Q1 | Torys Quarterly • Winter 2023
Canadian business outlook 2023

While many areas of Canada’s economy continue to demonstrate impressive growth and evolution, global instability is set to add complexity to business strategy in 2023. We look at what leaders can expect in the year ahead.

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Featuring our latest thinking on:

Market outlook

Despite broad economic challenges impacting valuations, financings, and overall activity, opportunities wait for companies armed with agility and the ability to adapt to the current market.

Canadian M&A outlook 2023
Will deal activity rebound this year in the face of uncertainty?
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  • How tech companies can manage a liquidity crunch
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  • 2023 restructuring trends: déjà vu all over again
    Read more
  • What’s next for commercial real estate in 2023?
    Read more
  • Retail investors and access funds: “hey, we want to invest in private funds, too!”
    Read more
Despite the backdrop of volatility, the Canadian market appears set to remain comparatively steady, with attractive assets and a stable business environment … likely to have appeal for a wide range of investment risk profiles.
— Canadian M&A outlook 2023

Financial services

Regulators and the industry in Canada remain in hot pursuit of technology advances and policy frameworks are evolving to support them.

Regulatory developments in the financial services sector
From digital currencies to drip pricing, we expect the year ahead to bring key regulatory changes throughout the industry.
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  • Open banking Canada: can we expect a launch this year?
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  • Payments push: trends in payments modernization and regulation in 2023
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Stakeholders and consumers alike are excited to see Canadian developments in open banking. 2023 should yield pivotal developments in the implementation of open banking in Canada. This will provide clarity to industry members as to how open banking will impact their businesses and services.
— Open banking Canada: can we expect a launch this year?

Governance and risk

As ESG dominates many boardroom discussions, perennial governance concerns, such as executive compensation, and litigation risk, bring new developments and considerations to the table.

Getting ahead of proxy season: key ESG considerations
More and more, ESG is becoming a central focus for public companies—and in 2023, ESG is set to present a host of issues boards will want to address ahead of proxy season.
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  • Corporate transparency: Québec enacts new obligations
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  • Legal privilege and law enforcement cooperation in cybersecurity incidents
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  • Employee obligations and the limits of corporate form
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  • Class actions in Canada: what to expect in 2023
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The state of the law in both [Canada and the U.S.] provides some assurance to organizations who seek to both assist law enforcement in fighting cyber criminals and protect their privileged information from broad disclosure.
— Legal privilege and law enforcement cooperation in cybersecurity incidents

Past Editions

Quarterly
Q3 | Summer 2024: U.S. business and the 2024 election
 
Jul 24, 2024
Quarterly
Q2 | Spring 2024: The governance issue
 
May 30, 2024
Quarterly
Q1 | Winter 2024: 2024 outlook: Canadian innovators and investors look ahead
 
Jan 16, 2024

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