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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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Elon Musk's Federal Worker Ultimatum: A New Chapter

In a bold move, Elon Musk has renewed his threat to fire federal workers who fail to justify their jobs, despite pushback from various agencies. This ultimatum comes after the U.S. Office of Personnel Management (OPM) directed agencies that responses to Musk's email were optional. Musk, undeterred, reiterated his stance on his social media platform, X, warning that failure to respond a second time would result in termination.

The directive, which required federal employees to list five accomplishments from the past week, sparked widespread confusion and resistance across the government. While some agencies, like the U.S. Treasury Department, complied with the request, others, including the Pentagon, advised their employees to ignore it. The OPM ultimately told agencies that their workers could disregard the email, further complicating the situation.

Musk's actions have opened new fissures within the Trump administration, raising questions about the limits of his authority. Despite the controversy, Musk remains steadfast in his mission to radically downsize the federal government through his Department of Government Efficiency (DOGE).

As the federal workforce grapples with this new reality, the impact of Musk's ultimatum on government operations and employee morale remains to be seen.


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