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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

We present this Bennett Jones Spring 2022 Economic Outlook in a period of great uncertainty. A war in Europe and the ongoing COVID-19 pandemic, in addition to exerting a devastating human toll, have reverberated through the global and Canadian economies. How these and other external forces will evolve, and how policy authorities worldwide will respond, are unknowns that make the development of economic projections and business plans unusually hazardous.

Spring 2022 Economic Outlook Planning in an Uncertain SupplyConstrained World

Bennett Jones Spring 2022 Economic Outlook: Planning in an Uncertain, Supply-Constrained World

Hon. John P. Manley P.C., O.C.

Senior Business Advisor at Bennett Jones Ottawa

John Manley writes an op-ed in the Globe and Mail on how, "In the midst of cries for individual ‘freedoms,’ Canadian collectivism prevails."

In The Midst of Cries for Individual Freedoms Canadian Collectivism Prevails

In The Midst of Cries for Individual ‘Freedoms,' Canadian Collectivism Prevails

Oliver Loxley

Corporate Lawyer at Bennett Jones Vancouver

Partner

Dom Sorbara

Banking & Financial Services Lawyer at Bennett Jones Toronto

In the context of corporate debt, 'liability management' refers to a company taking steps to manage its existing debt obligations. This often involves a combination of one or more open market repurchases, redemptions/repayments, consent solicitations, tender offers or exchange offers and may involve other transactions. A repurchase of debt from a holder is one of the most straight-forward examples of liability management.

Liability Management in Canada

Andrew Bozzato

Corporate, M&A, Securities Lawyer at Bennett Jones Toronto

Bishoy Attia

Articling Student at Bennett Jones in Toronto

Articling Student

Private investment in the defence sector is accelerating as governments realign policy priorities and expand support for dual-use and DefTech innovation. Canada&rsquo;s 2025 Budget and long-term spending commitments are reshaping the industry, driving new opportunities across AI, cyber, space, advanced manufacturing and critical infrastructure. With global capital flowing into defence technology and structural reforms underway to modernize procurement, the sector is rapidly transitioning from fragmented to fully investable.

Policy Dual Use and DefTech Drive a New Era for Private Capital in Defence

Policy, Dual-Use and DefTech Drive a New Era for Private Capital in Defence

Daron K. Naffin

Energy, Environmental/Regulatory and Expropriation Lawyer at Bennett Jones Calgary

Tim Myers

Regulatory, Environmental, Aboriginal and Expropriation Lawyer at Bennett Jones Calgary

Thomas Machell

Regulatory Lawyer at Bennett Jones Calgary

Associate

On November 4, 2025, the Alberta Energy Regulator released AERH2S, an updated version of its computer model for calculating Emergency Planning Zones (EPZs) for sour gas applications. AERH2S replaces the longstanding ERCBH2S model and is available for immediate use by industry. According to AER Bulletin 2025-34, the use of AERH2S will become mandatory for all applications filed under Directive 056: Energy Development Applications and Schedules, including amendment applications, starting January 1, 2026. The continued use of ERCBH2S is permitted for updates to existing EPZs (and any EPZs established before January 1, 2026) under Directive 071: Emergency Preparedness and Response until further notice.

Alberta Energy Regulator Releases New AERH2S Model for Sour Gas Operations

David Cassin

Employment Lawyer at Bennett Jones Toronto

Doug Fenton

Litigation Lawyer at Bennett Jones Toronto

Robert W. Staley

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

Vice Chair and Partner

In McPherson v Global Growth Assets Inc., the Ontario Superior Court interpreted the no-reprisal provisions of the Securities Act for the first time, awarding more than $5.3 million to a CEO who was terminated after raising compliance concerns. The decision underscores the strength of the Act&rsquo;s protections for employees who engage in protected activities and highlights the significant risk to employers of taking disciplinary action without clear, documented justification.

Ontario Securities Act No Reprisal Provisions Results in 53 Million Award to CEO

Ontario Securities Act No-Reprisal Provisions Results in C$5.3 Million Award to CEO: A Warning to Regulated Employers

Edwin G. Kroft KC

Tax Litigation Lawyer at Bennett Jones

Antoine Messervier

Tax Lawyer at Bennett Jones Vancouver

Anna Lekach

Tax Lawyer at Bennett Jones Calgary

The November 2025 issue of Bennett Jones on Tax Disputes explores major developments in Canadian tax law, including new CRA guidance on the Voluntary Disclosures Program, court decisions on settlement confidentiality and costs, and proposed reforms to the Tax Court&rsquo;s informal procedure limits. The issue also features case summaries and insights from Bennett Jones&rsquo; tax litigators on emerging trends in tax dispute resolution.

John Manley on Rebuilding the Capacity of the Canadian Economy

From the Same Authors