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5 Things to Know Today — June 21, 2026

  Whether you're starting your week or wrapping up your weekend, here are the five Canadian money stories shaping your financial picture right now. 1 Canada Is Technically in a Recession — And the Political Fight Is On Canada's GDP contracted 0.1% on an annualized basis in Q1 2026, following a 1% decline in Q4 2025 — two consecutive quarters of negative growth that meet the textbook definition of a technical recession. Prime Minister Mark Carney has called it a "settling-in period" tied to his government's restructuring of the economy in response to the U.S. trade war. Conservative Leader Pierre Poilievre has been relentless in his counter-offensive, pointing to rising insolvencies, job losses and food bank usage as proof that the downturn is real, not technical. Many economists, including BMO's chief economist Douglas Porter, have noted that a future revision to Statistics Canada's data could erase the slim 0.1% contraction — meaning this may not ultimate...
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Trump and Republicans Set Ambitious 100-Day Agenda with Focus on Tax Cuts


In a bold move, President-elect Donald Trump and the Republican majority in Congress are gearing up for an ambitious 100-day agenda, with tax cuts taking center stage. The plan aims to renew approximately $4 trillion in expiring GOP tax cuts, a hallmark of Trump's first term. 

House Majority Leader Steve Scalise emphasized the urgency of being prepared from Day 1, as GOP lawmakers have been meeting privately with Trump to outline their strategy. The proposed policies will reignite debates on America's priorities, income inequality, and the size and scope of government, especially given the mounting federal deficits nearing $2 trillion annually.

The tax cuts, initially passed in 2017, have significantly benefited higher-income households, with the top 1% receiving substantial reductions. As Republicans prepare to extend and enhance these cuts, they also plan to lower the corporate tax rate further and eliminate taxes on tips and overtime pay.

This ambitious agenda will test whether Trump and his allies can deliver the outcomes voters expect, having granted them control of both Congress and the White House.


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