To whom does the Investment Canada Act apply?

If you are not a Canadian citizen or a permanent resident, within the meaning of the Immigration Act (i.e. a person who has been ordinarily resident in Canada for not more than one year after the time at which he/she first became eligible to apply for Canadian citizenship), then you are a non-Canadian and must comply with the provisions of the Investment Canada Act.

For the purposes of the Act, non-Canadian includes any entity that is not controlled or beneficially owned by Canadians. If you are a non-Canadian, then you MUST either file a Notification or an Application for Review of the investment unless a specific exemption applies.