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The 2021 updates to the merger thresholds under Canada s Competition Act and for the first time , the Competition Act s size-of target threshold decreased by C$3 million to C$93 million. Competition Act The Competition Act requires advance notification of certain merger transactions involving operating businesses in Canada where size-of-parties and size-of-target financial tests both are exceeded: The size-of-target test requires that the value of assets in Canada to be acquired, or owned by the corporation the shares of which are being acquired, or the annual gross revenue from sales in or from Canada generated by those Canadian assets, exceeds a specified threshold. The ....