5 Things to Know Today Your morning briefing on what's moving Canadian wallets and markets — Thursday, June 5, 2026. 1 / Benefits Your Grocery Benefit Cheque Lands Today Today is the day millions of Canadians have been watching their bank accounts for. The federal government is issuing a one-time Canada Groceries and Essentials Benefit (CGEB) top-up to more than 12 million eligible Canadians starting June 5, 2026. The payment equals roughly 50% of your annual GST/HST credit entitlement — so if you normally receive that credit, expect to see a notably larger-than-usual deposit. The numbers: a family of four could receive up to $1,890 in 2026 (including the top-up), while a single person could receive up to $950 . Your bank statement may still label the deposit as "GST/HST Credit" or "GST/HST RC150" — that's normal. The full rebrand to CGEB takes effect July 3, 2026, when the regular quarterly payments resume at a permanent 25% increase for the next five...
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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