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. The purchase price is $4.45 Billion before closing adjustments yet to be confirmed. The purchase was financed through loans from the Canada Account managed by Export Development Canada. Trans Mountain Corporation is operated by a management team based in Calgary.
In November 2007, the Minister informed CDEV that “going forward, the operations of the CDEV should reflect a future focused on the ongoing management of its current holdings in a commercial manner, providing assistance to the government in new directions suited to CDEV’s capabilities, while maintaining the capacity to divest CDEV’s existing holdings, and any other government interests assigned to it for divestiture, upon the direction of the Minister of Finance”.
In August 2009 the Minister of Finance requested CDEV to participate in the Government’s on-going review of corporate asset holdings.