Canadian M&A activity was moderate in 2013. The weakened natural resources sector, which had helped Canada outperform other economies through the recession, contributed to an overall drop in M&A levels as the total number and aggregate value of Canadian deals, and Canada’s share of global M&A, decreased. However, powered by a strong domestic economy, Canadian companies’ outbound M&A strengthened relative to inbound acquisitions and the U.S. was again by far the most popular target country. Against that backdrop, we answer some frequently asked questions on Canadian M&A and discuss the trends that Blakes sees unfolding in 2014.