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Brent W. Kraus

Mergers and Acquisitions, Capital Markets and Corporate/Commercial Lawyer at Bennett Jones Calgary

Partner

Flutra Kacuri

Private Equity, M&A, Corporate and Securities Lawyer at Bennett Jones Calgary

Associate

Sabrina A. Bandali

International Trade, Regulatory and Investment Lawyer at Bennett Jones Toronto

The total number of Canadian M&A deals declined in the second quarter of 2025 as tariff disruption and uncertainty hampered dealmaking activity. However, the overall value of announced Canadian deals was up considerably in the second quarter of 2025, resulting in higher average deal sizes. A similar scenario of fewer deals and higher values is playing out in the United States and globally.

Canada Q2 2025 MA Landscape

Canada's Q2 2025 M&A Landscape

Jessica B. Horwitz

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

George W. H. Reid

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

On June 13, 2025, the Government of Canada registered three significant packages of amendments to the Special Economic Measures (Russia) Regulations (the Regulations) under SOR/2025-141, SOR/2025-142, and SOR/2025-143. Officially announced by the Minister of Foreign Affairs on June 17, 2025, following the G7 Leaders’ Summit in Kananaskis, Alberta, these measures represent a major escalation in Canada's economic pressure campaign against the Russian Federation.

Canada Unveils Sweeping New Russia Sanctions Targeting Trade Sanctions Evasion and Key Industries

Canada Unveils Sweeping New Russia Sanctions Targeting Trade, Sanctions Evasion and Key Industries

Alison G. FitzGerald

International Arbitration Lawyer at Bennett Jones Ottawa

It has been a tumultuous spring for businesses involved in trade between Canada and the United States. This blog rounds up the latest frequently asked questions on Canada-US tariffs, including revised guidance issued on May 20, 2025 by the Canada Border Services Agency (CBSA) that clarifies the agency's interpretation of the exemptions from surtaxes on importations of US goods.

How Do I Get Out of This

How Do I Get Out of This? New Guidance on Eligibility for Tariff Remissions and Support Programs for Canadian Businesses

On February 1, 2025, US President Donald Trump issued an <a rel="noopener noreferrer" href="https://www.whitehouse.gov/presidential-actions/2025/02/imposing-duties-to-address-the-flow-of-illicit-drugs-across-our-national-border/" target="_blank" style="text-align: justify;">Executive Order</a> announcing a 25% tariff on imports of most Canadian goods and a 10% tariff on Canadian energy products in addition to any tariffs currently in place. The stated justification for the measures was an alleged national security emergency caused by illegal fentanyl imports and migrant entry across the Canadian border. The tariffs were originally announced for Tuesday, February 4, 2025, but the United States delayed their entry into force for a month. The tariffs came into effect on March 4, 2025.

Canada Imposes 25 Percent Retaliatory Surtax on Certain US Goods

Canada Imposes 25% Retaliatory Surtax on Certain US Goods

Kristopher R. Hanc

M&A and Capital Markets Lawyer at Bennett Jones Toronto

John Lawless

James D. Beeby

Corporate Finance, M&A, Private Equity and Venture Capital Lawyer

The Supreme Court of Canada has released its much-anticipated decision in Lundin Mining Corp. v. Markowich, 2025 SCC 39, clarifying the definition of a "material change" under securities law and providing guidance on when a public company must disclose information to the market. The decision will have broad implications for public companies, their directors, officers, shareholders and other market participants.

Supreme Court of Canada Clarifies Scope of Securities Disclosure Obligations for Material Changes

Shifting Grounds: Supreme Court of Canada Clarifies Scope of Securities Disclosure Obligations for "Material Changes"

William S. Osler KC

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

Mia Bacic

Corporate and Securities Lawyer at Bennett Jones Vancouver

Ali J. Naushahi

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

The CSA has released proposed amendments to NI 52-112 to align disclosure requirements with IFRS 18. The changes would update the definition of non-GAAP financial measures to include management-defined performance measures, introduce prominence requirements for additional subtotals disclosed outside financial statements, and allow certain information to be incorporated by reference. Comments are invited until February 11, 2026.

CSA Requests Comments on Proposed Amendments

CSA Requests Comments on Proposed Amendments to Non-GAAP and Other Financial Measures Disclosure Requirements

Brian P. Reid

Litigation, Construction, Joint Venture Agreement and Builder's Lien Lawyer at Bennett Jones Calgary

Christopher Petrucci

Commercial Litigation Lawyer at Bennett Jones Calgary

Kaamil Khalfan

This article examines a recent Alberta Court decision confirming that during the PPCLA transition period, the former BLA&rsquo;s shorter 45-day lien deadline remains decisive. The ruling underscores that once a lien deadline expires, the lien ceases to exist and cannot be revived by the Court or through Land Titles corrections.

Better Early Than Sorry Strict Compliance Required for Lien Deadlines

Better Early Than Sorry: Strict Compliance Required for Lien Deadlines 

Robert W. Staley

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

Vice Chair and Partner

Amanda C. McLachlan

Securities Litigation, Regulatory Investigations and Financial Crimes Lawyer at Bennett Jones Toronto

Doug Fenton

Litigation Lawyer at Bennett Jones Toronto

The Ontario Court of Appeal&rsquo;s decision in Binance v. OSC clarifies the limits of the OSC&rsquo;s investigative powers and the Charter protections available in securities investigations. While the Court rejected a constitutional right to challenge a summons before compliance, it found the summons issued to Binance overbroad and unconstitutional. The ruling offers important guidance for market participants on regulatory scrutiny, the scope of document production, and the viability of judicial review.

Court of Appeal Addresses Scope of Charter Review in Securities Investigations

Binance v. OSC: Court of Appeal Addresses Scope of Charter Review in Securities Investigations 

Katelyn Weller

Counsel at Bennett Jones Toronto

Counsel

Carl Cunningham

Management-side Employment Lawyer at Bennett Jones Toronto

The 2025 Federal Budget proposes significant employment law changes, including restrictions on non-compete agreements and new measures to address worker misclassification and wage theft. Federally regulated employers should prepare for upcoming consultations in early 2026.

Sabrina A. Bandali Spoke at the 15th Business Law Summit

Authors


Bennett Jones Speaking Engagement Sabrina A. Bandali Spoke at the 15th Business Law Summit November 15, 2025 Authors Sabrina A. BandaliPartner Sabrina A. Bandali spoke at the 15th Business Law Summit, presented by the Law Society of Ontario, on November 14, 2025. Sabrina participated in the session “Cross-Border Commercial Deals,” where she provided practical guidance on navigating new developments and trade compliance considerations that shape international commercial transactions. Drawing on her extensive experience in international trade customs law and cross-border commercial strategy, Sabrina discussed emerging trade issues and tariff risks affecting deal structuring, market access, risk management and regulatory compliance. Her insights helped participants understand the emerging trade compliance and enforcement risks that companies must navigate when executing cross-border transactions effectively. efficiently. Share by Email Social Media Download Download Subscribe Republishing Requests For permission to republish this or any other publication, contact Peter Zvanitajs at ZvanitajsP@bennettjones.com. For informational purposes only This publication provides an overview of legal trends and updates for informational purposes only. For personalized legal advice, please contact the authors. Authors Sabrina A. Bandali, Partner Toronto • 416.777.4838 • bandalis@bennettjones.com