implementation of the investment, controlled by a WTO investor — by a state-owned enterprise, other than a WTO investor, is reviewable under section 14 only if the value calculated in the manner prescribed, of the assets described in paragraph 14(3)(a) or (b), as the case may be, is equal to or greater than the applicable amount determined under subsection (2). Amount (2) The amount for any year for the purposes of paragraph (1)(e) and subsection (1.1) shall be determined by the Minister in January of that year by rounding off to the nearest million dollars the amount arrived at by using the following formula: (Current Nominal GDP at Market Prices / Previous Year Nominal) × amount determined for previous year where “Current Nominal GDP at Market Prices” means the average of the Nominal Gross Domestic Products at market prices for the most recent four consecutive quarters; and “Previous Year Nominal GDP at Market Prices” means the average of the Nominal Gross Domestic Products at market prices for the four consecutive quarters for the comparable period in the year preceding the year used in calculating the Current Nominal GDP at Market Prices. Publication in Canada Gazette (3) As soon as possible after determining the amount for any particular year, the Minister shall publish the amount in the Canada Gazette . Investments not reviewable (4) Despite paragraphs 14(1)(c) and (d), an investment described in either paragraph that is implemented after this subsection comes into force is not reviewable under section 14 if it is made by (a) a WTO investor; or (b) a non-Canadian, other than a WTO investor, if the Canadian business that is the subject of the investment is, immediately prior to the implementation of the investment, controlled by a WTO investor. Exception (5) This section does not apply in respect of an investment to acquire control of a Canadian business that is a cultural business. Definitions (6) In this section and section 14.2, controlled by a WTO investor , with respect to a Canadian business, means, notwithstanding subsection 28(2), (a) the ultimate direct or indirect control in fact of the Canadian business by a WTO investor through the ownership of voting interests, or (b) the ownership by a WTO investor of all or substantially all of the assets used in carrying on the Canadian business; ( sous le contrôle d’un investisseur OMC ) cultural business means a Canadian business that carries on any of the following activities, namely, (a) the publication, distribution or sale of books, magazines, periodicals or newspapers in print or machine readable form, other than the sole activity of printing or typesetting