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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001179110-08-000350.txt : 20080103
<SEC-HEADER>0001179110-08-000350.hdr.sgml : 20080103
<ACCEPTANCE-DATETIME>20080103174002
ACCESSION NUMBER:		0001179110-08-000350
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20071231
FILED AS OF DATE:		20080103
DATE AS OF CHANGE:		20080103

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IMAX CORP
		CENTRAL INDEX KEY:			0000921582
		STANDARD INDUSTRIAL CLASSIFICATION:	PHOTOGRAPHIC EQUIPMENT & SUPPLIES [3861]
		IRS NUMBER:				980140269
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2525 SPEAKMAN DRIVE
		STREET 2:		MISSISSAUGA
		CITY:			ONTARIO CANADA
		STATE:			A6
		ZIP:			L5K 1B1
		BUSINESS PHONE:		9054036500

	MAIL ADDRESS:	
		STREET 1:		2525 SPEAKMAN DRIVE
		STREET 2:		MISSISSAUGA
		CITY:			ONTARIO CANADA
		STATE:			A6
		ZIP:			L5K 1B1

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KEIGHLEY DAVID B
		CENTRAL INDEX KEY:			0001255903

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24216
		FILM NUMBER:		08508150

	MAIL ADDRESS:	
		STREET 1:		3003 EXPOSITION BLVD
		STREET 2:		C/O DKP 70 MM
		CITY:			SANTA MONICA
		STATE:			CA
		ZIP:			90404
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-12-31</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000921582</issuerCik>
        <issuerName>IMAX CORP</issuerName>
        <issuerTradingSymbol>IMAX</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001255903</rptOwnerCik>
            <rptOwnerName>KEIGHLEY DAVID B</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3003 EXPOSITION BLVD</rptOwnerStreet1>
            <rptOwnerStreet2>C/O DKP 70MM</rptOwnerStreet2>
            <rptOwnerCity>SANTA MONICA</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90404</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Exec Vice President</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>stock options (to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>6.86</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-12-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>30000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>6.86</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2014-12-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>common shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>30000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>30000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The stock options become exercisable in five installments: 3,000 on December 31, 2008; 4,500 on December 31, 2009; 6,000 on December 31, 2010; 7,500 on December 31, 2011 and 9,000 on December 31, 2012.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>David B Keighley</signatureName>
        <signatureDate>2007-12-31</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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