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...
Canada Commits to Buying 12 New Submarines to Boost Defense Capabilities
In a significant move, the Canadian government has announced its intention to acquire 12 conventionally-powered submarines. The decision comes after mounting criticism of Canada’s defense spending by allies, particularly the United States. These new submarines, designed for under-ice operations, will replace the aging Victoria-class boats currently in service.
Key Points:
- Massive Acquisition: The submarine program is estimated to be worth at least $60 billion Canadian dollars, attracting interest from shipbuilders worldwide.
- Sovereignty and Security: With the longest coastline globally, Canada aims to protect its sovereignty and contribute to the security of its partners and NATO allies.
- GDP Target: The investment in submarines will help Canada meet the 2 percent GDP target for defense spending.
- Procurement Process: The Department of National Defence is engaging with manufacturers and potential partners, with a formal request for information expected in fall 2024.
- Global Interest: Shipbuilders from Sweden, Germany, Spain, France, Japan, and South Korea are among those vying for the contract.
This strategic move underscores Canada’s commitment to enhancing its naval capabilities and ensuring maritime security in a changing world. The acquisition of these submarines represents a significant step forward for the Canadian Armed Forces and reinforces their role within NATO.
Note: The exact cost, delivery timeline, and specific shipbuilders are yet to be confirmed, but this announcement signals a decisive shift in Canada’s defense posture.
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