Q1 | Torys Quarterly • Winter 2026
The year ahead in business

Market dynamics in Canada took unexpected turns in 2025. We look at the opportunities and risks emerging in this reset environment for business in Canada.

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Seizing opportunity

As broad change rewrites the rules of engagement in markets across the world, fresh momentum is creating a unique window of opportunity for Canadian dealmakers, investors and business leaders.

Macroeconomic factors and market trends are encouraging a return to more robust M&A deal activity—momentum we expect will continue building through 2026.
— Canadian M&A outlook for 2026

Managing a new era of risk

A host of factors are changing the risk landscape for business leaders, including broad geopolitical change, heightened regulatory scrutiny and new findings from the courts.

Intensifying scrutiny of procurement activity and the increasingly cross-border nature of workplace issues are driving investigations that are more resource-intensive and operationally complex.
— Investigation hot spots in 2026: procurement pressures and the realities of a borderless workforce

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