The article starts with a brief overview of the main economic trends and issues, which Canada has been facing since the end of 2015, when the Liberal party won the previous election and formed the majority government. That is followed by a detailed analysis of the key factors, which were shaping the dynamics of the socio-economic situation before the federal election scheduled for October 21, 2019. A weak growth of employment earnings and consumer spending, a high level of the household debt (about 100% of the GDP), a decreasing residential investment as well as a stagnant business investment have been the main factors slowing down Canada’s economic activity and exports growth since late 2018. At the same time, Canada’s economy proved to be highly vulnerable to disruptive external circumstances. The concluding part of the article looks at the recent manifestations and consequences of the most powerful sources of risks for the Canadian economy.