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Curtis A. Cusinato

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

Vice Chair and Partner

Bronwynn Shaw

Corporate Commercial Lawyer at Bennett Jones Toronto

Associate

Kristopher R. Hanc

M&A and Capital Markets Lawyer at Bennett Jones Toronto

Partner

After a year marked by headline-making large-cap transactions, Canada&rsquo;s M&amp;A market enters 2026 with measured confidence. This update analyzes the data behind recent deal activity, explores the evolving role of infrastructure, private capital and credit markets and highlights the risks and opportunities shaping the year ahead.

Canadas Q4 2025 M and A Landscape

Measured Confidence in Canada's M&A Landscape in 2026

Canada's Q4 2025 M&A Landscape

Ahmed Elmallah

Intellectual Property Lawyer at Bennett Jones Edmonton

Counsel, Patent Agent, Trademark Agent

Edward (Ted) Yoo

Intellectual Property Lawyer and Canada/US Patent and Trademark Agent at Bennett Jones Edmonton

Partner, Patent Agent, Trademark Agent

Lorelei Graham

Food and Agribusiness Lawyer, IP Lawyer, Litigation Lawyer at Bennett Jones Toronto

Finally, and most importantly, patentable potential addresses whether the innovation is likely to satisfy the main requirements for patentability: novelty, non-obviousness and subject-matter requirements. This assessment is highly fact-specific and depends on the prior art landscape and how the invention is framed. Early analysis helps determine whether patent protection is realistic and worth pursuing.

AI Patents A Corporate Decision Tool VII

Patentability Potential & Layered Strategies

AI: Is Patenting Really the Right Move?

How an AI system is commercialized and deployed also affects whether patent protection is appropriate. In many cases, the degree of control retained by the provider over the deployed system acts as a counterweight to other considerations that might otherwise favor trade secret protection.

AI Patents A Corporate Decision Tool IV

The Business Delivery Model

Defensive blocking considers whether a patent can prevent others from patenting or controlling adjacent technical or commercial space. It matters for two main reasons: (i) to stop competitors from obtaining patents that could later restrict your ability to operate, and (ii) to provide leverage for counter-assertion if a competitor brings a patent claim against you.

AI Patents A Corporate Decision Tool VI

Competitor Defensive Positioning

John (Jay) A. Winters

Tax Lawyer at Bennett Jones Calgary

Patrick T. Maguire KC

Leading Canadian and International Energy and Commercial Transaction Lawyer at Bennett Jones Calgary

Mark S. Powell

Trading and Derivatives Lawyer at Bennett Jones Calgary

Partner 

For years, there has been significant uncertainty as to whether a particular emissions offset or carbon credit meets the definition of "emission allowance" for GST/HST purposes. If an emission offset or carbon credit is "emission allowance", then the normal GST/HST rules don't apply&mdash;rather, the seller does not charge GST/HST and the purchaser is required to self-assess it.&nbsp;

GST HST on Alberta TIER Emission Offsets and Credits

CRA States TIER Emission Offsets are also "Emission Allowances"

GST/HST on Alberta TIER Emission Offsets and Credits

Jenna Vivian

Commercial Litigation Lawyer at Bennett Jones Edmonton

Matt Riskin

Commercial Litigation, Health and Employment Lawyer at Bennett Jones Edmonton

The Alberta Court of King&rsquo;s Bench has released a detailed and instructive decision on after-acquired cause, employee dishonesty and proportionality in termination for cause, particularly in the context of a closely held business and a senior executive role.

Alberta Court Confirms After Acquired Cause Can Justify Termination for Cause

Sobolewski v Advanced Completions Technology Services Ltd, 2026 ABKB 10

Dishonesty at the Top: Alberta Court Confirms After-Acquired Cause Can Justify Termination for Cause

James T. McClary

Private Equity and M&A Lawyer at Bennett Jones Calgary

Elizabeth K. Dylke

Corporate and Private Funds Lawyer

Haifeng Hu

Partner at Bennett Jones Vancouver

The private equity industry went in a number of different directions in 2025. Global dealmaking value picked up in the second half of the year but the number of deals decreased. PE exits declined year-over-year, boosting growth in alternative strategies to generate liquidity. Investors remain committed to PE according to Preqin's latest investor survey, despite exercising greater caution in short-term commitments. Macroeconomic conditions improved markedly as the year went on, after a turbulent and unexpected start.
In this edition of the Bennett Jones PE Briefing, we look at the full-year data on private equity activity in Canada in 2025 as well as&nbsp;how 2025 unfolded and what to look for in the coming year;&nbsp;PE exit activity and what to expect in 2026; and&nbsp;trends in GP-stakes investing.

The Q4 2025 PE Briefing

2026 Outlook: Key PE Trends Set to Shape the Year Ahead

George W. H. Reid

International Trade, Investment and Public Procurement Lawyer at Bennett Jones Toronto

Jessica B. Horwitz

International Trade Lawyer, Customs Lawyer, Regulatory Lawyer, Anti-Corruption and Economic Sanctions Lawyer at Bennett Jones Toronto

Sabrina A. Bandali

International Trade, Regulatory and Investment Lawyer at Bennett Jones Toronto

For several years, the Canada Border Services Agency (CBSA) has sought to limit the ability of non-resident importers to self-assess duties, surtaxes and other taxes on imported goods based on their acquisition costs. In pursuit of this aim, the CBSA launched a third consultation in December 2025 that anticipates a fundamental reshaping of Canada's customs valuation framework through amendments to the&nbsp;Valuation for Duty Regulations, (SOR/86-792) (VFD Regulations).&nbsp;The deadline for stakeholders to make submissions to the 2025 VFD Consultation is January 23, 2025.

CBSA Pushes Customs Valuation Reform

Third Time's a Charm - CBSA Pushes Customs Valuation Reform

Martin Ignasiak KC

Regulatory Lawyer at Bennett Jones Calgary

Jessica Kennedy

Larissa D. Lees

Alberta has enacted Bills 8 and 12 to establish a new regulatory and levy framework for data centre development in the province. The changes are intended to support growing AI-driven demand while protecting grid reliability, electricity affordability and long-term system sustainability.

Fifteen Bennett Jones Lawyers in Lexpert's Special Edition on Technology

From the Same Authors

Canada's Q4 2025 M&A Landscape

AI: Is Patenting Really the Right Move?

AI: Is Patenting Really the Right Move?

Latest Insights

GST/HST on Alberta TIER Emission Offsets and Credits

Dishonesty at the Top: Alberta Court Confirms After-Acquired Cause Can Justify Termination for Cause

The Q4 2025 PE Briefing

Third Time's a Charm - CBSA Pushes Customs Valuation Reform

Stay Informed. Stay Ahead.