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Kwang Lim

Corporate and Securities Lawyer at Bennett Jones Vancouver

Vancouver Managing Partner

Angela Blake

M&A, Securities and Corporate Finance Lawyer at Bennett Jones Toronto

Partner

Laura James

Corporate Lawyer at Bennett Jones Vancouver

Associate

M&amp;A activity in Canada rebounded in Q3 2025, with total deal value rising sharply year-over-year. Our update explores shifting deal structures, the rise of earnouts, cross-border dynamics, and the sectors driving growth.

Canadas Q3 2025 MA Landscape

Canada's Q3 2025 M&A Landscape

William S. Osler KC

Capital Markets, Securities, M&A and Corporate Governance Lawyer at Bennett Jones Calgary

Denise D. Bright

Public and Private Company Financial Transactions and Securities Lawyer at Bennett Jones Calgary

Partner 

The Canadian Securities Administrators (CSA) recently published its 10th annual Review of Disclosure Regarding Women on Boards and in Executive Officer Positions (Year 10 Report) (the Review). The Review outlines the CSA's key findings from its review of public disclosure filings by Canadian public issuers with respect to women on boards and in executive officer positions. The CSA reviewed and summarized data from a sample of 574 issuers listed on the Toronto Stock Exchange (TSX) that were required to provide disclosure during the period covered by the Review.

Canadian Securities Administrators Publish Tenth Report Regarding Women on Boards and in Executive

Canadian Securities Administrators Publish Tenth Report Regarding Women on Boards and in Executive Officer Positions

Curtis A. Cusinato

Cross-border Mergers and Acquisitions and Capital Markets Lawyer at Bennett Jones Toronto

Vice Chair and Partner

Ashley M. White

Corporate, Commercial Transactions, Power & Energy Lawyer at Bennett Jones Calgary

While Canadian M&A activity continued to lag in 2023 as compared to 2021 and early 2022 in terms of transaction value and volume, as reflected in a significant downturn in exits in Q3, there remain a number of reasons for optimism for Canadian M&A as we move into 2024. Mid-market Canadian M&A remained relatively active in 2023 amid the confluence of geopolitical tensions, rising inflation, higher interest rates, tighter credit markets and significantly reduced access to capital, with the power and utilities and oil & gas sectors leading the way on deal value, boosted by megadeals announced in Q3 and Q4. The unpredictability in the Canadian M&A market is expected to extend into the new year but recent developments indicate that our M&A landscape north of the border may begin to rebound in 2024.

Ready to Rebound Canadas 2024 M A Landscape

Ready to Rebound: Canada's 2024 M&A Landscape

Andrew Bozzato

Corporate, M&A, Securities Lawyer at Bennett Jones Toronto

With continued strength in the middle market, an increase in distressed M&A and an uptick in go-private transactions, the first half of 2023 played out in many ways as we expected when we published our <a href="/sitecore/service/notfound.aspx?item=core%3a%7b1300FC63-4686-4DD9-BE33-08A9EE22663F%7d%40en" target="_self">Look Ahead to 2023</a> in early January. A few things we did not anticipate included the collapse of Silicon Valley Bank and the explosion of renewed interest in artificial intelligence following the release of ChatGPT, both of which have had ripple effects that have impacted M&A activity in Canada and globally.

Canadas M A Landscape Q2 2023 Steady in the Saddle

Canada's M&A Landscape Q2 2023: Steady in the Saddle

Christine A. Viney

Commercial Litigation Lawyer at Bennett Jones Calgary

Margaret (Meg) Bennett

Commercial Litigation Lawyer at Bennett Jones Toronto

Kaamil Khalfan

The Supreme Court of Canada&rsquo;s decision in Emond v Trillium Mutual Insurance Co clarifies how insurance policies are interpreted when endorsements enhancing coverage conflict with policy exclusions. The Court confirmed that a guaranteed rebuilding cost endorsement does not extend coverage to costs expressly excluded, highlighting potential gaps for homeowners and the importance of reviewing policies holistically.

Rebuilding Dreams or Interpreting Realities The Supreme Court in Emond Weighs In

Rebuilding Dreams or Interpreting Realities? The Supreme Court in Emond Weighs In

Mia Bacic

Tinashe Muzah

Articling Student at Bennett Jones in Calgary 

Articling Student

The CSA has finalized amendments and ongoing initiatives to modernize continuous disclosure for investment funds, aimed at streamlining requirements, reducing regulatory burden, and improving investor clarity.

CSA Continues Work to Modernize Continuous Disclosure for Investment Funds

Sarah E. Gilbert

Regulatory, Environmental and Health and Safety Lawyer at Bennett Jones Toronto

Julia E. Schatz

Commercial Litigation, Agribusiness, Arbitration, Real Estate, Construction and Environmental Litigation at Bennett Jones Toronto

Gatlin Smeijers

Environmental Lawyer at Bennett Jones Toronto

On December 31, 2025, the Federal Government published the Prohibition of Certain Toxic Substances Regulations, 2025 under the Canadian Environmental Protection Act, 1999. When they come into effect on June 30, 2026, the 2025 Regulations will repeal and replace the Prohibition of Certain Toxic Substances Regulations, 2012. The Federal Government published a proposed version of the 2025 Regulations in 2022 for public consultation.

Federal Government Publishes Prohibition of Certain Toxic Substances Regulations

Federal Government Publishes Prohibition of Certain Toxic Substances Regulations, 2025

Drew C. Broughton

Corporate Commercial and M&A Lawyer at Bennett Jones Calgary

Audrix Arce

Articling Student 

Recent changes to the Commissioner of Lobbying&rsquo;s interpretation of the federal Lobbying Act significantly lower the threshold for mandatory lobbyist registration. As of January 2026, organizations may be required to register if employees collectively spend as little as eight hours lobbying within a four-week period, including preparation and written communications. This update has important compliance implications for corporations and other organizations engaging with federal public office holders.

Expanded Federal Lobbyist Registration Requirements

Melanie L. Aitken

Global Antitrust and Competition Law and Litigation Advisor at Bennett Jones Washington

Managing Principal, Bennett Jones (US) LLP

Cheryl M. Woodin

Commercial Litigation, Product Liability & Class Actions Lawyer at Bennett Jones Toronto

Emrys Davis

Commercial Litigation, Competition and Class Action Lawyer at Bennett Jones Toronto

In Martin v. Alphabet, the Competition Tribunal issued its first decision interpreting the new public-interest pathway for private access under section 103.1(7) of the Competition Act. While affirming an intention to broaden access, the Tribunal articulated a flexible but rigorous three-part framework that places real weight on evidence, genuine interest and the applicant&rsquo;s capacity to prosecute complex competition cases. The decision underscores that public interest alone is insufficient without a coherent, Canada-focused evidentiary record and a credible litigation plan.

Martin v Alphabet Tribunal

Martin v. Alphabet: Tribunal Sets the Public Interest Leave Framework—Evidence and Capacity Now the Gatekeepers

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