Insurance Companies Act

The Director of Investments recently issued his Investment Canada Act Annual Report for the fiscal year ended March 31, 2020.  During that fiscal year, a total of 1,032 applications for review and notifications were certified under the Investment Canada Act, being an all time high for such filings.  Of these filings, 255 were in respect of proposals to establish new businesses in Canada.  The balance of the filings were in respect of foreign acquisitions of control of existing Canadian businesses.
Continue Reading National Security Reviews Continue to Impact Investments by Non-Canadians

In August 2019, Genworth Financial, Inc. (Genworth) announced that it had agreed to sell its approximate 57% shareholding in Canadian subsidiary Genworth MI Canada Inc. (Genworth Canada) to Canadian headquartered Brookfield Business Partners L.P. (Brookfield) for approximately C$2.4 billion. Genworth Canada, through one of its subsidiaries, is Canada’s largest