Only if the persons who ultimately own it hold treaty-country nationality. Incorporation in Canada does not by itself supply the nationality the requirement is looking for.
Follow the chain to individuals
The nationality of a company for this purpose is derived from its owners, so a Canadian-incorporated holding company owned substantially by non-treaty nationals does not carry treaty nationality merely because of where it was registered. Map the structure end to end and mark each individual’s citizenship. Note also that U.S. lawful permanent residence does not count toward treaty nationality, which sometimes surprises families whose relatives have settled in the United States. If the structure does not work, it is far cheaper to change it now, with corporate and tax advice, than to attempt the argument later. And whichever structure results, the individual applicant must also personally hold treaty-country nationality and must develop and direct the enterprise.
First review produces an ownership map, a source-and-path ledger, and a transaction checklist. The records that settle the question are passports or nationality evidence, entity records, bank transfers, signed commitments, and the operating plan. Sequence ownership before capital: a substantial payment cannot overcome a treaty-nationality problem. Trouble arises when funds are personally available but remain revocable or insulated from loss. Hypothetical example: a mobile-dental-laboratory owner deposits funds with a seller subject to an unrestricted withdrawal right; the executed escrow terms determine whether the money is truly committed.