Osler Legal Outlook

In this article — “Canada’s 2026 privacy priorities: data sovereignty, open banking and AI” — we discuss legislative reform, government policy, industry standards, and regulatory guidance and oversight which will all have a role to play in shaping the privacy and data management landscape in 2026.This article is authored by Adam Kardash, partner and Co-Chair of the Privacy and Data Management practice; Wendy Gross, Chair of the Technology Group; François Joli-Coeur, partner, Privacy and Data Management; Adam LaRoche, partner Privacy and Data Management and Employment and Labour Groups; Colleen Morawetz, Privacy Knowledge Management lawyer; and Alexandra Toma, associate, Privacy and Data Management.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article — “AI training on trial: the next legal frontier in copyright law” — we discuss how the rapid rise of AI has raised fundamental legal questions regarding copyrighted materials. In 2026 we expect to see the courts in the U.S. and Canada begin to clarify how fair dealing applies to training AI models.   This article is authored by Barry Fong, a partner in Osler’s Intellectual Property Group, Sam Ip, a partner in Osler’s Technology Group, and Ryan Holland, an associate with the Intellectual Property Group. Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article — “Reconciling Aboriginal title and private property rights on unceded land” — the authors examine how recent court decisions and ongoing cases from across Canada are impacting the relationship between Aboriginal title and fee simple ownership interests on unceded lands, as well as their legal and practical implications for governments, corporations and other parties.This article is authored by Richard King, a partner and Co-Chair of Osler’s Regulatory, Indigenous and Environmental group, Lindsay Burgess, Ankita Gupta, and Shelby Empey, who are associates in the firm’s Disputes group, and Daniel Kiesman, an articling student.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article — “International trade: navigating the rapidly changing landscape” — we discuss the dramatic shifts in Canadian trade policy that occurred in 2025 due largely to the often-fluctuating U.S. tariffs. In the coming year clients will need to closely monitor legal and political developments in the U.S., and Canada’s responses to them, as they adapt to this new and rapidly evolving environment.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article — “Shareholder activism in Canada: trends and outlook for coming years” — the authors examine the recent increase of shareholder activism targeting board composition and company leadership, the attitudes of Canadian securities regulators toward intervention, and how issuers and shareholders can calibrate their strategies to align with regulatory expectations and investor priorities.This article is authored by Teresa Tomchack, a partner in Osler’s Disputes group, John Valley, a partner and Chair of the firm’s Corporate Governance practice, Lauren Harper and Tamara Kljakic, associates in the firm’s Disputes group, and Wesley Cohen, an associate in the firm’s Corporate group.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article — “From AML to AI: regulatory developments in the financial services landscape” — the authors discuss the increasingly complex regulatory environment for Canada’s financial services sector, including enhanced enforcement activity, risk management around the integration of artificial intelligence, machine learning and other technologies, pathways to participation in the Real-Time Rail payments system, stablecoin adoption and more.This article is authored by Victoria Graham and Elizabeth Sale, partners in Osler’s Financial Services group.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article – “Canada’s crypto realignment: focus on stablecoins and global tax transparency” — we examine the substantial changes to cryptocurrency regulation in Canada in 2025, with securities regulators and financial authorities introducing support for stable coins, as well as the impending legislation that will demand new levels of transparency from market participants.This article is authored by Matthew Burgoyne, partner in the Corporate Group and Chair, Digital Assets and Blockchain, and members of Osler’s Tax Group Matias Milet, partner, and Sean Timlick, associate.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article – “Beyond tariffs: compliance implications of shifting U.S. trade relations” — we discuss how Canadian businesses, particularly those operating internationally or in industries targeted by executive orders, should continue to expect heightened scrutiny from U.S. authorities as it continues to focus on enforcement against foreign entities.This article is authored by members of the Disputes Group: Lawrence Ritchie, partner, and Chair, Risk Management and Crisis Response; Stéphane Eljarrat, partner, and head, Government Investigations and White-Collar Defence; Malcolm Aboud, Counsel and Emilie Dillon, associate, together with Chelsea Rubin, associate in Osler’s Competition/Antitrust, Foreign Investment and International Trade Groups. Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article – “Presenting our legal outlook” — the highlights covered here are further explored in the 23 articles that make up this report.This article is authored by James Brown, a partner in the Corporate Group and Co-Chair of the Mining Group, and Jacqueline Code, Chair of the Research Department at Osler’s Toronto office.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article – “Hot topics in financial services M&A” — we explore Canadian and global market trends in the financial services sector.This article is authored by Ricco Bhasin, a partner in Osler’s Corporate Group and Co-Chair, Financial Institution Transactions, and Elizabeth Sale, a partner in the Financial Services Group.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article — “Data sovereignty: looking to the past as Canada decides how to move forward” — we discuss the expectation that the Canadian government will reveal its digital and AI strategy in 2026 that will prioritize data sovereignty. Industry experts have recommended Canada take measures to ensure data remains in this country and is insulated from foreign jurisdictions.”This article is authored by Michael Fekete, a partner in Osler’s Technology Group and John Salloum, a partner in Osler’s Privacy and Data Management practice.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article — “Building Canada: advancing national priorities and projects” — we discuss how the Building Canada Act is expected to provide greater project development certainty and efficiency. There are both benefits and risks associated with this process, which proponents will want to weigh when determining whether to seek to take advantage of the new framework.This article is authored by Maureen Killoran, KC, Osler’s National Co-Chair; Sander Duncanson, Calgary Managing Partner and Co-Chair, Regulatory, Indigenous and Environmental; Paula Olexiuk, a partner in the Energy and Commercial Group and Co-Chair, Construction; Brad Gilmour, a partner in the Regulatory, Indigenous and Environmental Group and Co-Chair, Environmental Disputes and Enforcement; Sean Sutherland, a partner in the Disputes Group; Maeve O’Neill Sanger, an associate in the Regulatory, Indigenous and Environmental Group; and Jamie Bell, who is an articling student.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article – “Canadian and U.S. regulatory developments are reshaping market oversight” — we discuss the Canadian securities enforcement priorities alongside navigating North American and global trends and policy directions.This article is authored by partners in the Disputes Group: Lawrence Ritchie, Alexander Cobb and Teresa Tomchak together with associates Ankita Gupta and Jayne Cooke.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article – “Search funds in Canada: navigating cross-border challenges” — we examine the issues investors and searchers should consider when establishing search funds in Canada and offer guidance in the face of structural and tax inefficiencies inherent in following the U.S. model. This article is authored by partners Raphaël Amram in Osler’s Corporate Group, Chima Ubani, Emerging and High Growth Companies and Chair, Venture Fund Formation, and David Wilson in the Tax Group. Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article — “Increasing AI in litigation: advantages, perils and increasing regulation” — we discuss how law firms are increasingly relying on AI. Such use also raises significant issues  of professional responsibility and accuracy in the development of the law. Lawyers and legal departments are taking a more active role in shaping the frameworks that enable responsible use.This article is authored by Christopher Naudie, who is a partner in Osler’s Disputes, Government Investigations and White-Collar Defence, and Competition/Antitrust and Foreign Investment Groups; Craig Lockwood, who is a partner in the Disputes Group; and Ainsley Leguard and Christine Phillips, both associates in Disputes.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article — “How 2025 rewrote the rules of corporate governance for 2026 and beyond” — we review developments in Canadian corporate governance in 2025, particularly in relation to diversity and sustainability-related initiatives and disclosure. For 2026 the emphasis will be on carefully planned stakeholder communications to help mitigate risk while reinforcing a company’s strategic narrative.This article is authored by John Valley, a partner in Osler’s Corporate Group and Chair of the Corporate Governance Group, Jason Comerford, a partner in Osler’s Corporate Group, and Wesley Cohen and Kristin Mead, both associates in the Corporate Group. Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article – “Restructuring the Canadian tobacco industry: a model for the future?” — we examine an unprecedented decision of the Ontario Superior Court which sanctioned historic plans of compromise in respect of three Tobacco companies and the implications for future litigation-oriented restructuring in Canada.  This article is authored by partners in the Insolvency and Restructuring Group, Marc Wasserman, Chair, and Martino Calvaruso, together with partners in Osler’s Disputes Group: Deborah Glendinning, Craig Lockwood and Marleigh Dick, associate. Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article – “Powering AI: Canada’s evolving electricity grid connection policies” — we discuss the challenges that AI is creating for Canada’s electricity systems and the new policy frameworks key provinces are developing in response.This article is authored by Richard Wong, partner in the Commercial and Energy Groups and Co-Chair of the National Construction and Infrastructure Group, along with associates Cole Tavener, Construction, Infrastructure & Energy Group, Ian Clarke, Corporate and Yan Besner, a partner in Osler’s Real Estate Group.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article — “Canadian M&A outlook: cautious optimism in a reshaped market” — we review developments in the Canadian M&A market in 2025. Although there were fewer transactions overall, deal value surged. As larger players continue to transact and demonstrate executable deal paths, we expect new opportunities to emerge in 2026.This article is authored by Emmanuel Pressman, Osler’s National Co-Chair, Alex Gorka, Co-Chair of the Mergers and Acquisitions Group and Diana Windrim, an associate in Corporate. Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article — “Evolving consumer protection laws will affect suppliers” — we discuss how legislative consumer protection reform will introduce new requirements and restrictions for consumer-facing suppliers. These suppliers should expect many new compliance burdens in 2026 and should take steps now to prepare.This article is authored by Dominic Mochrie, a partner in Osler’s Franchise and Distribution Group, Christine Jackson, a partner in the Commercial Group, Elizabeth Sale, a partner in the Financial Services Group, and Lucas Versteegh, who is an associate in Franchise and Distribution.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article – “Navigating the new Competition Act: early impacts and emerging challenges” — we examine the initial developments under the amended Competition Act and how it is reshaping the landscape of Canadian Competition law. This article is authored by partners in the Competition/Antitrust and Foreign Investment Group: Shuli Rodal, Chair, Michelle Lally and Kaeleigh Kuzma together with associates Zach Rudge and Valeska Rebello, and Chris Naudie who is a partner in Osler’s Disputes Group.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article — “Canada’s EV ecosystem recalibration” — we discuss how the outcome of the 2024 U.S. presidential election set the stage for significant EV sector policy changes in 2025. Canadian federal and provincial approaches for the industry also have shifted. These developments have introduced complexity for those seeking to engage in long-term planning.This article is authored by Michael Fekete, a partner in Osler’s Technology Group, Hugo-Pierre Gagnon, a partner in the Corporate Group, Jesse Goldman, a partner in the Competition, Trade and Foreign Investment Group, Alan Hutchison, a partner in Corporate and Co-Chair of the Mining and Natural Resources Group, and Jake Sadikman who is a partner in the Commercial Group and Co-Chair of the Energy Group.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article — “Asset joint venture monetizations” — we discuss asset joint ventures as a strategy for funding large, long-dated capital programs in a higher-rate environment and tas a way to retain operational control over business-critical infrastructure. These transactions have proven to be compelling in the right circumstances to unlock significant value.This article is authored by Alex Gorka, a partner in Osler’s Corporate practice and Co-Chair of the Mergers and Acquisitions Group, Brett Anderson, a partner and Jeremy Wu, an associate in the Corporate Group.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article — “The rise of the machines: agentic AI” — the authors explore agentic artificial intelligence, the next wave in the continuing evolution of generative AI, as well as its implications and the challenges ahead for legal and compliance teams.This article is authored by Sam Ip and Simon Hodgett, who are partners in Osler’s Technology group, Joanna Fine, a partner in the firm’s Privacy and Data Management group, and Kim Maguire, a partner in the firm’s Tax group.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.

In this article — “Privacy and data-related law reform to continue in 2025” — we discuss the significant reform of privacy legislation at the federal and provincial levels in Canada. Key topics include enhanced enforcement regimes, new requirements for compliance, and internal governance mechanisms for businesses.This article is authored by Adam Kardash, Co-Chair and partner with Osler’s Privacy and Data Management Group, partner Joanna Fine and associates Maryna Polataiko and Andy Nagy.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com.

In this introduction, we share insights on key legal developments in 2024 and their implications for Canadian business. The highlights covered here are further explored in the 30 articles that make up this report.This introduction is authored by James Brown, who is a partner in our Corporate practice, and Jacqueline Code, partner and Chair, Research.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2024, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com.

In this article — Highlights of the new Competition Act and pending changes for foreign investment — we review recent amendments to the Competition Act and anticipated changes to foreign investment laws. The Competition Act amendments greatly expand the private enforcement of Canada’s competition laws. Increasing penalties for noncompliance can be expected.This article is authored by Shuli Rodal, partner and Chair of Osler’s Competition and Foreign Investment Group, and Chair of the Competition/Antitrust Group, along with Michelle Lally and Kaeleigh Kuzma, partners in the Competition/Antitrust and Foreign Investment Group.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com. 

In this article — Businesses facing increasing costs for supply chain compliance — we review the Modern Slavery Act and its implications for business reporting obligations. With increasing global attention to this issue, it is important for businesses to establish policies and procedures setting clear expectations for all representatives to act ethically at all times. Further legislation requiring businesses to take certain steps to prevent the risk of forced or child labour is anticipated in the future.This article is authored by John Valley, partner, Osler’s Corporate group and Chair: Environmental, Social and Governance group; Alan Kenigsberg, a partner in Osler’s Tax Group; Malcolm Aboud, Counsel in Osler’s Risk Management and Crisis Response Group and Disputes department; Chelsea Rubin, an associate in Osler’s Competition/Antitrust, Foreign Investment and International Trade Groups, and Sarah Firestone, an associate in Osler’s Disputes department.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com.

In this article — "The landscape for Internet gaming in Canada evolves" — we discuss the heightened interest from provincial governments in creating a regulatory framework for responsible gaming following Ontario’s success. Opening up the market will create greater opportunities for revenue generation. The gaming regulatory landscape is expected to rapidly evolve in the coming years.This article is authored by Eric Levy, Chair of the Gaming Group at Osler and Andrea Whyte KC, partner in the Corporate Group along with Ted Liu, a partner in the Technology Group and Jacqueline Code, partner and Chair: Research.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com.

In this article — It’s debatable: unresolved corporate governance issues impacting 2025 — we discuss the importance of adopting best practices in the areas of corporate governance which are currently being scrutinized and debated. With diversity, equity and inclusion, for example, companies should review their policies and practices to ensure they comply with applicable human rights legislation. Continued diversity progress will largely depend on businesses recognizing the strategic value of implementing and enhancing DEI practices.This article is authored by Andrew MacDougall, a partner in Osler’s Corporate Group, John Valley, a partner in the Corporate Group and Chair of the Environmental, Social and Governance practice and Wesley Cohen and Kiana Blake, both associates in the firm’s Corporate Group.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com.

In this article — What’s new in Québec’s consumer protection law? — we review the requirements of Québec’s Bill 29 and proposed Bill 72 and how these will affect businesses in their dealings with consumers. The focus of this legislation is to provide greater safeguards for consumers in their purchase of goods and services. It will be incumbent upon businesses to consider any required changes to their practices and policies to comply with these laws.This article is authored by Constantine Troulis and Elizabeth Sale, both partners in Osler’s Financial Services Group, Alexandre Fallon, a partner in the Disputes department, Amanda Gravel, an associate in the Disputes department, and Rachelle Saint-Laurent, an articling student at the firm.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com.

In this article – “Canadian mandatory climate disclosure rules in the forecast” — we discuss how Canadian companies should plan to respond to the impending mandatory climate-related disclosure requirement. Key topics include international and U.S. approaches, implications for Canada, and greenwashing.This article is authored by John Valley a partner in the Corporate Group at Osler and Chair or the Environmental, Social and Governance practice, and Jason Comerford, also a partner in the Corporate Group.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com.

In this article — The rise of retail: accessing private markets — we discuss how there are now greater opportunities for the mass affluent and retail investors to participate in private asset investing. The availability of this form of investing is also helping to fuel the growth of Canadian companies. The democratization of private asset investing is expected to accelerate and continue to evolve in 2025.This article is authored by John Black, Co-Chair of Osler’s Investment Funds practice, John Groenewegen, Brett Anderson and Shawn Cymbalisty who are partners in the firm’s Corporate Group, Chima Ubani, a partner in the Emerging and High Growth Companies Group and Chair: Venture Fund Formation, and Isabella Casciola, an associate in the Corporate Group.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com.

In this article – “Two years of CIRO: enforcement, harmonization and what’s next” — we review the Canadian Investment Regulatory Organization’s accomplishments as well as its top priorities for the future. Key topics include regulatory harmonization, enforcement trends, dual registration, advisor compensation and client-focused reforms.This article is authored by Lawrence Ritchie, partner and Chair of Osler’s national Risk Management and Crisis Response practice, Alex Cobb, a partner in the Disputes practice and Lorraine Lynds, partner in the Corporate Group, together with Lipi Mishra and Jayne Cooke, associates in the Disputes practice. Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com.

In this article – “Private equity M&A: strong appetite for exchangeable share structures” — we discuss the increasing popularity of exchangeable share structures. Key topics include rollover equity, foreign private equity sponsors, and the outlook going into 2025.This article is authored by Osler partners Brian Gray, Chair, Private Equity and Mike Proudfoot, partner, Corporate, along with associates Ben Fickling, also of the Corporate Group and Taylor Cao, an associate in the Tax Group.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com.

In this article – “Consult before exploring: mineral tenure and Indigenous rights” — we discuss the major impact of recent case law and expected legislative changes in several prominent mining jurisdictions on mineral tenure, developments that could affect Canada’s focus on critical minerals and energy transition in the years ahead.This article is authored by Richard King, partner and Co-Chair of the Regulatory, Indigenous and Environmental group, Alan Hutchison, partner and Co-Chair of the Mining and Natural Resources group, and by Ankita Gupta, an associate in the firm’s Disputes group.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com. 

In this article — Hurtling towards the future: regulatory development in the financial services sector — we review key changes in 2024 that are likely to have a continued impact on financial service providers in the coming year. Further changes can be anticipated in 2025 arising from the ongoing review of federal financial institutions legislation, and other important developments.This article is authored by Victoria Graham, a partner with Osler’s Corporate group, Elizabeth Sale, a partner with Osler’s Financial Services group, and Klara Franklyn, an associate with the Financial Services Group.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook,provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com. 

In this article — "Unlocking AI innovation" — the authors review the significant changes in the artificial intelligence sector over the last year and share their insights for the year ahead and how mitigating risk when using AI technology can help businesses foster sustainable and responsible innovation.This article is authored by Simon Hodgett and Sam Ip, partners in the Technology Group at Osler, and Denis Keimakh, and articling student at the firm.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com.

In this article — “Venture capital in the balance: steering through market turbulence” — we discuss how technology companies and their investors can prepare for greater market turbulence in the year ahead. Key topics include fundraising dynamics, deal volume in the venture capital, market correction and what to expect in 2025.This article is authored by Osler’s Mark Longo, Co-Chair, Emerging and High Growth Companies Group, and Vancouver managing partner, Laura Webb, partner, Emerging and High Growth Companies Group and Rebecca Garner, articling student.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com.

In this article — “Canadian global minimum tax, digital services tax and other international tax reforms” — we consider how Canadian businesses can best navigate this new landscape and what to watch for in 2025. Key topics include global minimum tax, digital services tax, online marketplace services revenue, tariffs, and reporting obligations.This article is authored by members of Osler’s Tax Group Patrick Marley, partner, Kaitlin Gray, associate, and Ilana Ludwin, tax lawyer, Osler Works – Transactional.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com.

In this article — "Navigating control transactions: clarifying acceptable conduct boundaries" — we review recent decisions by Canadian securities regulatory which are helping to guidelines for acceptable behaviour during takeover bids. It will be important for issuers, shareholders and other interested parties to have a good understanding of the regulatory landscape and developing regulatory case law as acceptable behaviour guidelines continue to evolve.This article is authored by Teresa Tomchak, a partner with Osler’s Disputes practice; James Brown, a partner with the Corporate group and Co-Chair: Mining and Natural Resources; Alex Gorka, a partner with the Corporate group and Co-Chair: Mergers and Acquisitions; Brett Anderson, a partner with the Corporate group; Jeremy Fraiberg, a partner with Osler’s Corporate group and Co-Chair: Mergers and Acquisitions, and Will Heisey, an associate with Osler’s Corporate group.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com. 

In this article — "The burden of protectionism: outlook for Canadian trade" — we explore the growing global trend towards protectionist trade policies and the continuing trade uncertainty facing businesses in 2025. As international political and economic tensions continue to rise, more countries, including Canada, are adopting protectionist or mercantilist trade policies.This article is authored by Jesse Goldman and Matthew Kronby who are partners in the Competition, Trade and Foreign Investment Group at Osler, and Jacob Mantle, Danielle Chu, Chelsea Rubin, Zach Rudge who are associates in the group.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com.

In this article — "Termination clauses under the microscope and other cautions" — we discuss the trend away from the enforceability of termination clauses by the courts. Employers with inadequately prepared employment contracts and form agreements risk greater employee litigation and payout liability. A high degree of vigilance is now required when drafting both employment contracts and termination paperwork.This article is authored by Steve Dickie and Kelly O’Ferrall, both partners in the Employment and Labour Department, and Sneha Ajai, an associate in the Employment and Labour Department.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2024, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com. 

In this article — "Product liability: tipping the scales against industry" — the authors examine how new legislation in Canada is enabling governments to sue for recovery of health care costs associated with various products and services and could lead to more consumer claims. As a result, businesses across all sectors need to strengthen their compliance and communication strategies to navigate this changing landscape.The article is authored by Osler Disputes partners Laura Fric, Kristian Brabander, Robert Carson and Emily MacKinnon.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com.

In this article — “The changing environment of federal impact assessment” — we explore a pivotal constitutional reference that was released by the Supreme Court of Canada, which found that the federal process for regulation and assessment of major infrastructure developments was unconstitutional. This finding necessitates substantive changes to the Impact Assessment Act in a way that respects the constitutional division of powers between the provinces and federal government.This article is authored by Brad Gilmour, partner and Co-Chair, Environmental Disputes and Enforcement; Sean Sutherland, partner and Niall Fink, associate.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com.

In this article — "The impact of stronger drug dosing patents on Canadian drug access" — we discuss the importance of an effective balance between patent enforceability and timely access to affordable generic drugs if prescription drug costs are to be better managed. Recent jurisprudence suggests this balance may be shifting away from affordable alternatives.  Further developments on this front are expected in the coming year.This article is authored by J. Bradley White, partner and Co-Chair, Intellectual Property practice along with Nathaniel Lipkus, partner and Leah McGurn, an associate both also with Osler’s Intellectual Property practice.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com. 

In this article — "Developing Canada’s critical minerals for energy transition" — we discuss the critical minerals development challenges faced by Canada. The federal government has an important role to play in supporting research and development and providing tax credits and other funding program incentives if Canada is to become a world leader in critical minerals.This article is authored by Sander Duncanson, partner and Co-Chair of Osler’s Regulatory, Indigenous and Environmental practice; Colena Der, a partner with Osler’s Tax Group; Maeve O’Neill Sanger, associate with Osler’s Regulatory, Indigenous and Environmental practice, and Tyler Warchola, associate with Osler’s Tax Group.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com. 

In this article — “Will new powers lead to more effective capital markets regulatory enforcement?” — we examine the most notable developments and enforcement actions in securities regulation in 2024, including a decision from the Supreme Court of Canada with major implications for securities and capital markets. We also look ahead to the aggressive enforcement we expect to see in 2025, particularly in novel and developing market areas.This article is authored by Lawrence E. Ritchie, Alexander Cobb and Teresa Tomchak, who are partners in Osler’s Disputes group, and Ankita Gupta, an associate in the group.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2024, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com. 

In this article — "Spotlight on greenwashing under the Competition Act" — we discuss how environmental claims relating to company products, services and business activities may be subject to increased scrutiny following recent competition law changes. The best defence remains to make claims that are responsible and made on a supportable basis. Going forward, organizations can use this opportunity to review the nature and extent of their statements on climate-related and other environmental matters for compliance.This article is authored by Michelle Lally, partner, Competition/Antitrust and Foreign Investment group; Shuli Rodal, partner and Chair, Competition and Foreign Investment group and Chair, Competition/Antitrust group; Kaeleigh Kuzma, partner, Competition/Antitrust and Foreign Investment group; Jason Comerford, partner, Corporate group, and John Valley, partner, Corporate group and Chair, Environmental, Social and Governance group.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com.

In this article — “CRA’s power to audit and assess: new developments, old problems” — we explore how recent amendments broaden the scope of power that the CRA will have in enforcing the Income Tax Act.  Key topics include jurisdictional divide between the Tax Court and Federal Court, recent case law, principal changes to the CRA’s authority and consequences of non-compliance.This article is authored by members of Osler’s Tax Group Pooja Mihailovich, partner, and Leandra Gupta, associate.Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website at osler.com.