C-34National Security Review of Investments Modernization Act
An Act to amend the Investment Canada Act
Government bill, introduced in the House of Commons on December 7, 2022
- Status
- Became law on March 22, 2024 · S.C. 2024, c. 4
What it does
Amends the Investment Canada Act to add new notice, review, information-sharing, and penalty rules for some investments with national security implications.
What it does
- Requires notice of certain investments before they are carried out.
- Lets the Minister of Industry, after consulting the Minister of Public Safety and Emergency Preparedness, impose interim conditions during a review to prevent possible harm to national security.
- Lets the Minister of Industry order further review of investments under Part IV.1 and accept written undertakings to address national security risks.
- Adds rules to protect information in judicial review cases about decisions and orders under Part IV.1.
- Lets the Minister of Industry share otherwise privileged information with foreign states for foreign investment reviews.
- Sets a new penalty of up to the greater of $500,000 and any prescribed amount for failing to give notice or file required applications, and raises daily penalties for other breaches to the greater of $25,000 and any prescribed amount.
Who it affects
- Foreign investors
- Businesses making investments in Canada
- Minister of Industry
- Minister of Public Safety and Emergency Preparedness
- Courts handling judicial reviews
- Foreign governments reviewing investments
Background
The bill amends the Investment Canada Act. It was introduced in the House of Commons on 7 December 2022.
Where it is
House of Commons
First reading
Completed.
Second reading
Completed.
Committee
Completed.
Report stage
Completed.
Third reading
Completed.
Senate
First reading
Completed.
Second reading
Completed.
Committee
Completed.
Third reading
Completed.
Royal assent
Royal assent
Completed.
Introduced by a cabinet minister on behalf of the government. Government bills get set time for debate, so they are the most likely to become law. How a bill becomes law
How the House voted
3rd reading and adoption of Bill C-34, An Act to amend the Investment Canada Act
Vote 449,
Passed
309 yeato0 nay · 12 paired
Party breakdown for vote 449 Party Position Yea Nay Did not vote Liberal Yea 146 0 12 Conservative Yea 109 0 8 Bloc Yea 29 0 3 NDP Yea 22 0 3 Green Yea 2 0 0 Independent Yea 1 0 2 Total 309 0 Concurrence at report stage of Bill C-34, An Act to amend the Investment Canada Act
Vote 444,
Passed
322 yeato0 nay · 4 paired
Party breakdown for vote 444 Party Position Yea Nay Did not vote Liberal Yea 149 0 9 Conservative Yea 115 0 2 Bloc Yea 31 0 1 NDP Yea 23 0 2 Green Yea 1 0 1 Independent Yea 3 0 0 Total 322 0 Bill C-34, An Act to amend the Investment Canada Act (report stage amendment) (Motion 3)
Vote 443,
Failed
140 yeato183 nay · 4 paired
Party breakdown for vote 443 Party Position Yea Nay Did not vote Liberal Nay 0 150 8 Conservative Yea 115 0 2 Bloc Nay 0 31 1 NDP Yea 23 0 2 Green Nay 0 1 1 Independent Yea1 broke ranks 2 1 0 Total 140 183 Bill C-34, An Act to amend the Investment Canada Act (report stage amendment) (Motion 1)
Vote 442,
Passed
323 yeato0 nay · 4 paired
Party breakdown for vote 442 Party Position Yea Nay Did not vote Liberal Yea 150 0 8 Conservative Yea 115 0 2 Bloc Yea 31 0 1 NDP Yea 23 0 2 Green Yea 1 0 1 Independent Yea 3 0 0 Total 323 0 Time allocation for Bill C-34, An Act to amend the Investment Canada Act
Vote 440,
Passed
174 yeato150 nay · 4 paired
Party breakdown for vote 440 Party Position Yea Nay Did not vote Liberal Yea 151 0 7 Conservative Nay 0 114 3 Bloc Nay 0 32 0 NDP Yea 23 0 2 Green Nay 0 2 0 Independent Nay 0 2 1 Total 174 150 2nd reading of Bill C-34, An Act to amend the Investment Canada Act
Vote 293,
Passed
315 yeato0 nay · 8 paired
Party breakdown for vote 293 Party Position Yea Nay Did not vote Liberal Yea 147 0 9 Conservative Yea 112 0 3 Bloc Yea 28 0 4 NDP Yea 23 0 2 Green Yea 2 0 0 Independent Yea 3 0 0 Total 315 0
What MPs said
Each party’s first speech on this bill in the House, from Hansard. Excerpts are the speaker’s opening sentences, unedited.
LiberalFrançois-Philippe Champagne· February 3, 2023
“I am pleased to rise in the House today to speak to Bill C-34, an act to amend the Investment Canada Act, or the ICA, and move that it be read a second time and referred to a committee. Before I talk about the legislative amendments in more detail, I would like to make a few comments about the act.”
Read the full speech on openparliament.caConservativeRick Perkins· February 3, 2023
“I would start off by informing the House that, while we think these amendments are inadequate to deal with the things that are happening, we will be voting in favour, in principle, at second reading of this bill. These amendments improve the bill, just not enough.”
Read the full speech on openparliament.caBlocSébastien Lemire· February 3, 2023
“Today we have before us Bill C-34, a government bill that seeks to amend the Investment Canada Act. This is the first major amendment to the Investment Canada Act since 2009, when the government introduced a national security review process for foreign investments.”
Read the full speech on openparliament.caNDPBrian Masse· February 3, 2023
“Therefore, New Democrats will be bringing amendments to Bill C-34 at committee that actually address some of these issues, and we are hoping that we will see support for that from other parties. The committee, I will note, is well led by a bipartisan effort and we have actually done some really good work.”
Read the full speech on openparliament.caGreenElizabeth May· November 6, 2023
“Without further pause to reflect on my regret that this is the first time I have been given a speaking opportunity in this place, let me speak to the Investment Canada Act and to the revisions that are made in Bill C-34.”
Read the full speech on openparliament.ca
Read the source
LEGISinfo status: Royal assent received. Bill data from LEGISinfo, votes from openparliament.ca and the House of Commons. Last updated October 13, 2026.