President Barack Obama officially nominated Heyman, 55, in September after months of speculation that the Chicago executive was the pick for the Ottawa posting.
The Senate’s foreign relations committee begins its nomination hearing at 10 a.m. ET. Heyman will be on one of three panels with nominees for a range of other posts.
Heyman is managing director of private wealth management at Goldman Sachs and has worked with the firm since 1980. He and his wife Vicki are known as major fundraisers for both of Obama's presidential campaigns and they were members of his national finance committee. Vicki Heyman was also a member of the Illinois finance committee for Obama's election campaign.
According to the New York Times, the Heymans have raised more than $1.7 million for Obama since 2007.
Heyman's name first surfaced in April as Obama's choice to replace David Jacobson, also from Chicago, who concluded his four-year term in Ottawa in July.
During the long delay in announcing a nomination for the ambassador position, there was speculation that Heyman's complex investment portfolio may have disqualified him from the job during the vetting process or led him to lose interest in the appointment.
In the absence of a quick replacement for Jacobson, American diplomat Richard Sanders has been acting as chargéd’affaires at the American embassy.
If Heyman's nomination is approved by the committee it will then be voted on by the Senate.