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 The GST/HST Credit Has a New Name — and a Bigger Payout The GST/HST credit has officially been replaced by the Canada Groceries and Essentials Benefit (CGEB) .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...
Weakness in several sectors, including financials and utilities, led Canada’s main stock index down almost 100 points on Tuesday. Simultaneously, U.S. markets experienced a mixed day of trading. Here’s a closer look at the market dynamics:
Canadian Market Overview
- The S&P/TSX composite index closed down 97.33 points at 21,642.87.
- Industrials, utilities, and base metals were among the sectors that contributed to the decline.
- Investors grappled with ongoing uncertainty surrounding interest rates, which impacted market sentiment.
U.S. Market Insights
- U.S. equity markets showed resilience by bouncing back from Monday’s fall.
- The Dow Jones industrial average gained 63.86 points, closing at 37,798.97.
- The S&P 500 index dipped 10.41 points, settling at 5,051.41.
- The Nasdaq composite declined 19.77 points, ending at 15,865.25.
Interest Rate Tensions
- Recent strong economic data reports have made it clear that the U.S. Federal Reserve won’t cut interest rates as soon as many investors had hoped.
- Fed Chairman Jerome Powell emphasized that the central bank needs more confidence that inflation is sustainably heading toward its target before considering rate cuts.
- Powell’s comments sent “tremors” through the market, leading to an immediate climb in Treasury yields.
Canadian Perspective
- In Canada, the latest inflation data supports the case for the central bank to start cutting rates.
- March’s inflation ticked higher to 2.9%, driven by rising gas prices, but core inflation continued to cool.
- Senior economist Jules Boudreau believes it’s only a matter of time before the Bank of Canada implements rate cuts.
Currency and Commodities
- The Canadian dollar traded at 72.35 cents US, slightly weaker than the previous day.
- Crude oil prices remained steady, with the May contract at US$85.36 per barrel.
- Natural gas prices saw a modest increase, with the May contract at US$1.73 per mmBTU.
In summary, the markets remain on edge due to interest rate uncertainties. Investors are closely monitoring economic indicators and central bank decisions as they navigate this volatile landscape. Stay tuned for further developments.
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