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Canada maintains record momentum as FDI results for the first quarter of 2022 are released

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Invest in Canada

With the first quarter (Q1) of 2022 now behind us, it’s becoming apparent that foreign direct investment (FDI) in Canada is continuing its strong performance. Statistics Canada reported last week that Canada attracted nearly $20 billion in net FDI inflows in Q1 2022. That’s 25% greater than the previous quarter and almost 50% higher than the 10-year Q1 quarterly average.

FDI helps build a prosperous, sustainable economy for our communities and our country. When FDI inflows are continuing at such an impressive pace, it means Canadians can look forward to high-value jobs and increased economic opportunities.


Breaking the numbers down, they begin to tell an even more interesting story. By investment type, the largest portion of FDI for Q1 2022 is Reinvested Earnings, capturing just over 50% of inflows. Global companies reinvested their earnings to the tune of $10 billion this quarter alone.  

This suggests a positive trend we see continuing from last year, in which investing companies keep their money in Canada rather than sending it back to their home country. On top of being a huge vote of confidence in the Canadian economy, reinvesting is good news for Canadians who expect global investors to put down roots that have a lasting impact in their communities.


The United States has long been the largest source of FDI into Canada, and that has not changed this quarter, with the country contributing $5.5 billion to net inflows of capital.

Surprisingly though, Australia and Switzerland stand out as major investing countries, accounting for over 32% of this quarter’s FDI inflows. For Q1 Australia is up 900% and Switzerland up 525% over their 10-year quarterly averages. While it’s difficult to determine when specific investments are recorded in Statistics Canada results, part of the FDI growth from Australia in particular can surely be attributed to investments in Canada’s mining sector.


Industry-wise, 3 of the 5 sectorial groups defined by Statistics Canada—Manufacturing, Management of companies and enterprises, and Energy and Mining—received the highest amount of FDI inflows this quarter and displayed the highest growth  in comparison with their average historical quarterly rates.


Taken together with other recent data, it does not appear likely now that the relatively high figures of 2022 are only the result of increased stimulus and companies spending money saved during the pandemic year of 2020. With a Q1 quarterly average that is 57.5% higher than the 5- year Q1 average, these recent figures are representative of a reality that is two full years after the COVID-19 pandemic began. They further help present Canada as a globally desirable place for foreign firms to invest.

Invest in Canada will continue to seek out the best to invest, helping to create exciting new career prospects, funding Canadian innovation and helping to protect the environment here at home and across the globe.

To learn more about FDI in Canada, visit our FDI for Canadians page.