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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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Jagmeet Singh Steps Down as NDP Leader Amid Electoral Defeat


In a significant political development, Jagmeet Singh has announced his resignation as the leader of the New Democratic Party (NDP) following a disappointing performance in the 2025 federal election. Singh, who represented the Burnaby Central riding, faced a tough electoral battle and ultimately lost his seat. This marks a turning point for the NDP, which is projected to lose its official party status after a dramatic decline in parliamentary representation.

During an emotional concession speech, Singh expressed gratitude to his supporters and reflected on his tenure as leader. "It’s been the honour of my life to represent the people of Burnaby Central," he said, acknowledging the challenges faced by the party and its candidates. Singh also emphasized the importance of continuing to fight for a fairer and more compassionate Canada.

Singh's leadership began in 2017, and he made history as the first person of an ethnic minority to lead a major Canadian political party. Despite early successes, including policy wins like pharmacare and dental care, the NDP struggled to maintain voter support in recent years. The party's decision to end its alliance with the Liberals in 2024 did not yield the anticipated electoral gains, leaving the NDP vulnerable to a resurgent Conservative Party and a Liberal Party under new leadership.

As the NDP prepares for a leadership transition, Singh's departure signals the end of an era. The party now faces the challenge of rebuilding its base and regaining its footing in Canadian politics.


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