News of the day: Canada's shrinking economy, a technical recession, Scotiabank expands south, Costco tariff refunds, early retirement and more

It’s Friday, May 29. Here are the top stories we’re following today.

Canada’s economy shrinks again, raising spectre of recession

Canada’s real gross domestic product unexpectedly contracted slightly on an annualized basis in the first quarter of 2026, but economists stopped short of calling it a recession despite meeting the technical definition of two consecutive negative quarters.

Is a technical recession enough to spur the Bank of Canada to cut interest rates?

Despite the negative gross domestic product surprise, markets are still pricing in a rate cut in 2026. Here’s what the GDP data mean for the economy and the Bank of Canada.

Scotiabank expands presence in the U.S. by buying Texas bank

Bank of Nova Scotia has inked a deal to acquire Maple Financial Holdings Inc., a Texas-based company that runs a commercial bank.

Costco says it will return U.S. tariff refunds to members ‘in some form’

Costco Wholesale Corp. says it will return tariff refunds to its members if and when they are paid back by the United States government.

Can Greg, 61, with adopted younger kids, afford to retire on $4.2 million

Consolidating investments may help Greg have better visibility to plan his investment strategy and for retirement withdrawals in a tax efficient manner, expert says.