Meng Wanzhou was arrested on 1 December and could be extradited to the US to face fraud charges linked to the alleged violation of sanctions on Iran.
A judge in Vancouver set bail at C$10m (£6m; $7.4m). She will be under surveillance 24 hours a day and must wear an electronic ankle tag.
US President Donald Trump now says he is willing to intervene in the case.
Life of Huawei's high-flying heiress
What's going on with Huawei?
Ms Meng, 46, is the daughter of Huawei's founder and her detention has angered China and soured its relations with both Canada and the US.
This comes against the background of an increasingly acrimonious trade dispute between Washington and Beijing.
Ms Meng is accused in the US of using a Huawei subsidiary called Skycom to evade sanctions on Iran between 2009 and 2014.