Foreign Control of Canadian Firms by Industry

Canada’s ownership structure quietly determines who makes decisions about our economy, and who captures the value it creates. While foreign control has declined over the past 15 years, it remains strikingly high in trade-exposed sectors and is actually rising in cultural industries like film, broadcasting, and newspapers. As the federal government courts more private investment to finance critical infrastructure, foreign ownership will likely tick up again.

That’s not inherently a problem, but concentration in the wrong places can weaken our ability to set our own rules, protect data, or keep Canadian value in Canada. Tracking foreign control isn’t about rejecting global capital; it’s about being strategic. If sovereignty is the goal, governments need to revisit ownership limits in key sectors and be prepared to use the Investment Canada Act to ensure investment strengthens — rather than erodes — our economic resilience.