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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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Canada’s Federal Minimum Wage Increases: What You Should Know

 

Canada’s federal minimum wage has taken a significant leap today, rising from $16.65 to $17.30 per hour. This adjustment reflects the 3.9% increase in Canada’s annual average Consumer Price Index for 2023 and is aligned with inflation.

For many Canadian workers, this wage hike is a welcome change. It means that approximately 30,000 employees in the federally regulated private sector will benefit from this raise. Whether you’re working part-time, temporarily, or in a low-wage job, this increase aims to provide a real and fair chance at success.

Employers must adjust their payroll information accordingly to ensure that all employees, including interns, receive the correct hourly wage starting today. If the provincial or territorial minimum wage rate exceeds the federal rate, employers must pay the higher of the two. So, businesses across Canada need to stay informed and comply with these new wage standards.

While some may argue that it’s not enough, this increase is a step toward creating a more equitable workforce. The Government of Canada is committed to ensuring that federally regulated workplaces are fair, inclusive, and safe. Initiatives like the Pay Equity Act, job protections for gig workers, and reporting salary data contribute to this ongoing effort.

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