She will face a bail hearing on Friday, the spokesman for Canada's Department of Justice said.
The ministry added it could not provide further details due to a publication ban that was sought by Meng, who is the daughter of Huawei founder Ren Zhengfei, a former Chinese People's Liberation Army engineer.
Wanzhou Meng, the deputy chair of the Chinese telecommunications giant, was arrested in Vancouver on 1 December, a spokesman for Canada's Department of Justice said.
We'll update you as this story continues.
In April, China appealed to Washington to avoid damaging business confidence following the Wall Street Journal report that US authorities were investigating whether Huawei violated sanctions on Iran amid spiraling technology tensions.
USA authorities have been probing Huawei's alleged shipping of American-origin products to Iran in violation of US export and sanctions laws, sources told Reuters in April.
"The company has been provided very little information regarding the charges and is not aware of any wrongdoing by Ms. Meng. The ban was being sought by Ms. Meng".
The arrest was made reportedly at the request of US law enforcement officials. Meng adopted her mother's surname.
The arrest comes amid a trade war between the United States and China.
"The company believes the Canadian and US legal systems will ultimately reach a just conclusion".
"Huawei complies with all applicable laws and regulations where it operates, including applicable export control and sanction laws and regulations of the United Nations, U.S. and European Union". "Americans are grateful that our Canadian partners have arrested the Chief Financial Officer of a giant Chinese telecom company for breaking US sanctions against Iran".
Wanzhou Meng, Huawei's chief financial officer, was reportedly arrested in Canada on Saturday.
BT was also removing Huawei equipment from its existing 3G and 4G networks.
Vigneault's speech comes shortly after three members Five Eyes intelligence-sharing alliance - New Zealand, Australia, U.S. - opted to ban carriers in their jurisdictions from purchasing telecommunications equipment from Huawei.