In this year-end episode of Toronto Talks, Giles Gherson sits down with Goldy Hyder, President & CEO of the Business Council of Canada, to look back on a tumultuous 2025 — and ahead to the choices Canada must confront in 2026.

Together, they examine an uncomfortable paradox: a country with every structural advantage a modern economy should want still finds itself struggling to scale companies, attract investment, or remove the barriers it built for itself. As they reflect on the year, they press into the questions 2025 made impossible to avoid:

• Why did a more assertive U.S. catch us off guard yet again?
• How did regulatory inertia become a defining feature of Canadian policymaking?
• And heading into 2026, is our real challenge competitiveness — or complacency?

Hyder argues that Canada’s greatest vulnerability isn’t external pressure but the comfort that allows drift to masquerade as stability. If 2025 was a wake-up call, then 2026 will test whether we’re willing to act.