Balance of international payments, flows of Canadian direct investment abroad and foreign direct investment in Canada, quarterly
Quarterly transactional flows of Canadian direct investment abroad (CDIA) and foreign direct investment in Canada (FDI) by component (net flows, mergers and acquisitions, reinvested earnings, other flows) and geography from 2007 to 2026.
About this dataset
- 2 directions of investment (Canadian direct investment abroad and foreign direct investment in Canada)
- 4 flow components (Total net flows, Mergers and acquisitions, Reinvested earnings, Other flows)
- 3 geographic partner groupings (All countries, United States, All other countries)
- 78 quarterly reference periods from 2007 Q1 to 2026 Q2
- Stock or balance-sheet positions (see Tables 36-10-0008-01 and 36-10-0009-01 for stock levels)
- Non-transaction valuation adjustments (currency exchange rate revaluations, asset write-downs)
- Bilateral partner country detail beyond United States (country detail suppressed to protect respondent confidentiality)
- Industry or sectoral breakdowns of quarterly flows (available only in annual stock tables)
Measurement notes
- Reinvested earnings reflect the parent company's share of undistributed earnings accumulated by foreign affiliates in each quarter.
- Mergers and acquisitions cover cross-border takeovers, buyouts, and establishment of new corporate entities.
- Other flows comprise intercompany debt transfers and changes in loan/deposit accounts between affiliated corporations.
- Negative net flows denote divestment, asset sales, or repatriation of capital to parent countries.
| Dimension / Metric | Value | Notes |
|---|---|---|
| Temporal Coverage | 2007 Q1 – 2026 Q2 | 78 consecutive quarters (2007 Q1 to 2026 Q2) |
| Total Observations | 1,872 | Complete non-suppressed quarterly matrix |
| Data Completeness | 100.0% (0 nulls) | Zero missing or suppressed cells across all series |
| Investment Directions | CDIA & FDI | Canadian direct investment abroad and foreign direct investment in Canada |
| Flow Components | 4 categories | Total net flows, Mergers & acquisitions (M&A), Reinvested earnings, Other flows |
| Geographic Disaggregation | 3 regions | All countries, United States, All other countries |
| Measurement Unit & Basis | CAD Millions (Net Inflow/Outflow) | IMF BPM6 financial account transactions, net of disinvestments |
| Flow Component | 2016 Q1 | 2016 Q2 | 2016 Q3 | 2016 Q4 | 2017 Q1 | 2017 Q2 | 2017 Q3 | 2017 Q4 | 2018 Q1 | 2018 Q2 | 2018 Q3 | 2018 Q4 | 2019 Q1 | 2019 Q2 | 2019 Q3 | 2019 Q4 | 2020 Q1 | 2020 Q2 | 2020 Q3 | 2020 Q4 | 2021 Q1 | 2021 Q2 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total net flows | ||||||||||||||||||||||||||||||||||||||||||
| Mergers and acquisitions | ||||||||||||||||||||||||||||||||||||||||||
| Reinvested earnings | ||||||||||||||||||||||||||||||||||||||||||
| Other flows |
Observations
- Post-pandemic surge in outward cross-border M&A and direct investment — NOTES.md: 2021 flow spike
- Inward FDI inflows exceed CDIA outflows — NOTES.md: 2025 capital reversal
- Peak outward direct investment: $132.9B CAD — NOTES.md: 2021 record flows
- Inward FDI ($93.0B) exceeds Outward CDIA ($73.8B) — NOTES.md: 2025 net inflow
- US represents 56.9% ($52.9B CAD) of total inward FDI in 2025 — NOTES.md: US annual flow share
Analytical Note: The Engine of Reinvested Earnings
In Balance of Payments accounting, direct investment flows consist of cross-border equity injections, intercompany debt, and undistributed operating profits ('reinvested earnings'). In 2025, reinvested earnings accounted for $79.5 billion CAD of Canadian direct investment abroad—representing over 100% of net outward flow (offsetting net M&A divestitures of $4.1 billion). For inward FDI, reinvested earnings generated $33.2 billion CAD (35.7% of total inflows). This demonstrates that direct investment expansion is predominantly an organic, internal process driven by existing corporate affiliates compounding earnings abroad, rather than purely new cross-border headline acquisitions.
Methodology: BOP Financial Account Transactions vs. IIP Stock Levels
This table records quarterly transactional flows (net purchases and sales of financial claims) compiled under the IMF's BPM6 Balance of Payments framework. Direct investment flows differ fundamentally from the annual change in stock positions (Tables 36-10-0008-01 and 36-10-0009-01). The change in stock positions includes: (1) transactional flows recorded in this table, (2) foreign exchange rate revaluations, (3) market price changes, and (4) other corporate volume adjustments (e.g. write-downs or corporate reclassifications). Negative values in M&A or other flows indicate net divestments or repatriation of capital.
Notes
In 2025, inward FDI flows ($93.0B) exceeded outward CDIA flows ($73.8B) for a +$19.2B net direct capital inflow into Canada; CDIA was powered 100%+ by reinvested earnings ($79.5B), while US investors supplied 56.9% ($52.9B) of inward FDI.
Validation Checks
External: $93.0 billion CAD (Statistics Canada The Daily (2026-02-27): 'Canada's balance of international payments, fourth quarter 2025')
Exact match: sum of 4 quarters in 2025 under All countries and FDI total net flows is $93,043M CAD (vs $91,578M in 2024).
External: $73.8 billion CAD (Statistics Canada The Daily (2026-02-27): 'Canada's balance of international payments, fourth quarter 2025')
Exact match: sum of 4 quarters in 2025 under All countries and CDIA total net flows is $73,799M CAD (vs $127,783M in 2024).
External: +$19.2 billion CAD net inflow (Statistics Canada The Daily (2026-02-27): 'Canada's balance of international payments, fourth quarter 2025')
Exact arithmetic match: $93,043M FDI inflows minus $73,799M CDIA outflows equals +$19,244M CAD.
External: $52.9 billion CAD (56.9%) (Statistics Canada The Daily (2026-02-27): 'Canada's balance of international payments, fourth quarter 2025')
Exact match: table reports $52,935M CAD for United States FDI in 2025 out of $93,043M total (56.89%).
External: $23.2 billion CAD (Statistics Canada The Daily (2026-08-27): 'Canada's balance of international payments, second quarter 2026')
Exact match: table reports $23,177M CAD for 2026-04 (Q2 2026) under All countries and FDI total net flows.