I think it’s also the old hub and spoke model where American companies open shops in Canada to get market access and bypass certain regulatory requirements that apply to international firms. So the Canadian subsidiaries are spokes designed to extract wealth FROM Canadians rather than the “hub” in the US where all the investment money goes.

Same with Canadian companies that are bought by American conglomerates. They usually just become spokes rather than companies meriting innovation investment in their own.

Not really, it’s just that no one invests in Canada. I don’t have a full story as to why, but the data points directly to a low investment rate into technology in Canada. It’s super shitty and I’m sure someone is profiting from the money that would have been invested.