[ RETURN TO WATCH LIST ]CAPITAL & INVESTMENT • FDI • STATCAN 36-10-0008-01
[FIG 17] • BENEFICIAL CAPITAL ANATOMY • STATCAN Tables 36-10-0008-01 & 36-10-0433-01
Investment Geography & Conduit Jurisdiction Divergence
“Who truly owns foreign capital in Canada, and where does Canadian capital actually go?” — This tracker traces foreign direct investment from legal booking locations to ultimate beneficial source countries.
OBSERVATION: 2025 Annual Benchmark (Latest Final)
SOURCE RELEASE: 2026-04-29
RETRIEVED: 2026-09-20
[ TAX HAVEN CONDUIT ROUTING ]: Intermediary conduit holding companies channel over $287.6B CAD in foreign direct investment into Canada. The Netherlands (+$159.5B CAD conduit gap) and Luxembourg (+$47.9B CAD) book large legal positions. These positions hide the true beneficial owners. For example, immediate records undercount United States ownership by $79.5B CAD.
FOREIGN DIRECT INVESTMENT (FDI)
$1.60T
Canadian Capital Abroad:$2.43T
Total book value in Canadian enterprises
U.S. OWNERSHIP GAP
+$79.5B CAD
Ultimate vs Immediate:51.0% vs 46.1%
$816.8B beneficial vs $737.3B direct booking
TOP CONDUIT (ROUTING HUB)
Netherlands
Conduit Divergence:+$159.5B CAD
$182.9B legal booking vs $23.4B true origin
TOP 5 INVESTOR CONCENTRATION
66.8%
Immediate Top 5:71.9%
US, UK, Japan, China, Germany (Ultimate)
EMPIRICAL JURISDICTION MATRIX • STATCAN 36-10-0008 & 36-10-0433
Immediate Booking vs. Ultimate Beneficial Ownership
CLASSIFICATION:
| Partner Country | Region | Immediate FDI ($M) | Immediate Share | Ultimate FDI ($M) | Ultimate Share | Conduit Divergence (Δ) | Routing Nature |
|---|---|---|---|---|---|---|---|
NLDNetherlands | Europe | $182,866M | 11.4% | $23,357M | 1.5% | +159,509M | CONDUIT (Imm > Ult) |
USAUnited States | North America | $737,307M | 46.1% | $816,801M | 51.0% | -79,494M | SOURCE (Ult > Imm) |
LUXLuxembourg | Europe | $76,229M | 4.8% | $28,342M | 1.8% | +47,887M | CONDUIT (Imm > Ult) |
HKGHong Kong | Asia-Pacific | $39,323M | 2.5% | $11,569M | 0.7% | +27,754M | CONDUIT (Imm > Ult) |
BMUBermuda | Caribbean / Conduit | $25,931M | 1.6% | $6,892M | 0.4% | +19,039M | CONDUIT (Imm > Ult) |
CHNChina | Asia-Pacific | $24,639M | 1.5% | $43,438M | 2.7% | -18,799M | SOURCE (Ult > Imm) |
IRLIreland | Europe | $11,294M | 0.7% | $28,350M | 1.8% | -17,056M | SOURCE (Ult > Imm) |
CHESwitzerland | Europe | $44,186M | 2.8% | $27,286M | 1.7% | +16,900M | CONDUIT (Imm > Ult) |
DEUGermany | Europe | $26,247M | 1.6% | $40,457M | 2.5% | -14,210M | SOURCE (Ult > Imm) |
BRABrazil | South America | $965M | 0.1% | $14,289M | 0.9% | -13,324M | SOURCE (Ult > Imm) |
FRAFrance | Europe | $30,362M | 1.9% | $41,869M | 2.6% | -11,507M | SOURCE (Ult > Imm) |
CYMCayman Islands | Caribbean / Conduit | $12,201M | 0.8% | $1,658M | 0.1% | +10,543M | CONDUIT (Imm > Ult) |
JPNJapan | Asia-Pacific | $46,688M | 2.9% | $54,833M | 3.4% | -8,145M | SOURCE (Ult > Imm) |
INDIndia | Asia-Pacific | $2,060M | 0.1% | $9,691M | 0.6% | -7,631M | SOURCE (Ult > Imm) |
BELBelgium | Europe | $4,612M | 0.3% | $11,835M | 0.7% | -7,223M | SOURCE (Ult > Imm) |
AUSAustralia | Asia-Pacific | $36,431M | 2.3% | $30,509M | 1.9% | +5,922M | CONDUIT (Imm > Ult) |
ITAItaly | Europe | $6,594M | 0.4% | $10,024M | 0.6% | -3,430M | SOURCE (Ult > Imm) |
GBRUnited Kingdom | Europe | $108,071M | 6.8% | $111,429M | 7.0% | -3,358M | SOURCE (Ult > Imm) |
KORSouth Korea | Asia-Pacific | $14,421M | 0.9% | $17,594M | 1.1% | -3,173M | SOURCE (Ult > Imm) |
NORNorway | Europe | $5,210M | 0.3% | $7,299M | 0.5% | -2,089M | SOURCE (Ult > Imm) |
SWESweden | Europe | $10,376M | 0.6% | $11,723M | 0.7% | -1,347M | DIRECT ROUTING |
ESPSpain | Europe | $6,433M | 0.4% | $7,173M | 0.4% | -740M | DIRECT ROUTING |
AUTAustria | Europe | $2,039M | 0.1% | $2,555M | 0.2% | -516M | DIRECT ROUTING |
SGPSingapore | Asia-Pacific | $10,281M | 0.6% | $10,440M | 0.7% | -159M | DIRECT ROUTING |
MEXMexico | North America | $2,444M | 0.2% | $2,527M | 0.2% | -83M | DIRECT ROUTING |
PRIMARY DATASETS: STATCAN TABLES 36-10-0008-01 & 36-10-0433-01 • ANNUAL BENCHMARK
SOURCE: Statistics Canada (Table 36-10-0008-01 (Canadian Direct Investment Abroad & Foreign Direct Investment in Canada, by Country) & Table 36-10-0433-01 (Direct Investment by Ultimate Investor Country))
LAST UPDATED OBSERVATION: 2025 Annual Benchmark (Latest Final)