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 The GST/HST Credit Has a New Name — and a Bigger Payout The GST/HST credit has officially been replaced by the Canada Groceries and Essentials Benefit (CGEB) .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...
As 2024 unfolds, many Canadians find themselves facing mortgage renewals amid a backdrop of rising interest rates. If you’re among them, fear not! Here’s a concise guide on how to navigate your mortgage renewal and secure the best rate:
- Renewal Statement: If your mortgage is with a federally regulated financial institution (such as a bank), they are legally required to provide you with a renewal statement at least 21 days before your maturity date (the last day of your existing mortgage term). Most lenders reach out even earlier, typically between four and six months in advance.
- Interest Rate Offer: As part of this communication, your lender will present you with a new interest rate. Be prepared—the landscape has changed. While sub-3% rates were common in 2019, the average interest rate for a five-year fixed mortgage now stands at 5.29%. Brace yourself for potential payment increases.
- The Reality: Two years of aggressive interest rate hikes have left their mark. By the end of 2024, the Bank of Canada predicts that 65% of Canadians will experience an increase in their mortgage payments.
- Average Increases: A Bank of Canada analysis from last year revealed that those renewing in 2024 with a variable-rate mortgage and fixed payments could face an average increase of 24.5%. Meanwhile, those with a fixed-rate mortgage (term less than five years) might see an increase of 23.1%.
- Existing Lender Advantage: If you’re renewing with your current lender, you won’t need to re-qualify or prove affordability at these higher rates. However, switching lenders requires going through the qualification process.
- Shop Around: Don’t settle for the first offer. Explore other lenders and compare rates. Negotiate with your current lender—they might offer a discounted interest rate below what’s quoted in your renewal letter.
- Be Prepared: Gather proof of offers from other financial institutions or mortgage brokers. Having this information on hand will empower you during negotiations.
Mortgage renewals can be daunting, but with the right approach, you can secure a favorable rate. Remember, knowledge is power—so stay informed, compare options, and make the most of your mortgage renewal in 2024.
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