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 The GST/HST Credit Has a New Name — and a Bigger Payout The GST/HST credit has officially been replaced by the Canada Groceries and Essentials Benefit (CGEB) .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...
With the April 30 deadline swiftly approaching, time is running out for most Canadians to file their 2023 income tax returns. But fear not, procrastinators! It’s not too late to get started. I’ve gathered some essential tips to help you navigate this last-minute scramble:
Understand the Consequences of Filing Late:
- For employees, the deadline is April 30, while self-employed individuals have until June 17 (since June 15 falls on a Saturday).
- Regardless of your employment status, ensure that any outstanding balance is paid by April 30. Failure to do so results in daily compounded interest at an annualized rate of 10%.
- Late-filing penalties are even steeper for repeat offenders. If you owe money to the government, it’s crucial to act promptly.
Claim All Deductions:
- Common mistakes arise from “mistakes of omission.” People often forget to claim eligible deductions.
- Use your previous year’s tax return as a reference to ensure you haven’t missed any potential deductions.
- If you’re unsure about a specific line number, visit the CRA website for explanations.
Use a Checklist:
- Anxiety about being late can be overwhelming. Ease your mind by using a checklist.
- TurboTax Canada provides a 2023 tax checklist to ensure you have all necessary documents.
- Remember, late returns may delay payments for credits and benefits like the GST/HST credit and the Canada Child Benefit.
Pay Attention to Deadlines:
- April 30, 2024: The deadline for most Canadians to file their tax return. Pay any outstanding balance by this date to avoid penalties and interest.
- June 15, 2024: Self-employed individuals have until this date to file. Don’t procrastinate!
Remember, if you’re due for a refund, there’s no penalty for filing late. However, the longer you wait, the longer your refund remains in the government’s hands. So, take that money and put it to good use!
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