Overview of the Promise

During his 2025 election campaign, Mark Carney, as Liberal Party leader, promised to safeguard Canada's economy and values by protecting against foreign attempts to acquire Canadian businesses, public health care, intellectual property, critical minerals, and other resources. This was to be achieved by strengthening the Investment Canada Act (ICA). Specific commitments included making more transactions reviewable, modernizing standards to address manipulative transaction models (including impacts on data sovereignty), and ensuring stringent reviews for transactions involving core public health infrastructure like long-term care facilities and family health practices.

Actions Taken by the Carney Government

As of August 28, 2025, approximately four months after Carney's election victory and assumption of the prime minister role, there is no public evidence of concrete steps taken to fulfill this promise. The government has focused on other economic initiatives, such as introducing legislation for building a unified Canadian economy and accelerating infrastructure projects, but these do not directly address reforms to the ICA.

Legislation Proposed or Passed

No specific legislation has been proposed or passed by the Carney government to amend or strengthen the Investment Canada Act. While the government introduced the One Canadian Economy Act in June 2025 to reduce internal trade barriers and enhance economic resilience, this does not pertain to foreign investment reviews under the ICA. Similarly, the Building Canada Act, passed in June 2025, focuses on fast-tracking nation-building projects but does not include provisions for ICA reforms. Pre-existing ICA amendments from 2022 exist, but these predate Carney's tenure and do not align with his campaign pledges.

Progress on Specific Points

On making more transactions reviewable: There are no updates or announcements indicating expansions to the types of foreign investments subject to ICA scrutiny.

On modernizing standards for manipulative transaction models, including data sovereignty: No reforms have been initiated to update review criteria or incorporate data sovereignty considerations.

On subjecting public health infrastructure to stringent review: The promise to clarify and protect elements like long-term care facilities and family health practices under the ICA has not seen any implementation or policy announcements.

Current Status and Path Forward

Given the short time since Carney took office, the lack of action may reflect prioritization of other urgent issues, such as U.S. trade tensions and defense investments. However, without any proposals, consultations, or announcements related to ICA strengthening, the promise remains unaddressed.

Overall Status

This promise is not started.