This report, created by Eurasia Group and RBC Thought Leadership, outlines the significant risks that Canada faces in 2026. It combines five assessments from Eurasia Group's Top Risks 2026 outlook, focusing on global factors likely to impact Canada, along with five domestic assessments from RBC. The report emphasizes the need for Canada to adapt to rapid changes in political, economic, and technological landscapes. It discusses the challenges of militarization, including the necessity for Canada to build a robust military and industrial base amid shifting geopolitical dynamics. The report also highlights the complexities of defense procurement and the importance of fostering a competitive defense industry. Furthermore, it addresses the implications of Canada’s military strategies on its relationships with allies, particularly the United States, and the potential for Canada to redefine its role in global security. The document serves as a foundation for ongoing discussions and analyses of these pressing issues.