Illustration of NSR and NBR Timing
The following chart illustrates the timelines for NSR and the NBR processes. Notably, both an NSR and an NBR can be conducted in parallel with respect to the same transaction. Investment Canada Act (ICA) : Review Timing
NET BENEFIT REVIEW
NATIONAL SECURITY REVIEW
ICA application for review filed
ICA application for review or notification filed
DAY 45 45-day assessment period expires Minister may allow
DAY 45 45-day waiting period expires Minister may extend 30 days (or longer on consent) Waiting period pauses if a national security review begins
period to lapse, extend 45 days or issue formal review order
Day 75 (or longer) Net benefit review and/or undertakings decision
If Minister is not satisfied, investor has 30 days for additional representations and/or undertakings
DAY 90 Second assessment period expires Minister may order review
Net Benefit Decision
DAY 135 Minister extends review by 45 days (or longer on consent)
Day 180 (or longer) Decision referred to Cabinet
National Security Decision
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