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Canada Groceries & Essentials Benefit: Free Money Hits Your Account June 5 — Are You Getting Yours?

If you're a low- or modest-income Canadian, there's a very good chance the government is about to deposit money directly into your bank account — on June 5, 2026 — with zero application required. It's called the Canada Groceries and Essentials Benefit (CGEB) , and it's replacing the old GST/HST credit with a bigger, better payout. The first step? A one-time bonus payment arriving in less than two weeks. Here's everything you need to know to make sure you don't miss it. What Exactly Is This Payment? The federal government is transitioning away from the GST/HST Credit and launching the new Canada Groceries and Essentials Benefit (CGEB) starting July 2026. As a bridge to that new program, every current GST/HST credit recipient will receive a one-time lump-sum top-up on June 5, 2026 — equal to 50% of their annual 2025–26 GST/HST credit . Think of it as a bonus cheque (or direct deposit) to help you cover rising grocery and essentials costs right now, before the n...
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New CRA Rules for ‘Bare Trusts’: What You Need to Know

 


The Canada Revenue Agency (CRA) has introduced new reporting requirements for trusts, and it’s essential for Canadians to understand how these changes may impact their tax filings.

Starting from December 31, 2023, all trusts, unless specific conditions are met, must file a T3 Trust income tax and information return (T3 return) along with a Schedule 15 (Beneficial Ownership Information of a Trust). This means that many trusts, including bare trusts, will need to file for the first time.

What Is a Bare Trust?

A bare trust is a simple form of trust where the trustee holds legal title to the trust property, but the beneficiary has the right to all income and capital. These trusts are often used for estate planning, holding property for minors, or managing assets on behalf of someone else.

Key Points:

  1. Annual Filing: Affected trusts must now complete an annual T3 return, including the Schedule 15, for tax years ending after December 30, 2023.
  2. Additional Information: Trusts must provide additional information about reportable entities, including trustees, settlors, beneficiaries, and controlling persons.
  3. Exemptions: Some trusts, such as registered plans and qualified disability trusts, are exempt from these new rules.
  4. Trust Account Number: Before filing, ensure you have a trust account number. Obtain it instantly through the CRA’s online services.
  5. Deadline: The deadline for filing the T3 return and Schedule 15 is 90 days after the trust’s tax year-end. For most trusts, this is December 31, 2023.

Penalties and Relief

The CRA has clarified that it won’t apply gross negligence penalties for non-filing of 2023 bare trust returns except in “egregious cases” of gross negligence. However, it’s crucial to stay informed and meet the filing requirements to avoid any potential penalties.

As tax season approaches, consult your tax advisor or visit the CRA website for detailed guidance on complying with the new rules for bare trusts.

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