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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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Global IT Outage Grounds Porter Flights in Toronto

 

Porter Airlines has been forced to cancel all flights until at least noon today due to a global IT outage affecting multiple industries. The disruption, which began early this morning, has caused significant delays and cancellations for passengers traveling through Toronto.

The issue stems from a malfunction in the Falcon Sensor software by cybersecurity firm Crowdstrike, which has led to widespread crashes of Microsoft Windows systems. As a result, Porter Airlines’ operations have been severely impacted, with passengers unable to rebook flights until the systems are back online.

Toronto’s Pearson Airport has reported varying impacts across different airlines, with some American carriers also experiencing disruptions. Despite the challenges, essential services such as the city’s 911 and paramedic systems, as well as the TTC’s signal and safety systems, continue to operate normally.

Porter Airlines has advised passengers to expect further delays and cancellations as they work to resolve the issue and rebook affected flights over the coming days. The airline is urging travelers to stay updated through their official channels for the latest information.



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