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 The GST/HST Credit Has a New Name — and a Bigger Payout The GST/HST credit has officially been replaced by the Canada Groceries and Essentials Benefit (CGEB) .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...
Many Canadians are feeling the pinch of the rising cost of living, and cutting expenses may not be enough to make ends meet. Financial experts say that increasing your income is a better strategy than slashing your budget to the bone.
Here are some ways to boost your income according to experts:
1. Negotiating a higher salary at your current job is a good first step. Do your research on the market value of your skills and achievements, and being prepared to make your case for a raise.
2. Diversifying your income sources by selling your unwanted items, renting out your space or possessions, or starting a side hustle. However, these options may require trade-offs in terms of time or privacy.
Many professionals in this field agree that boosting your income is more effective than cutting your expenses in the long run. You should be looking for opportunities to use your skills, hobbies, or passions to generate extra income, while being mindful of the tax implications.
Also seeking professional advise if you are struggling with debt or budgeting, as there may be solutions that you are not aware of. Increasing your income can help you achieve your financial goals and improve your quality of life.
Comments
Post a Comment