International investment position, Canadian direct investment abroad and foreign direct investment in Canada, by country, annual
Annual stock positions of Canadian direct investment abroad (CDIA) and foreign direct investment in Canada (FDI) at book value across 187 countries and regional groupings from 1987 to 2025.
About this dataset
- 187 partner countries, overseas territories, and regional/continental aggregates
- 10 investment characteristics (Total book value, equity, net debt, debt assets, debt liabilities for both outward CDIA and inward FDI)
- Annual reference periods from 1987 to 2025
- Market value valuation of direct investment (available at macro level in other IIP tables)
- Ultimate investing country attribution (inward FDI is immediate country; see Table 36-10-0445 for ultimate ownership)
- Industry or sectoral breakdown (available in companion Table 36-10-0009)
- Sub-annual (quarterly) country detail (quarterly data available only for macro aggregates)
Measurement notes
- Direct investment requires a 10% or greater voting equity threshold representing a lasting interest and managerial influence.
- Equity comprises common/preferred shares, contributed surplus, and accumulated retained earnings.
- Net debt represents intercompany lending (debt assets minus debt liabilities) between affiliated entities.
- Starting in reference year 2019, Puerto Rico and the US Virgin Islands were reclassified from North America to the Caribbean, and various Caribbean island jurisdictions were reclassified from North America to the Caribbean.
| Column | Type | Non-null | Unique | Mean | Min | Max |
|---|---|---|---|---|---|---|
| REF_DATE | int64 | 100.0% | 39 | 2,013.6 | 1,987.0 | 2,025.0 |
| GEO | object | 100.0% | 1 | — | Canada | Canada |
| DGUID | object | 100.0% | 1 | — | 2016A000011124 | 2016A000011124 |
| Canadian and foreign direct investment | object | 100.0% | 10 | — | Canadian direct investment abroad - debt assets | Foreign direct investment in Canada - total book value |
| Countries or regions | object | 100.0% | 187 | — | Africa | Zimbabwe |
| UOM | object | 100.0% | 1 | — | Dollars | Dollars |
| UOM_ID | int64 | 100.0% | 1 | 81.0 | 81.0 | 81.0 |
| SCALAR_FACTOR | object | 100.0% | 1 | — | millions | millions |
| SCALAR_ID | int64 | 100.0% | 1 | 6.0 | 6.0 | 6.0 |
| VECTOR | object | 100.0% | 1870 | — | v112085009 | v7118035 |
| COORDINATE | object | 100.0% | 1870 | — | 1.1.1 | 1.9.99 |
| VALUE | float64 | 47.3% | 5884 | 17,248.1 | -15,284.0 | 2,428,900.0 |
| STATUS | object | 52.7% | 2 | — | .. | x |
| SYMBOL | float64 | 0.0% | 0 | — | — | — |
| TERMINATED | object | 4.4% | 1 | — | t | t |
| DECIMALS | int64 | 100.0% | 1 | 0.0 | 0.0 | 0.0 |
| Investment Characteristic | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Canadian direct investment abroad - debt assets | |||||||||||||||||||||||||||||||||||||||
| Canadian direct investment abroad - debt liabilities | |||||||||||||||||||||||||||||||||||||||
| Canadian direct investment abroad - equity | |||||||||||||||||||||||||||||||||||||||
| Canadian direct investment abroad - net debt | |||||||||||||||||||||||||||||||||||||||
| Canadian direct investment abroad - total book value | |||||||||||||||||||||||||||||||||||||||
| Foreign direct investment in Canada - debt assets | |||||||||||||||||||||||||||||||||||||||
| Foreign direct investment in Canada - debt liabilities | |||||||||||||||||||||||||||||||||||||||
| Foreign direct investment in Canada - equity | |||||||||||||||||||||||||||||||||||||||
| Foreign direct investment in Canada - net debt | |||||||||||||||||||||||||||||||||||||||
| Foreign direct investment in Canada - total book value |
Observations
- Canada cements permanent net direct investment exporter status — NOTES.md: Net capital exporter crossover
- Net direct investment surplus reaches $828.4B CAD — NOTES.md: 2025 net direct surplus
- Caribbean classification reform (Puerto Rico/USVI moved to Caribbean) — NOTES.md: Caribbean classification reform
- US absorbs $1.20 trillion CAD (49.5% of total CDIA) — NOTES.md: US outward FDI milestone
Canada as a Structural Net Global Capital Exporter
Canada underwent a profound structural transformation over the past two decades, transitioning from a historical net debtor for direct investment into a major global capital exporter. In 2025, Canadian Direct Investment Abroad ($2,428.9B CAD) exceeded Foreign Direct Investment in Canada ($1,600.5B CAD) by +$828.4B CAD. Although Canada's net direct position edged down $37.1B in 2025 as inward FDI grew faster (+6.9%) than outward direct investment (+2.8%), Canada maintains a massive permanent net equity stake in foreign enterprises.
The Dominance of Corporate Financial Conduits in Canadian Outward FDI
A critical finding in Table 36-10-0008-01 is the extraordinary prominence of corporate holding and tax-efficient conduit jurisdictions in Canadian outward direct investment. Bermuda ($141.0B CAD), Luxembourg ($108.0B CAD), Barbados ($84.4B CAD), and the Cayman Islands ($79.7B CAD) collectively hold $413.0B CAD in Canadian direct investment abroad—representing 17.0% of Canada's total global outward FDI stock. These jurisdictions act as intermediary corporate vehicles for global mining, infrastructure, and financial assets before capital is deployed into ultimate operational destination countries.
Bilateral Concentration: The United States Axis
Both inward and outward direct investment remain intensely focused on the United States. In 2025, the US was the destination for 49.5% ($1,203.4B CAD) of all Canadian direct investment abroad, and the source of 46.1% ($737.3B CAD) of all foreign direct investment in Canada on an immediate country basis. On an ultimate investor basis (Table 36-10-0445-01), the US share of inward FDI climbs above 60%, stripping out intermediate conduits.
Accounting Conventions and Book Value Measurement
Direct investment figures in Table 36-10-0008-01 are compiled on a book value basis (historical cost accounting from audited financial statements) following IMF BPM6 guidelines. A direct investment relationship exists when an investor owns 10% or more of the voting equity of an enterprise. Equity represents the vast majority of direct capital (92.2% of CDIA and 88.4% of FDI), while intercompany debt accounts for the balance.
Notes
Canada's outward direct investment reached $2.43T CAD and inward FDI reached $1.60T CAD in 2025, maintaining an $828.4B net direct asset surplus; the US absorbs 49.5% ($1.20T) of CDIA, while offshore holding conduits (Bermuda, Luxembourg, Barbados, Cayman) hold $413B.
Validation Checks
External: $2,428.9 billion CAD (Statistics Canada The Daily (2026-04-29): 'Foreign direct investment, 2025')
Exact match: table reports $2,428,900M CAD for CDIA total book value under 'All countries' in 2025.
External: $1,600.5 billion CAD (Statistics Canada The Daily (2026-04-29): 'Foreign direct investment, 2025')
Exact match: table reports $1,600,470M CAD for FDI total book value under 'All countries' in 2025.
External: +$828.4 billion CAD (Statistics Canada The Daily (2026-04-29): 'Foreign direct investment, 2025')
Exact arithmetic match: CDIA ($2,428,900M) minus FDI ($1,600,470M) equals +$828,430M CAD.
External: $1.20 trillion CAD (49.5%) (Statistics Canada The Daily (2026-04-29): 'Foreign direct investment, 2025')
Exact match: table reports $1,203,419M CAD for United States out of $2,428,900M total CDIA (49.54%).
External: $737.3 billion CAD (46.1%) (Statistics Canada The Daily (2026-04-29): 'Foreign direct investment, 2025')
Exact match: table reports $737,307M CAD for United States out of $1,600,470M total FDI (46.07%).