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James T. McClary

Private Equity and M&A Lawyer at Bennett Jones Calgary

Partner

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

Jared A. Mackey

Corporate Tax Lawyer at Bennett Jones Calgary

Anu Nijhawan

M&A, Corporate Financing and International Tax Lawyer at Bennett Jones Calgary

When Canadian multinationals issue discounted bonds, notes and similar obligations in a foreign currency, the tax consequences of repaying the debt are governed by subsections 39(2) and paragraph 20(1)(f) of the Income Tax Act (Canada). <a href="/People/M/Mackey-Jared">Jared Mackey</a> and <a href="/People/N/Nijhawan-Anu">Anu Nijhawan</a> explore the application and interaction of these provisions, which can give rise to unexpected results.

Tax Considerations on the Repayment of Discounted Foreign Currency Obligations

Hennadiy Kutsenko

Tax Lawyer at Bennett Jones Toronto

Associate

Incentivizing employees is a critical component of most business strategies. Employers may implement arrangements for deferred cash bonuses, often subject to the satisfaction of certain criteria. From a tax perspective, the efficacy of any such arrangement requires that no tax be payable prior to the time an individual receives a cash payout. To ensure that result, it is critical to avoid the application of the "salary deferral arrangement" rules under the Income Tax Act (Canada).

Incentivizing Employees Avoiding a Salary Deferral Arrangement

Incentivizing Employees: Avoiding a Salary Deferral Arrangement

Retirement compensation arrangements (RCAs) are, in appropriate circumstances, a useful tool for employers to provide supplemental pension benefits to employees, but such arrangements come at a cost of refundable tax under the Income Tax Act (Canada) (the ITA). The <a rel="noopener noreferrer" rel="noopener noreferrer" href="https://www.budget.canada.ca/2023/home-accueil-en.html" target="_blank">2023 Federal Budget</a> (the Budget), released on March 29, 2023 (Budget Day), proposes to amend the ITA to exempt, from the refundable tax, fees or premiums to the extent paid for the purposes of securing or renewing a letter of credit or a surety bond for an RCA structured as supplement to a registered pension plan.

Supplemental Pension Plans Secured with Letter of Credit Budget Proposes Refundable Tax Relief

Supplemental Pension Plans Secured with a Letter of Credit—Federal Budget 2023 Proposes Refundable Tax Relief

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.

Emond Rebuilding Dreams or Interpreting Realities The Supreme Court Weighs In

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

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

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

Partner 

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

Waterous Energy Fund Closes Third Private Equity Fund at C$1.4 Billion

From the Same Authors