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Serge Dupont

Senior Advisor at Bennett Jones Ottawa

Senior Advisor

The U.S. and global economies proved resilient in 2025. There were reasons, particularly around U.S. President Donald Trump&rsquo;s April 1 &ldquo;Liberation Day,&rdquo; to fear a global trade war or corrections in financial markets that would cause a recession in the United States and a sharp slowing of the global economy. In fact, while growth in the United States and most major economies slowed in 2025, other policy and market factors offset at least in part the early effect of disruptive policies by the U.S. administration. The United States&rsquo;s trading partners chose to avoid an all-out trade war, and most negotiated some form of accommodation with President Trump.

Economic Outlook 2026

Adapting to a New World: From Ambition to Investment

In a period of only months, actions by the U.S. administration of President Donald Trump have disrupted U.S. trade, foreign and economic policies, and created exceptional uncertainty for the U.S. and global economies and financial markets. Questions about the strategy and end game of the President for the rules that govern international trade and investment are forcing governments, businesses and investors worldwide to reassess their own strategies and relationships.

Economic Outlook Building Resilience and Capacity in a Disrupted World

Economic Outlook: Building Resilience and Capacity in a Disrupted World

Simon Grant

Banking & Finance Lawyer, Fintech Lawyer at Bennett Jones Toronto

Partner 

Karen J. Dawson

Domestic and International Finance Transaction Lawyer at Bennett Jones Calgary

Partner

Adam W. Taylor

Corporate Commercial Lawyer at Bennett Jones Toronto

LETL Facility Announced.  Canada Development Investment Corp. ("CDEV") has announced the launch of the Large Enterprise Tariff Loan ("LETL") facility, a new government-backed loan facility to support large Canadian enterprises affected by actual and potential new US tariffs and associated Canadian import countermeasures and which face challenges accessing traditional sources of market financing.

Canadian Government Financing for Large Enterprises

Canadian Government Financing for Large Enterprises Impacted by US Tariffs and Canadian Countermeasures

Andrew N. Disipio

Securities, Corporate Finance and Mergers & Acquisitions Lawyer at Bennett Jones Toronto

Hon. John R. Baird P.C.

Senior Advisor at Bennett Jones, Former Canadian Foreign Minister

Senior Business Advisor

Hon. Jason Kenney PC, ECA

Senior Advisor at Bennett Jones

Despite current trade and geopolitical developments and uncertainties, Bennett Jones discusses opportunities for Canada’s mining industry in 2025 and beyond, including optimism driven by policy shifts and heightened demand in key areas.

Bennett Jones Discusses Opportunities in Canadian Mining at PDAC 2025

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

Vice Chair and Partner

Mark S. Powell

Trading and Derivatives Lawyer at Bennett Jones Calgary

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

Associate

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.

The Lawyer's Daily on Serge Dupont Joining Bennett Jones

From the Same Authors