In a statement on Friday, Foreign Minister Stephane Dion said all applications for export permits would be studied on a case-by-case basis, Reuters reported.
Dion said plane maker Bombardier Inc, as well as oil, gas, chemical and agricultural companies, should benefit, adding, “For them, of course, it's great news.”
The Canadian foreign minister further underscored the importance of gaining access to a market of 80 million people.
Earlier, Canadian Prime Minister Justin Trudeau had expressed willingness to restore diplomatic ties with Iran in the wake of the removal of anti-Iran sanctions.
"That is something positive and I expect there will be (diplomatic) links now between Canada and Iran," he said.
The move came against the backdrop of a new wave of interest in ties with Iran after Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 finalized a comprehensive deal on Tehran's nuclear program and implemented it on January 16.