This market will resolve to “Yes”, if either of the following conditions are met: 1. The C.D. Howe Institute’s Business Cycle Council publicly announces that a recession has occurred in Canada, at any point in 2025, with the announcement made by December 31, 2025, 11:59 PM ET. 2. The seasonally adjusted annualized percent change in quarterly Canadian Real GDP (expenditure-based), chained (2017) dollars GDP from the previous quarter is less than 0.0 for two consecutive quarters between Q4 2024 and Q4 2025 (inclusive), as reported by Statistics Canada (StatCan). Otherwise, this market will resolve to "No". Note that any two consecutive, concurrent vintages indicating negative GDP growth will qualify, regardless of prior or later revisions. For example, if upon release, the initial estimate for Q2 2025 was negative, and Q1 2025's most recent, up-to-date estimate was also negative, this market would resolve to "Yes". If on December 31, 2025 the latest estimate for quarterly GDP in Q3 2025 was negative, this market will stay open until Statistics Canada publishes the initial estimate for Q4 2025, at which point it will resolve to "Yes" if Q4 2025 was negative or if the C.D. Howe Institute’s Business Cycle Council declares a recession by then. The resolution source will be the official announcements from the C.D. Howe Institute’s Business Cycle Council and Statistics Canada’s estimate of seasonally adjusted annualized percent change in quarterly Canadian real GDP from previous quarters as released by Statistics Canada (e.g., as reported in the line “Gross domestic product at market prices” in Table 3 of the quarterly GDP release: https://www150.statcan.gc.ca/n1/daily-quotidien/250829/t003a-eng.htm)