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...
Whether your child is a newborn, working a part-time job, or considering applying to university, there are essential benefits and credits that parents should be aware of as tax season approaches. As a parent, understanding these opportunities can significantly impact your financial well-being. Let’s explore some key points:
1. Canada Child Benefit (CCB)
The Canada Child Benefit (CCB) is a tax-free monthly payment administered by the Canada Revenue Agency (CRA). It aims to assist eligible parents with the cost of raising children. Here’s what you need to know:
- Maximum Benefit: For children under six, the maximum annual benefit is $7,437 ($619.75 per month). For children aged six to 17, it’s $6,275 ($522.91 per month).
- Sign Up: Remember to sign up and apply for the CCB promptly, as there’s no retroactive payment. It begins once you’ve enrolled.
2. Childcare Expenses
Childcare costs can be substantial, but parents can claim certain expenses on their annual tax return. Here’s how it works:
- General Amount: Parents can claim up to $8,000 for children under seven and $5,000 per child aged seven to 16.
- Additional Amounts: Children with disabilities may qualify for additional amounts.
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