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 The GST/HST Credit Has a New Name — and a Bigger Payout The GST/HST credit has officially been replaced by the Canada Groceries and Essentials Benefit (CGEB) .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...
RRSP Contributions: Ensure you report any contributions made to your Registered Retirement Savings Plan (RRSP) within the first 60 days of the year to qualify for a tax refund.
First Home Savings Account: Take advantage of the new First Home Savings Account (FHSA) for tax-deductible contributions and tax-free withdrawals for your first home’s down payment.
Medical Expense Tax Credit: Families can claim the non-refundable medical expense tax credit if their total medical expenses exceed the lesser of $2,635 or 3% of net income.
Home Office Expenses: Remote workers can claim home office expenses, though the flat-rate method is no longer available; detailed tracking is required.
By mastering these tax changes and utilizing accounts like the TFSA, Canadians can lighten their tax burden and keep more money in their pockets. Remember, early preparation is key to a stress-free tax season.
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