Foreign ownership of licensed broadcasting undertakings is limited to 20 per cent of voting shares in case of corporations and 1/3 per cent of voting shares in case of subsidiary corporations.
""Declaration
3 (1) It is hereby declared as the broadcasting policy for Canada that
(a) the Canadian broadcasting system shall be effectively owned and controlled by Canadians;[...]" (Broadcasting Act (S.C. 1991, c. 11), last amended on 2020-07-01, Section 3(1)(a))
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"1 The definitions in this section apply in this Direction. [...]
Canadian means
(a) a citizen within the meaning of subsection 2(1) of the Citizenship Act who is ordinarily resident in Canada;
(b) a permanent resident within the meaning of subsection 2(1) of the Immigration Act who is ordinarily resident in Canada and has been ordinarily resident in Canada for not more than one year after the date on which that person first became eligible to apply for      Canadian citizenship; [...]
(e) a qualified corporation;
[...]
qualified corporation means a corporation incorporated or continued under the laws of Canada or a province, where
(a) the chief executive officer or, where the corporation has no chief executive officer, the person performing functions that are similar to the functions performed by a chief executive officer, and not less than 80 per cent of the directors are Canadians;
(b) in the case of a corporation having share capital, Canadians beneficially own and control, directly or indirectly, in the aggregate and otherwise than by way of security only, not less than 80 per cent of all the issued and outstanding voting shares of the corporation and not less than 80 per cent of the votes; and
(c) in the case of a corporation that is a subsidiary corporation: (i) the parent corporation is incorporated or continued under the laws of Canada or a province; (ii) Canadians beneficially own and control, directly or indirectly, in the aggregate and otherwise than by way of security only, not less than 66 2/3 per cent of all of the issued and outstanding voting shares of the parent corporation and not less than 66 2/3 per cent of the votes; and (iii) the parent corporation or its directors do not exercise control or influence over any programming decisions of the subsidiary corporation where: (A) Canadians beneficially own and control, directly or indirectly, in the aggregate and otherwise than by way of security only, less than 80 per cent of the issued and outstanding voting shares of the parent corporation and less than 80 per cent of the votes; (B) the chief executive officer of the parent corporation or, where the parent corporation has no chief executive officer, the person performing functions that are similar to the functions performed by a chief executive officer is a non-Canadian; or (C) less than 80 per cent of the directors of the parent corporation are Canadian. (personne morale qualifiée);
[...]
2 The Canadian Radio-television and Telecommunications Commission is hereby directed that no broadcasting licence may be issued, and no amendments or renewals thereof may be granted, to an applicant that is a non-Canadian.
3 Where the Canadian Radio-television and Telecommunications Commission determines that an applicant is controlled by a non-Canadian, whether on the basis of personal, financial, contractual or business relations or any other considerations relevant to determining control, other than the beneficial ownership and control of the voting shares of a qualified successor by a Canadian carrier or its acquiring corporation, the applicant is deemed to be a non-Canadian. [...]" (Direction to the CRTC (Ineligibility of Non-Canadians) (SOR/97-192), in force from 8 April 1997, Sections 1, 2 and 3)
Broadcasting Act (S.C. 1991, c. 11), last amended on 2020-07-01, Section 3(1)(a)
Direction to the CRTC (Ineligibility of Non-Canadians) (SOR/97-192), in force from 8 April 1997, Sections 1, 2 and 3
[<a href="https://laws-lois.justice.gc.ca/eng/acts/B-9.01/">Act</a>],[<a href="https://laws-lois.justice.gc.ca/eng/regulations/SOR-97-192/index.html">Direction</a>]