Investment Canada : Investment Canada was established by the Investment Canada Act 1985 c. 28, and came into force June 30, 1985 (SI/85-128). Investment Canada was created as an agency, reporting to the Minister responsible for the Investment Canada Act. The Act also established that the Agency was headed by a President with the status of deputy head of a department. On July 10, 1985, P.C. 1985-2049, the Minister of Regional Industrial Expansion was designated as the appropriate Minister with respect to the Investment Canada Act.
The purpose of the Act was to encourage investment in Canada by Canadians and non-Canadians that contributes to economic growth and employment opportunities to provide for the review of significant investments in Canada by non-Canadians in order to ensure such benefit to Canada. Investment Canada's mandate was to: encourage business investment; assist Canadian business to exploit opportunities for investment and technological investment; carry out research and analysis relating to domestic and international investment; provide investment information services and other investment services to facilitate economic growth; assist in the development of industrial and economic policies that affect investment; and, ensure that notification and review of investments are carried out.
Investment Canada consisted of the Investment Review Division, the Corporate Secretary Division, the Investment Development Division, the Investment Research and Policy Division, and a Corporate Services Division. The Investment Review Division had the principal responsibility for the regulatory role carried out by Investment Canada. The Corporate Secretary Division provided legal advice and direction to all questions relating to the interpretation and application of the Investment Canada Act. The Investment Development Division worked closely with the provinces and Canadian business community to develop and carry out its investment promotion and communications activities as well as to provide a wide range of investment services to prospective investors. The Investment Research and Policy Division provided research and information support for the Investment Development Program, the Investment Review Program, and the Minister on investment policy issues.
On 23 February 1990, P.C. 1990-387, the Minister of Industry, Science, and Technology was designated the Minister for purposes of the Investment Canada Act.
In June 1993, government reorganization brought together Industry, Science and Technology, Consumer and Corporate Affairs, Communications Canada and Investment Canada to form the new Industry Canada department. The Investment Canada Agency was repealed in 1995, c.1, s. 45 and the duties prescribed under the Act were merged into the current department. On June 25 1993, P.C. 1993-1492, control and supervision of the Investment Development Division in Investment Canada was transferred to the Department of External Affairs.
On June 10, 1999, P.C. 1999-1090, the duties and functions of the Minister under Parts II to VI of the Investment Canada Act relating to activities identified as part of Canada's cultural heritage or national identity were transferred to the Minister of Canadian Heritage. This Order in Council was repealed in 2009 (C.P. 2009-1614) which transferred back the responsibilities of the Part IV. 1 (Investments Injurious to National Security) to the Minister of Industry, while keeping the Minister of Canadian Heritage in charge of the powers, duties and functions listed in C.P. 1999-1090 regarding cultural heritage and national identity.
