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The GST Credit Is Gone: What the New Canada Groceries and Essentials Benefit Means for Your Wallet

  Canadian Money Brief · Government Benefits As of today, July 1, 2026, the GST/HST credit no longer exists under that name. It's been replaced by the Canada Groceries and Essentials Benefit (CGEB) — and for most recipients, the cheques (or direct deposits) are about to get bigger. If you've been getting the GST/HST credit, here's exactly what's changing, how much more you can expect, and when the money actually shows up. What Actually Changed The CGEB isn't a brand-new program from scratch — it's the GST/HST credit, renamed and enhanced. The federal government made two moves this year: A one-time top-up equal to 50% of your 2025–26 annual GST/HST credit amount, which started landing in bank accounts on June 5, 2026. A permanent-feeling 25% increase to the base benefit, in effect for five years starting with the July 2026 payment, and indexed to inflation. Both are automatic. If you filed your 2024 tax return and qualified for the GST/HST credit, you don'...
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S&P 500 Inches Closer to Record High Amid Optimism About Fed’s Policy and Year-End Effect

 

The S&P 500 index closed just shy of a new record high on Thursday, with the broad index gaining 0.04%. The tech-heavy Nasdaq Composite fell 0.03%, while the Dow Jones Industrial Average rose 0.1%. Markets are ending 2023 on a hot streak, with all three indexes on pace for a ninth consecutive weekly gain. For the S&P 500, that would mark the longest streak since January 2004. The index is now within 0.3% of its all-time high, set in January 2022. With one trading session remaining in 2023, the S&P 500 is up 25%.

Investors are optimistic that the Federal Reserve can successfully cool inflation without inducing a major economic slowdown, which has powered the market’s recent advance. Now, some investors say the looming end of the calendar year is giving markets an extra boost. “Nobody who has caught this rally wants to incur a taxable event,” said Michael Green, chief strategist at Simplify Asset Management. “If nobody wants to sell, prices will push higher on low volume”.

The jobless claims data released by the Labor Department on Thursday indicated a gradual cooling of the economy. Initial jobless claims, considered a proxy for layoffs, were 218,000 in the week ending Dec. 23, slightly more than the 215,000 that economists expected.

Bond yields rose as prices fell, reflecting expectations of higher inflation and interest rates. The yield on the benchmark 10-year Treasury note rose to 3.849%, up from 3.7%.

Some investors are increasing their exposure to energy and industrial stocks, which could benefit from a strong economic recovery. Matt Dmytryszyn, chief investment officer at Telemus Capital, said his fund is boosting its position in shares of energy and industrial firms.


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