Canada Development Investment Corporation

The Canada Development Investment Corporation (CDEV;[lower-alpha 1] French: Corporation de développement des investissements du Canada) is a Canadian Crown corporation responsible for managing investments and corporate interests held by the Government of Canada, including making purchases and sales of assets on behalf of the Queen-in-Council.[1] CDEV was incorporated under the Canada Business Corporations Act in 1982 and was initially intended to be a temporary entity, with legislation passed in 1998 directing the corporation's mandate to be focussed solely on orderly dissolution and divestment of its holdings. However, the Government of Canada announced in 2007 that CDEV would continue operations.[2]

Not to be confused with Canada Development Corporation.
Canada Development Investment Corporation
Native name
Corporation de développement des investissements du Canada
TypeCrown corporation
IndustryInvestment management
Founded1982 (1982)
Headquarters302-1240 Bay Street,
Toronto, Ontario
,
Canada
Key people
Stephen Swaffield (Chair)
OwnerGovernment of Canada
Websitecdev.gc.ca

Owned in full by the Crown and managed by a Toronto-based board of directors,[3] CDEV is accountable to the Parliament of Canada through the Minister of Finance.[2] Any changes in corporate structure or purchases of new assets must be directed by the Queen-in-Council.[4]

Holdings

As of 2021, CDEV's current holdings consist of four subsidiary companies: Canada Hibernia Holding Corporation (manages the Government of Canada's 8.5% interest in the Hibernia oil field), Canada Eldor Inc. (manages remaining obligations of Eldorado Resources), Canada TMP Finance Limited (holding company for purchase and financing of Trans Mountain pipeline; 100% owner of Trans Mountain Corporation which manages the pipeline), and Canada Enterprise Emergency Funding Corporation (administers the Large Employer Emergency Financing Facility, a federal COVID-19 financial aid program for large Canadian businesses).[2][5][6]

In 2009, the corporation also, through its subsidiary 7176384 Canada Inc.,[7] purchased 7.9% of General Motors.[8]

See also


Notes
  1. Until 2013, the corporation used the acronym CDIC

References
  1. Canada Development Investment Corporation (2008), Annual Report 2008 (PDF), Ottawa: Queen's Printer for Canada, p. 4, archived from the original (PDF) on 6 August 2010, retrieved 21 April 2010
  2. Canada Development Investment Corporation. "About CDIC > Overview". Queen's Printer for Canada. Archived from the original on 2010-08-05. Retrieved 21 April 2010.
  3. CDIC 2008, p. 13
  4. CDIC 2008, p. 3
  5. "Canada Development Investment Corporation Annual Report 2019" (PDF). Canada Development Investment Corporation. Government of Canada. Retrieved 15 June 2020.
  6. "anada Enterprise Emergency Funding Corporation". Canada Development Investment Corporation. Government of Canada. Retrieved 27 January 2021.
  7. Elizabeth II (28 May 2009), Financial Administration Act, Ottawa: Queen's Printer for Canada, 2009-0813, retrieved 21 April 2010
  8. Elizabeth II (28 May 2009), Financial Administration Act, Ottawa: Queen's Printer for Canada, 2009-0815, retrieved 21 April 2010
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