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 The GST/HST Credit Has a New Name — and a Bigger Payout The GST/HST credit has officially been replaced by the Canada Groceries and Essentials Benefit (CGEB) .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...
As the April 30 tax deadline approaches, it’s crucial to understand the consequences of not filing your tax return in Canada. Whether you owe money or not, failing to meet the deadline can lead to serious repercussions. Let’s dive into what you need to know:
Late Filing Penalty:
- If you owe taxes and miss the filing deadline, the Canadian Revenue Agency (CRA) imposes a late filing penalty. This penalty is calculated as follows:
- Five percent of your 2023 balance owing.
- Additional one percent for each full month you file after the due date, up to a maximum of 12 months.
- In total, you could end up paying 17 percent of any balance you owe.
- If you owe taxes and miss the filing deadline, the Canadian Revenue Agency (CRA) imposes a late filing penalty. This penalty is calculated as follows:
Interest Charges:
- The CRA charges compound daily interest on any balance owing for 2023 that you’re unable to pay by the April 30 deadline.
- The interest rate is approximately 10 percent, and it accumulates daily starting from May 1, 2024.
Severe Actions for Consistent Late Filers:
- If you consistently file late or ignore repeated requests, the CRA can take more severe actions:
- Garnishing wages.
- Freezing bank accounts.
- Placing liens on properties.
- In extreme cases, tax evasion or fraud charges, which may lead to jail time.
- If you consistently file late or ignore repeated requests, the CRA can take more severe actions:
Benefits at Risk:
- Even if you don’t owe money, timely filing is essential to maintain benefits such as:
- Canada Child Benefit (CCB).
- Provincial and territorial payments.
- Failure to file could result in losing these benefits.
- Even if you don’t owe money, timely filing is essential to maintain benefits such as:
Remember, meeting the tax deadline is crucial to avoid penalties, interest, and potential legal consequences. Whether you owe money or not, file your taxes on time to stay on the right side of the CRA!
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