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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

Simon Grant

Banking & Finance Lawyer, Fintech Lawyer at Bennett Jones Toronto

Partner 

Matthew Flynn

Technology Transaction Lawyer at Bennett Jones Toronto

In order to carry on business in Canada as a payment service provider (PSP) in September 2025, PSPs are required by the Retail Payment Activities Act to register with the Bank of Canada through PSP Connect on the <a rel="noopener noreferrer" rel="noopener noreferrer" href="https://www.bankofcanada.ca/core-functions/retail-payments-supervision/supervisory-framework-registration/" target="_blank">Bank of Canada website</a>. We discussed this new requirement in more detail in our <a href="/sitecore/service/notfound.aspx?item=core%3a%7b99289527-D17C-41C1-BF3F-B34648623F45%7d%40en">Q3 2024 edition</a> of Fintech in Canada.

Fintech in Canada Q1 2025

Andrew Bozzato

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

Jean Tessier

Commercial Transactions Lawyer at Bennett Jones Montreal

On May 14, 2025, the Canadian Securities Administrators (CSA) announced <a rel="noopener noreferrer" href="https://www.securities-administrators.ca/news/csa-expands-capital-raising-options-for-listed-issuers/#BO45935" target="_blank">Coordinated Blanket Order 45-935</a> Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, a change that will significantly increase the capital-raising limit for listed issuers wishing to utilize the Listed Issuer Financing Exemption to access Canadian capital markets.

CSA Significantly Increases the Capital Raising Limit Under the Listed Issuer Financing Exemption

CSA Significantly Increases the Capital-Raising Limit Under the Listed Issuer Financing Exemption

Preet K. Gill

Restructuring, Insolvency and Complex Litigation Lawyer at Bennett Jones Toronto

Toronto Managing Partner

Denise D. Bright

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

As detailed in our prior blog, <a href="/sitecore/service/notfound.aspx?item=core%3a%7b8E4F0E2B-10DF-4720-B2DC-2F540B6B1B6B%7d%40en">Canadian Government (Finally) Provides Certainty on Criminal Interest Rates</a>, the Government of Canada proposed amendments to lower the criminal interest rate to an annual percentage rate (APR) of 35 percent (the prior criminal interest rate, being an effective rate of 60 percent, was equivalent to an APR of about 48 percent).

Lower Criminal Interest Rate Now in Effect

Katherine Booth

Litigation Lawyer at Bennett Jones Vancouver

Nina Butz

Litigation Lawyer at Bennett Jones Toronto

In RateMDs Inc. v. Bleuler, 2025 BCCA 329, the BC Court of Appeal overturned certification of a proposed privacy class action, finding that the plaintiff's novel claims that use of health professionals' names violated their privacy and amounted to commercial exploitation under provincial privacy statutes were bound to fail.

BC Court of Appeal dismisses proposed privacy class action

BC Court of Appeal Dismisses Proposed Privacy Class Action; Finds Use of Professionals' Names Was Not Commercial Exploitation 

Oscar Crawford-Ritchie

Corporate Commercial Lawyer at Bennett Jones Toronto

The Canadian government recently formalized its commitment to the quantum computing sector with the launch of Phase 1 of the Canadian Quantum Champions Program (CQCP), under which it has committed up to C$92 million (C$23 million each), to four Canadian-headquartered quantum computing companies to accelerate the development of industrial-scale quantum computers capable of solving real-world problems across industries in a variety of commercial and defence applications.

Quantum Computing Investments Aligning with Canadas Defence Priorities

Quantum Computing Investments Aligning with Canada's Defence Priorities

William S. Osler KC

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

Olu Akinniyi

Articling Student

Recent amendments to Alberta&rsquo;s Securities Act strengthen the Alberta Securities Commission&rsquo;s ability to address financial misinformation and protect investors. Enacted through the Financial Statutes Amendment Act, 2025 (No. 2), the changes expand the definition of forward-looking information and grant the ASC new authority to temporarily halt trading where misleading or inaccurate information is being disseminated. While aimed at curbing harmful online promotion, including by &ldquo;finfluencers,&rdquo; the amendments also have important implications for reporting issuers and their disclosure practices.

Alberta Expands ASC Powers to Address Financial Misinformation

Rebecca Burnand

Corporate Lawyer at Bennett Jones Calgary

Madison Sutherland

Newly released market data out of the US shows the demand for beauty products remained strong in 2025 despite pressure on overall consumer spending. Beauty M&amp;A deal volume in the US decreased slightly this year due to tariff and trade concerns, but analysts are optimistic for a busier 2026 on the dealmaking front.

Whats Shaping MA in the Beauty Industry

Glow and Grow: What's Shaping M&A in the Beauty Industry

Ethan Z. Schiff

Commercial Litigation Lawyer at Bennett Jones Toronto

Maisah Syed

In David v. Loblaw Companies Limited, the Ontario Court of Appeal confirms that a certification denial for failure to plead a cause of action is final and barred by res judicata. Absent narrow exceptions, plaintiffs cannot amend pleadings to relitigate certification and must pursue an appeal.

Bennett Jones Announces Three New Managing Partners: Law360 Canada

From the Same Authors