Thursday, July 9, 2026 Every July, a wave of federal benefit payments resets for the new benefit year — and 2026 brings one of the biggest shifts in years. Between a permanent 25% boost to the old GST/HST credit, a fresh Canada Child Benefit increase, and the largest quarterly OAS bump of the year, millions of Canadian households will see different numbers land in their accounts this month. Here's what actually changed, and what to check in your own CRA account. The GST/HST Credit Has a New Name — and a Bigger Payout The GST/HST credit has officially been replaced by the Canada Groceries and Essentials Benefit (CGEB) . It's not a new program from scratch — it runs on the same CRA infrastructure and eligibility rules — but the payment amounts are 25% higher, and that increase is locked in for five years. The first CGEB payment went out on July 3, 2026. Under the new structure: A single individual with no children can receive up to roughly $679 per year (about $170 per quart...
Futures for Canada’s main stock index tumbled on Wednesday, tracking a decline in commodity prices. Investors are closely monitoring big bank earnings in Canada and awaiting key inflation data from the United States. Here are the key points:
Market Movement:
- March futures on the S&P/TSX index were down 0.6% at 6:52 a.m. ET, mirroring losses in Wall Street peers.
- The Toronto Stock Exchange’s S&P/TSX composite index ended slightly lower on Tuesday, with financial shares offsetting gains in energy.
Energy and Materials Sectors:
- Energy shares are expected to reverse gains due to a 1% decline in oil prices. The prospect of U.S. interest rate cuts and a rise in U.S. crude stocks counterbalances the boost from a potential extension to OPEC+ supply curbs.
- Materials stocks may extend losses as gold prices edge down, influenced by a stronger dollar, and concerns persist about China’s property sector affecting copper prices.
Bank Earnings:
- Investors continue to analyze quarterly earnings from Canadian banks:
- Royal Bank of Canada (RBC) reported a lower first-quarter profit due to larger provisions for loans.
- National Bank of Canada reported a higher first-quarter profit, cushioned by robust performance in its financial markets unit despite increased loan loss provisions.
- Investors continue to analyze quarterly earnings from Canadian banks:
Inflation and GDP Data:
- The U.S. is set to release its gross domestic product (GDP) data for Q4 2023, along with the personal consumption expenditures price index, a key measure of inflation.
- Investors are also awaiting Canada’s GDP reading.
Commodities Snapshot:
- Gold futures: $2,036.4 (-0.4%).
- U.S. crude: $78.1 (-1.0%).
- Brent crude: $82.95 (-0.8%).
The outlook for Canadian banks in 2024 remains uncertain, with mortgage rates and interest rates playing a pivotal role. Unless there are rate cuts, most Canadian banks are expected to report earnings declines. As investors navigate these headwinds, the path forward hinges on economic data and central bank decisions.
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