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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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Russia's Role in Stalling Peace Efforts in Ukraine

European foreign ministers convened at a NATO meeting in Brussels, collectively accusing Russia of obstructing U.S.-led peace initiatives aimed at resolving the ongoing conflict in Ukraine. The ministers urged the Trump administration to adopt a firmer stance against Moscow, citing concerns over Russian President Vladimir Putin's commitment to peace.

Despite U.S. President Donald Trump's promise to bring a swift end to the three-year war, recent developments have cast doubt on Putin's intentions. Moscow rejected a U.S. proposal for a 30-day ceasefire in March, even as Ukraine expressed willingness to cooperate. Instead, the warring sides agreed to a limited pause in attacks on energy infrastructure, which both parties accused each other of violating.

British Foreign Minister David Lammy criticized Putin for "dragging his feet" and continuing to bombard Ukraine's civilian population and energy supplies. German Foreign Minister Annalena Baerbock described Putin's negotiation efforts as "empty promises," while French Foreign Minister Jean-Noel Barrot called for a definitive response from Moscow to the ceasefire proposal.

Canadian Foreign Minister Melanie Joly suggested imposing a deadline for Russia to respond, emphasizing the urgency of the situation. The ministers' collective stance reflects growing frustration with Russia's perceived lack of commitment to peace and a call for stronger international pressure.

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