How it works
The party-size test counts the parties and their affiliates: assets in Canada or gross revenues from sales in, from or into Canada. The transaction-size test looks at the target's assets in Canada, or the gross revenues from sales in or from Canada generated by those assets. The Minister left the C$93 million figure unchanged for 2026.
For share purchases, notification applies when the buyer passes 20% of the voting shares of a public company, 35% of a private one, or 50% if it already held more than those levels. Exemptions and the calculation rules are technical: confirm with competition counsel.
| Test | 2026 figure | What counts |
|---|---|---|
| Party size | C$400 million | Combined assets in Canada or gross revenues from sales in, from or into Canada, parties and affiliates |
| Transaction size | C$93 million | Target's assets in Canada or gross revenues from sales in or from Canada from those assets |
| Shareholding | 20% / 35% / 50% | Voting shares of a public / private corporation, or above 50% when already past those |
Source: Competition Bureau, March 2, 2026: pre-merger notification threshold remains C$93 million. Figures are for planning only and are not legal or tax advice.
Where this matters
- Data room for Competition Act merger review
- Data room for mergers and acquisitions in Canada
- Data room for private equity deals in Canada
FAQ
What happens after filing?
A 30-day waiting period starts once both sides file complete notifications. The Bureau can issue a supplementary information request, which restarts a 30-day clock after compliance.
Can the Bureau review a deal below the thresholds?
Yes. Non-notifiable mergers can still be reviewed, and the 2023 and 2024 amendments extended the period for challenging non-notified deals.
What does the data room have to do with it?
Competitor buyers often need a clean team area for pricing and customer data, and the Bureau may ask for internal documents. A room with tight permissions and a full log helps.