CHAPTER 07 Competition Act
TIMING – Parties to a notifiable transaction are prohibited from completing the transaction before the expiry of a statutory waiting period. The Canadian merger review process and, in particular, the waiting periods, are closely aligned with the U.S. merger review process. > The waiting period in Canada expires 30 days after the pre-merger notification filings unless, prior to the end of that 30-day period, the Commissioner issues a “supplementary information request” to the merging parties for production of documents and/or responses to questions (similar to a U.S. second request). > If a “supplementary information request” is issued, a new waiting period is triggered and expires 30 days after compliance with the request. ADVANCE RULING CERTIFICATES AND “NO-ACTION” LETTERS – When an acquisition is clearly unlikely to give rise to any substantial lessening or prevention of competition in Canada, the Commissioner may issue an advance ruling certificate (ARC) or no-action letter. – If obtained, an ARC bars the Commissioner from challenging the transaction absent new information (provided that the transaction is completed within one year) and provides an exemption from pre-merger notification requirements (including statutory waiting periods). – If the Commissioner determines that an ARC is not appropriate, the Commissioner may issue a no-action letter, which also provides substantial comfort, where the Commissioner decides not to challenge a proposed transaction at that time. A no-action letter may include a waiver of the obligation to comply with the formal pre-merger notification requirements (including the statutory waiting periods). ADDITIONAL CONSIDERATIONS – A transaction subject to pre-merger notification under the Competition Act also requires notice to the federal Minister of Transportation, and potentially a public interest review under the Canada Transportation Act , if the transaction involves a federal transportation undertaking, which is broadly defined and can include port terminals, pipelines and trucking services. FILING FEE – A filing fee of C$90,198.19 in 2026 (adjusted annually) is payable for statutory pre-merger notification and/or an ARC/no-action letter application. For more information see our Pre-Merger Notification Guide: Canada’s Competition Act .
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