The Corporation was established in 1982 under the Canada Business Corporations Act, to manage investments assigned to it and to privatize its holdings when appropriate. The Corporation reports to Parliament through the Minister of Finance.
CDEV is a holding company with the following wholly owned subsidiaries for which it has responsibility: Canada Hibernia Holding Corporation, which owns and manages an 8.5% interest in the Hibernia oilfield; Canada Eldor Inc., which has no operations, but has responsibility for servicing liabilities, chiefly arising from an agreement of purchase and sale with Cameco Inc. entered into in 1988. On August 31, 2018 Trans Mountain Corporation, a subsidiary of CDEV purchased the entities that own and operate the Trans Mountain Pipeline System that runs between Edmonton, AB and Burnaby, BC and Washington State. Trans Mountain Corporation is operated by a management team based in Calgary.