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5 Things to Know Today: Canada Enters Recession, Oil Slips on Iran Ceasefire Talk

Saturday, May 30, 2026 — Your quick-hit Canadian financial briefing for the day. 1.Canada Officially Meets the Definition of a Technical Recession Statistics Canada confirmed Friday that real GDP contracted 0.1% on an annualized basis in Q1 2026 — following a revised 1.0% drop in Q4 2025 . That's two straight quarters of negative growth, which meets the technical definition of a recession. The miss was a big one: economists had forecast growth of 1.5% . The main culprits were a surge in imports (up 2.9%, largely gold), declining business capital investment (down 0.7% — its fifth consecutive quarterly drop ), and weakness in resource extraction and construction. On a per-capita basis, GDP actually edged up 0.2% as Canada's population shrank for the second quarter in a row. Not everyone is ready to call it a full recession: some economists note that three of the four weak months were isolated, and early April data points to a sharp 0.4% rebound . Still, the numbers ...
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Canada’s Carbon Price Set to Rise on April 1: What You Need to Know

Canada’s carbon price is poised to increase on April 1, despite some provincial leaders expressing concerns about affordability. Let’s delve into the details:

The impending carbon price hike is not unexpected. It’s a fundamental policy of Prime Minister Justin Trudeau’s minority Liberal government. By putting a price on pollution, the aim is to encourage people to use fewer fossil fuels, ultimately reducing emissions from the economy. Annual increases are part of the government’s overall pricing scheme, with plans extending until at least 2030.

For most Canadians, the impact of the April 1 increase will be most noticeable at the gas station and on energy bills. Here’s how it breaks down:

  • Gasoline: The carbon tax will add 17 cents per liter.
  • Diesel: Expect an additional 21 cents per liter.
  • Natural Gas: The increase amounts to 15 cents per cubic meter.

Keep in mind that British Columbia, Quebec, and the Northwest Territories have their own carbon pricing systems in place, while other provinces and territories fall under the federal backstop plan.

While the carbon price does play a role in household affordability, it’s essential to recognize that its effects are relatively small compared to global oil prices and corporate profitability. Canadians may also experience indirect effects, such as transportation costs influencing food prices.

In summary, Canada’s commitment to tackling climate change involves incremental carbon price increases, aiming for a greener and more sustainable future.

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