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Richard Dion

Economic Analyst and Forecasting Advisor at Bennett Jones Ottawa

Senior Business Advisor

Serge Dupont

Senior Advisor at Bennett Jones Ottawa

Senior Advisor

The global and Canadian economies are still adjusting to the shocks of COVID and war. Inflation remains elevated, and monetary conditions are restrictive. There are legacies, in particular high public and private debt.
Concurrently, the forces of demographic ageing, climate change, and digitalization are intensifying in a new fragmented world, transforming our economies, and requiring more public and private investment. These two factors—short-term adjustment and structural change—set the background for our 2024 Economic Outlook.

2024 Economic Outlook The LongTerm Is Now

2024 Economic Outlook: The Long-Term Is Now

For the last three years, governments, businesses and workers have confronted a series of shocks and disruptions that have tested their agility and resilience. The pandemic, the war in Ukraine, supply chain constraints, swings in commodity prices, and higher inflation and interest rates, have demanded swift responses and adjustment. There are aftershocks, uncertainty and risk, and still a need to adapt. Navigating turbulent times remains a key function of policy and business planning. Yet, given forces shaping the world of tomorrow, it matters even more how governments and businesses plan to invest, innovate and create the conditions for sustainable growth over the longer term. This Economic Outlook entitled Playing the Long Game reviews recent developments and short-term prospects, sets out a baseline scenario and risks to assist business planning and describes some of the context for the longer term and key tasks ahead for Canadian governments and firms.

Economic Outlook Playing the Long Game

Economic Outlook: Playing the Long Game

The purpose of this paper is to explore the way two fiscal anchors, the debt/GDP ratio and the interest cost revenue ratio, are likely to evolve over the decade ahead (2032-33) under five plausible economic scenarios and thus to assess the implications of these two anchors as a guide to sustainable fiscal policy actions. Our conclusion is that the fiscal plan as laid out in Budget 22 and the fall FES is unlikely to be sustainable over the decade ahead.

Assessing the Potential Risks to the Sustainability of the Government of Canadas Current Fiscal Plan

The Government of Canada's current fiscal plan may not tell the full story of the country's financial path.

Assessing the Potential Risks to the Sustainability of the Government of Canada's Current Fiscal Plan

We present the Bennett Jones Fall 2022 Economic Outlook in a time of a slowing global economy, war and global trade tensions. Interest rates?—and prices in general?—have seen hikes and as the world attempts to navigate towards a post-COVID future, uncertainty remains a major theme in economic rhetoric. 
 
Our actions now will shape the decade ahead? and there is opportunity for businesses to make the most of the current global landscape?—investing, investing, investing. In making the most of our situation, from the downsides of external factors to our privilege in resource accessibility, Canada can begin to close the gap between our current state and our tremendous upside potential.

Bennett Jones Fall 2022 Economic Outlook Managing Risk and Taking Action

Bennett Jones Fall 2022 Economic Outlook: Managing Risks and Taking Action

John (Jay) A. Winters

Tax Lawyer at Bennett Jones Calgary

Partner

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

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

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.

David Dodge and Richard Dion in the New Brunswick Telegraph-Journal

From the Same Authors