Enterprises which have more than 49 per cent foreign ownership are not permitted to hold Canadian commercial fishing licences. 
"Definitions
2  (1) In this Act, [...]
Canadian fisheries waters means all waters in the fishing zones of Canada, all waters in the territorial sea of Canada and all internal waters of Canada; (eaux de pêche canadiennes)
Canadian fishing vessel means a fishing vessel
(a) that is registered or licensed under the Canada Shipping Act, 2001 , or
(b) that is not registered or licensed under the Canada Shipping Act, 2001 or under the laws of another state but is owned by one or more persons each of whom is
(i) a Canadian citizen,
(ii) in the case of a vessel that is not required to be registered or licensed under that Act, a person resident and domiciled in Canada, or
(iii) a corporation incorporated under the laws of Canada or a province, having its principal place of business in Canada; (bateau de pêche canadien) [...]
foreign fishing vessel means a fishing vessel that is not a Canadian fishing vessel; (bateau de pêche étranger)
[...]
Entry of foreign vessels into Canadian fisheries waters
3  No foreign fishing vessel shall enter Canadian fisheries waters for any purpose unless authorized by this Act or the regulations, any other law of Canada or a treaty.
Fishing, etc., in Canada and Canadian fisheries waters
4 (1) No person, being aboard a foreign fishing vessel or being a member of the crew of or attached to or employed on a foreign fishing vessel, shall in Canada or in Canadian fisheries waters
(a) fish or prepare to fish, (b) unload, land or tranship any fish, outfit or supplies, (c) ship or discharge any crew member or other person, (d) purchase or obtain bait or any supplies or outfits, or (e) take or prepare to take marine plants, unless authorized by this Act or the regulations, any other law of Canada or a treaty.
Fishing of sedentary species
(2) No person, being aboard a foreign fishing vessel or being a member of the crew of or attached to or employed on a foreign fishing vessel, shall fish or prepare to fish for a sedentary species of fish in any portion of the continental shelf of Canada that is beyond the limits of Canadian fisheries waters, unless authorized by this Act or the regulations or any other law of Canada.
Definition of sedentary species
(3) For the purposes of subsection (2), sedentary species means any living organism that, at the harvestable stage, either is immobile on or under the seabed or is unable to move except in constant physical contact with the seabed or subsoil.
[...]
Prohibition on fishing vessels without nationality
5.5 No fishing vessel without nationality shall
(a) in an area of the sea designated under subparagraph 6(e)(ii), fish or prepare to fish or contravene a measure or regulation designated under subparagraph 6(e)(i); or
(b) in an area of the sea designated under subparagraph 6(f)(ii), fish or prepare to fish or contravene a measure or regulation designated under subparagraph 6(f)(i).
Regulations
6  The Governor in Council may make regulations for carrying out the purposes and provisions of this Act including, but not limited to, regulations
(a) for authorizing, by means of licences, permits or otherwise,  (i) foreign fishing vessels to enter Canadian fisheries waters for any purpose specified in the regulations,   (ii) persons to do all or any of the things described in paragraphs 4(1)(a) to (e), subsection 4(2) or section 5, or   (iii) foreign fishing vessels that have been ordered to proceed to a Canadian port by their flag state, or foreign fishing vessels that have been ordered to proceed to a port by their flag state and that proceed to a Canadian port, to enter Canadian fisheries waters for any purpose related to verifying compliance with a law related to fisheries of a foreign state, with any conservation or management measures of a fisheries management organization or with any international fisheries treaty or arrangement to which Canada is party, including any conservation, management or enforcement measures taken under the treaty or arrangement;
(b) respecting the issuance, suspension and cancellation of any licences or permits provided for under paragraph (a) and prescribing their forms, the fees payable therefor and their terms and conditions, which are in addition to such terms and conditions, if any, as the Minister may specify therein; [...]" (Coastal Fisheries Protection Act (R.S.C., 1985, c. C-33), last amended on 2019-06-16, Sections 2, 3, 4, 5.5 and 6)
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"Optional registration
47 Unless they are registered, listed or otherwise recorded in a foreign state, the following vessels may be registered under this Part:
(a) a pleasure craft that is wholly owned by qualified persons;
(a.1) a vessel that is exempted under the regulations from the registration requirement in subsection 46(1) and that is wholly owned by qualified persons;
(b) a vessel that is owned by a corporation incorporated under the laws of a foreign state if one of the following is acting with respect to all matters relating to the vessel, namely,   (i) a subsidiary of the corporation incorporated under the laws of Canada or a province,   (ii) an employee or a director in Canada of a branch office of the corporation that is carrying on business in Canada, or   (iii) a ship management company incorporated under the laws of Canada or a province; and
(c) a vessel that is in the exclusive possession of a qualified person under a financing agreement under which the person will acquire ownership on completion of the agreement.[...]" (Canada Shipping Act, 2001 (S.C. 2001, c. 26), last amended on 2019-07-30, Section 47)
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"14. Foreign Ownership
(1) Subject to subsection (2), if foreign interests acquire over 49 percent of the common (voting) shares of a Canadian owned corporation which holds fishing licences, the licences will not be reissued to that corporation upon expiry of the licences.
(2) If such a foreign corporation having a subsidiary in Canada which holds fishing licences is taken over by another foreign-owned corporation from the same country, the licences may be reissued to that corporation as part of its continuing Canadian operation (i.e. no net increase in foreign ownership).
(3) If a foreign interest purchases a minority ownership interest in a Canadian corporation or establishes a jointly-owned subsidiary with a Canadian corporation in which the Canadian corporation owns more than half the voting shares, licence eligibility will not be affected.[...]"
(Commercial fisheries licensing policy for Eastern Canada (1996), Section 14)
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"18. FOREIGN OWNERSHIP
18.1. Subject to section 18.2, if foreign interests acquire more than 49 percent of the common (voting) shares of a Canadian owned corporation which holds fishing licences, the corporation will not be eligible to renew these licences.
18.2. If such a foreign corporation having a subsidiary in Canada which holds fishing licences is taken over by another foreign corporation based in the same country, the licences may continue to be issued to that Canadian corporation as part of the foreign corporation’s continuing operation in Canada (i.e. no net increase in foreign ownership).
18.3. If foreign interests purchase a minority ownership interest in a Canadian corporation or establishes a jointly owned subsidiary with a Canadian corporation in which the Canadian corporation owns more than half the voting shares, licence eligibility will not be affected.[...]" (Commercial Fisheries Licensing Policy for the Gulf Region (10 August 2010), last updated 17 March 2021, Section 18)
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"5. Coastal sector eligibility
For a list of all fisheries included in this sector, see Annex I. Unless otherwise specified in a species-specific section of this policy, the following requirements apply.
5.1 Coastal sector commercial licences will only be issued to a Canadian citizen or permanent resident who holds a valid PFR for the current year.
[...]
6. Inshore sector eligibility
For a list of all fisheries included in this sector, see Annex I.
6.1 Inshore sector commercial licences will only be issued to a Canadian citizen or permanent resident who holds a valid PFR for the current year.
7. Exempted Fleets, Midshore and Offshore sector eligibility
7.1 Licences can be issued to: a. a Canadian citizen or permanent resident; or b. a company incorporated under federal or provincial legislation that is at a minimum 51% Canadian owned.[...]" (Maritimes Region Commercial Fisheries Licensing Policy (1996), last updated on 4 June 2021)
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"CANADA
A. Exceptions at national level
I. Investment by established foreign-controlled enterprises [...]
Fishing: Enterprises which have more than 49 per cent foreign ownership are not permitted to hold Canadian commercial fishing licences.[...]" (OECD (2017), National Treatment for Foreign-Controlled Enterprises, Paris)
Coastal Fisheries Protection Act (R.S.C., 1985, c. C-33), last amended on 2019-06-16, Sections 2, 3, 4, 5.5 and 6
Canada Shipping Act, 2001 (S.C. 2001, c. 26), last amended on 2019-07-30, Section 47
Commercial fisheries licensing policy for Eastern Canada (1996), Section 14
Commercial Fisheries Licensing Policy for the Gulf Region (10 August 2010), last updated 17 March 2021, Section 18
Maritimes Region Commercial Fisheries Licensing Policy (1996), last updated on 4 June 2021
Fisheries Licensing Policy Newfoundland and Labrador Region, last updated on 1 April 2021
OECD (2017), National Treatment for Foreign-Controlled Enterprises, Paris
[<a href="https://laws.justice.gc.ca/eng/acts/C-33/index.html">Act</a>],[<a href="https://laws-lois.justice.gc.ca/eng/acts/C-10.15/index.html">Act</a>],[<a href="https://www.dfo-mpo.gc.ca/reports-rapports/regs/licences-permis/index-eng.htm">Policy</a>],[<a href="https://www.glf.dfo-mpo.gc.ca/folios/00164/docs/licensing_policy_gulf-eng.pdf">Policy</a>],[<a href="https://www.dfo-mpo.gc.ca/reports-rapports/regs/licences-permis/maritimes/licensing-pol-permis-peche-eng.htm">Policy</a>],[<a href="https://www.dfo-mpo.gc.ca/reports-rapports/regs/licences-permis/index-nfld-Labrador-tn-labrador-eng.htm">Policy</a>],[<a href="https://www.oecd.org/investment/investment-policy/national-treatment-instrument-english.pdf">NTI</a>]