I'm happy to start.
It would depend a little on the nature of the transaction. If the transaction met the threshold for a notifiable investment into Canada from a foreign buyer, that would require a notification to the investment review division. Then it would depend a little on the nature of the investment.
As I noted, indirect investments via the acquisition of a company that has Canadian assets but is not domiciled in Canada are considered indirect transactions. Under our trade agreements under the WTO, those are not reviewable on a net benefit basis. They are, however, reviewable on a national security basis.
If the transaction of a natural resource asset was made by a foreign buyer, was notifiable and was a direct transaction, that would proceed to both a net benefit review and then also a national security review. In the case where it was not a direct transaction, it would proceed only to a national security review process.
All foreign investments that are made into Canada are subject to the national security review process. The processes are undertaken in consultation with the Minister of Public Safety and Canada's national security and intelligence agencies. Each stage of the processing is engaged. A national security review can last 200 days or longer, with the consent of the minister and the investor. Just by way of example, in 2021-22 there were 1,255 investment filings, as well as additional investments not subject to filing requirement that were reviewed under that process.
I'm happy to get into more detail if the member is interested. Broadly speaking, that is the nature of how a transaction would be assessed.