Welcome to the April issue of Blakes Competitive Edge, a monthly publication of the Blakes Competition, Antitrust & Foreign Investment group. Blakes Competitive Edge provides an overview of recent developments in Canadian competition and foreign investment law, including updates on enforcement activity by the Canadian Competition Bureau (Bureau), recent initiatives and key trends.
Key Highlights
- Merger review activity in 2026 is slightly up compared to last year, with the Bureau completing 60 merger reviews through the end of March 2026, a 3% increase from the 58 reviews completed through March 2025.
- The Bureau reaches a consent agreement with Welltower OP LLC in relation to its acquisition of retirement homes from Amica Senior Lifestyles.
- The Canadian government conditionally approves the establishment of TikTok Canada following a second national security review.
Competition Act
Merger Monitor
March 1 – March 31, 2026 Highlights
- 20 merger reviews announced, 25 merger reviews completed, with reviews taking 53 calendar days on average
- Primary industries of completed reviews: mining, quarrying and oil and gas extraction (24%); real estate and rental and leasing (20%); healthcare and social assistance (12%)
- 11 transactions received an Advanced Ruling Certificate (44%); 11 transactions received a No Action Letter (44%); two transactions were completed via consent agreement; and one transaction was resolved through other means
January – March 31, 2026 Highlights
- 56 merger reviews announced, 60 merger reviews completed, with the reviews taking 41 calendar days on average
- Primary industries of completed reviews: mining, quarrying and oil and gas extraction (23%); manufacturing (20%); real estate, rental, and leasing (12%); information and cultural industries (10%)
- 36 transactions received a No Action Letter (60%); 21 transactions received an Advance Ruling Certificate (35%), two transactions were completed via consent agreement; and one transaction was resolved through other means
Merger Reviews Completed Year to Date Through March 31, 2026, by Primary Industry
Enforcement Activity
Bureau Reaches Consent Agreement with Welltower in Relation to its Acquisition of Retirement Homes
- On March 25, 2026, the Bureau announced that it had reached a consent agreement with Welltower OP LLC (Welltower) relating to its acquisition of 34 retirement home properties from Amica Senior Lifestyles (Amica). The Bureau concluded that the transaction would likely result in a substantial lessening of competition in areas of British Columbia and Ontario. The consent agreement requires Welltower to sell four retirement homes in Victoria, Northwest Vancouver, Brampton and Ottawa to resolve the Bureau’s concerns.
In connection with entering into the consent agreement with Welltower, on March 31, 2026, the Bureau released a statement summarizing its approach to its review of the Welltower transaction, as well as its previously concluded review of Chartwell Master Care LP’s (Chartwell) acquisition of retirement homes, which was similarly resolved with a consent agreement requiring Chartwell to sell retirement homes in certain communities. The Bureau’s statement notes that, in assessing the relevant product market, it considered distinctions between complex care units and those requiring less complex care, while from a geographic market perspective, the Bureau concluded that competition is local. The statement further notes that in both transactions, the Bureau concluded that the Competition Act’s (Act) rebuttable structural presumption was engaged and that evidence provided by the parties was not sufficient to rebut the presumption. This decision followed a consent agreement the Bureau reached with Chartwell earlier in the month, relating to their proposed acquisition of retirement homes. For more information on the Bureau’s consent agreement with Chartwell, see the Blakes Competitive Edge™: March 2026 Update.
Federal Court of Appeal Dismisses Bureau Appeal Seeking Access to Amazon Data
- On March 30, 2026, the Federal Court of Appeal dismissed the Bureau’s appeal of a Competition Tribunal (Tribunal) decision denying its request for Amazon to produce transaction information for health, personal care, home and electronic items on Amazon’s platforms. The Bureau had sought the information in connection with an investigation into whether certain conduct by Amazon may amount to deceptive marketing. In its decision, the Federal Court of Appeal found that Amazon was likely to have the information the Commissioner was seeking, but that the scope of the disclosure request was inadequately justified.
Private Applicants Seek Leave to Bring Applications Against Air Liquide and Pulse Seismic
- In late March and early April 2026, two separate applications for leave were filed at the Tribunal by private litigants. FV Dry Ice Inc. (FV Dry Ice) filed an application alleging that Air Liquide Canada Inc. (Air Liquide) had abused its dominant position in the upstream supply of liquid carbon dioxide to impose sustained pricing increases, surcharges, supply restrictions and restrictive commercial terms, impairing FV Dry Ice’s ability to compete in the downstream market for dry ice and ultimately resulting in its exclusion from that market. Separately, Whitecap Partnership (Whitecap) filed a notice of application alleging that Pulse Seismic made false and misleading representations to the public as to the “ordinary price” of Pulse's seismic data. For information on other private applications at the Tribunal and the private applicant thresholds for leave at the Tribunal, see the Blakes Competitive Edge™: January 2026 Update.
Bureau Advances Investigation Into Keyera Corp’s Acquisition of Plains All American Pipeline LP
- On April 8, 2026, the Bureau announced that the Federal Court had granted its request for a section 11 order against Inter Pipeline Ltd. in connection with its investigation of Keyera Corp’s proposed acquisition of the Canadian natural gas liquids business of Plains All American Pipeline LP. Keyera and Plains are midstream oil and gas companies in Canada, an area in which Inter Pipeline Ltd. is also active. The section 11 order requires Inter Pipeline Ltd. to produce records and information relevant to the Bureau’s investigation.
Non-Enforcement Activity
Bureau Releases 2026–2027 Annual Plan
- On April 2, 2026, the Bureau published its 2026–2027 Annual Plan. The plan sets forth the three pillars of the Bureau’s strategic vision — enforcement, promoting competition and investing in the Bureau as an organization — and the steps it intends to take to achieve these aims. Among other priorities, the Bureau expressed a desire to (1) finalize its enforcement guidelines to align with modernized legislation, (2) support the effective use of private access to the Competition Tribunal, (3) encourage policymakers and regulators to adopt pro-competitive policies, (4) initiate research on emerging issues in the Canadian economy, including related to affordability and its impact on Canadian consumers, and (5) expand the adoption and responsible use of advanced technologies.
Filing Fee for Merger Reviews Increases
- On March 27, 2026, the Bureau announced that the filing fee for merger reviews has increased from C$88,690.45 to C$90,198.19, effective April 1, 2026. The filing fee applies to parties filing a pre-merger notification or requesting an Advance Ruling Certificate.
Amendments to Competition Act Greenwashing Provisions Become Law
- On March 26, 2026, An Act to implement certain provisions of the budget tabled in Parliament on November 4, 2025 (Bill C-15) received royal assent. Bill C-15 implements amendments to the greenwashing provisions of the Act, in particular (1) removing the requirement for businesses to substantiate environmental claims made in respect of a business or business activity in accordance with “internationally recognized methodology” and (2) eliminating the ability for private parties to bring an application to the Tribunal in respect of such claims. For more information about these amendments, see the Blakes Competitive Edge™: November 2025 Update.
Bureau Releases Report on Shared Kitchen and Food Hubs’ Impact on Competition
- On March 19, 2026 the Bureau released a report examining the potential for shared kitchens and food hubs to enhance small and medium-sized enterprises’ (SMEs) ability to enter the market. The Bureau made three recommendations in its report: (1) harmonize food safety and licensing across jurisdictions to reduce regulatory duplication and provide clarity on how to operate across multiple regions, (2) clarify compliance expectations and standardize inspection procedures for shared food production facilities, and (3) use shared facilities as a place for regulators to safely pilot new regulations and compliance tools.
Investment Canada Act
Foreign Investment Monitor
Non-Cultural Investments
February 2026 Highlights
- One reviewable investment approval and 81 notifications filed (65 filed for acquisitions, 16 for the establishment of a new Canadian business)
- Country of ultimate control: United States (74%); United Kingdom (6%); France (4%); China (2%)
January - February 2026 Highlights
- Four reviewable investment approvals and 190 notifications filed (153 filed for acquisitions, 37 for the establishment of a new Canadian business)
- Country of ultimate control: United States (70%); United Kingdom (6%); France (5%); Pakistan (3%); China (3%)
Investment Canada Act Non-Cultural Investment Filings and Approvals, January – February 2026
Enforcement Activity
Government of Canada Allows Establishment of TikTok Canada
- On March 9, 2025, Minister of Industry Mélanie Joly announced the completion of the national security review for the establishment of TikTok Technology Canada Inc. (TikTok Canada) and that the investment would be allowed to proceed, subject to legally binding undertakings provided by TikTok Canada. The undertakings targeted data security and regulatory oversight, with TikTok Canada committing to implement (1) enhanced protection for Canadians’ personal information, (2) enhanced protections for minors, and (3) the appointment of an independent third-party monitor to audit and continuously verify data access controls. This decision follows a January 2026 order from the Federal Court that set aside an initial order from the federal government that required the wind-up of TikTok Canada’s Canadian operations following a national security review that concluded in November 2024. For more information about TikTok Canada’s national security review, see the Blakes Competitive Edge™: January 2026 Update.
Blakes Notes
- On April 2, 2026, Blakes Partner Jonathan Bitran participated in a Canadian Bar Association Competition Litigation session on the steps of a Tribunal proceeding from start to finish and the key considerations for practitioners at each stage.
- Browse our thought-leadership insights from the Competition, Antitrust & Foreign Investment group to learn more.
Contact Us
If you have any questions, please do not hesitate to contact your usual Blakes contact or any member of the Blakes Competition, Antitrust & Foreign Investment group.