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 The GST/HST Credit Has a New Name — and a Bigger Payout The GST/HST credit has officially been replaced by the Canada Groceries and Essentials Benefit (CGEB) .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...
The 2024 federal budget in Canada has introduced several measures that directly affect your financial well-being. Let’s explore seven key ways this budget impacts you:
Capital Gains Inclusion Rate Increase:
- The budget proposes raising the capital gains inclusion rate from 50% to 66.67% for corporations, trusts, and individuals (for capital gains exceeding $250,000) on or after June 25, 2024.
- This change affects how much tax you pay when selling assets like stocks, real estate, or businesses.
Employee Stock Options:
- If you receive employee stock options, the taxable benefit deduction will be reduced to 33.33% (from 50%) due to the higher capital gains inclusion rate.
- However, you can still claim a combined deduction of up to $250,000 for both stock options and capital gains.
Net Capital Losses:
- Prior-year net capital losses can offset taxable capital gains in the current year, even after the rate change.
- This means losses realized before the rate increase can fully offset equivalent gains afterward.
Affordable Housing Initiatives:
- The budget aims to build more affordable homes, addressing the challenge of elevated living costs.
- While there are no changes to personal tax brackets, housing affordability remains a priority.
Alternative Minimum Tax (AMT):
- The budget proposes amendments to AMT proposals, reducing the negative impact on charitable donations’ tax treatment.
- This benefits those who contribute to charities while minimizing their tax liability.
Carbon Tax Offset:
- Although not explicitly mentioned, the budget likely includes measures to offset the carbon tax impact on households.
- These efforts align with environmental goals and may affect your energy costs.
Small Business Investment:
- Expect further investment incentives for small businesses, encouraging growth and job creation.
- The budget aims to boost the economy and support entrepreneurs.
In summary, the 2024 federal budget combines tax changes, housing initiatives, and economic strategies to enhance financial stability for Canadians. Stay informed and adapt your financial plans accordingly.
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