No, not as structured. For this Canadian E-2 application, Canadian nationals must own at least fifty percent of the enterprise; ownership held by nationals of unrelated treaty countries generally cannot simply be aggregated with the Canadian stake. A forty percent Canadian stake fails that test regardless of the investor's personal role, so ownership must be at least half Canadian or the plan needs a different category.
Below fifty percent, there is no treaty enterprise
Hypothetical example: a Haldimand County greenhouse grower agrees with a U.S. citizen to buy a nursery together, and the partner insists on holding sixty percent because he lives locally. The immigration consequence is decisive: E-2 requires the enterprise to have the nationality of the treaty country, which in this application means at least fifty percent ownership by Canadian nationals.
With forty percent, the grower cannot qualify as an E-2 investor, and no amount of management authority substitutes for the enterprise-nationality test. A fifty-fifty split satisfies enterprise nationality and can also satisfy develop-and-direct if she holds equal control. Alternatively, the grower could hold sixty percent while the partner is compensated through salary, profit share or a shareholder loan.
Another option is separate corporations under a services agreement. Fix the cap table on paper before signing anything, because the ownership split on the closing date is the fact the consular officer measures.