
For the avoidance of doubt, qualifying consecutive quarters may include Q4 2025 and Q1 2026.
“Negative real GDP growth” means that the quarter-over-quarter percent change in Canada’s real gross domestic product, as reported in Statistics Canada’s Gross domestic product, income and expenditure release, is below 0.0% for a calendar quarter. The market will resolve based on the first official release of the relevant quarterly GDP data and will not be affected by later revisions.