Investment Canada Act

The ICA was one of the first acts of Brian Mulroney's newly elected Progressive Conservative government, receiving royal assent on 20 June 1985.

[7] The business community and opposition Progressive Conservative Party criticized FIRA for its activism, saying it had stifled investment from the emerging global economy.

[16][17] The ICA was invoked for the first time when in 2008 the Conservative government of Stephen Harper blocked the sale of the space division of MacDonald, Dettwiler & Associates, a Vancouver-area technology company, to US-based Alliant Techsystems.

[19] On 3 November 2010, then-Minister of Industry Tony Clement imposed conditions for approval of the hostile takeover for over $38bn of PotashCorp by Australia-based mining conglomerate BHP Billiton.

[16][24] Some critics note that the Harper government's use of the ICA has seemed unpredictable, resulting in a "chilling" effect on foreign investment in Canadian companies.

This hidden effect, if it exists, could suppress the value of Canadian shares and companies by deterring potential investors from even considering Canada as a market or destination.