Foreign-controlled assets dip to 14.4% in 2023, new stats reveal
Foreign-controlled enterprises held $2.6 trillion in Canadian corporate assets in 2023, representing 14.4% of the total, a 0.3 percentage point decline from 2022.
New data from Statistics Canada reveals that combined Canadian- and foreign-controlled entities in Canada possessed $17.9 trillion in assets in 2023, with Canadian-controlled firms accounting for $15.3 trillion (85.6%).
The downward shift in foreign control largely stemmed from faster asset growth among Canadian-controlled enterprises, which saw a 5.6% increase, compared to 2.9% growth among foreign-controlled firms.
The US continues to dominate foreign investment in Canada, controlling 53.0% of foreign-held assets, followed by the UK (11.1%) and Japan (8.0%). In total, entities from 93 countries held stakes in Canadian corporations, though eight nations accounted for 87.4% of foreign-controlled assets.
Regionally, enterprises from the Americas held 54.6% of foreign assets in Canada, with Europe and Asia trailing at 27.7% and 16.0%, respectively. Growth patterns diverged: American-controlled firms advanced 3.9%, European slower at 3.3%, while Asian-controlled firms posted an 11.2% gain, marking their strongest year since 2016.
Sector by sector, foreign influence is most pronounced in wholesale trade (48.6%), manufacturing (44.4%), oil and gas extraction (33.0%), and mining and quarrying (31.9%). Within finance, non-depository credit intermediation had the highest foreign stake at 44.0%.
From 2014 to 2023, U.S. control within Canada held steady, especially in goods, manufacturing, and financial sectors, with varying degrees across industries. In manufacturing, U.S.-controlled assets climbed from $237.4 billion to $333.8 billion. Wholesale saw US-linked assets nearly double, reaching $195.7 billion and representing 59% of that industry’s foreign assets.
In the financial domain, depository credit intermediation rose from $55.7 billion in 2014 to $99.5 billion in 2023, while other investment and securities businesses increased from $73.5 billion to $139.4 billion.
The data is drawn from filings under the Corporations Returns Act, requiring reporting of foreign ownership through enterprise-level assessments and consolidated financial statements.
