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5 Things Every Canadian Should Know About Their Money Today

Published: April 26, 2026 · moneysavings.ca/canadian-money-brief The week is shaping up to be a busy one for Canadian wallets. From a federal budget update to record household debt, here are the five things you need to know today. 1. The Spring Economic Update Lands Monday Finance Minister François-Philippe Champagne is set to table the Spring Economic Update 2026 on April 28 — just two days away. The government has promised to outline its plan to build "the strongest economy in the G7," with further actions to drive prosperity and support Canadians. Whether that means tax relief, new spending, or trade-war cushions, Canadians should pay close attention: what gets announced Monday could directly affect your tax bill, your mortgage rate outlook, and government benefit amounts. What to watch for: any changes to the GST/HST credit, housing incentives, or tariff-offset support for workers. 2. Your Household Debt Is Still Climbing Statistics Canada's latest data pa...
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Understanding the New GST Cuts: What’s Included and What’s Not

 

The Canadian government has announced a temporary Goods and Services Tax (GST) break to help ease the financial burden on Canadians during the holiday season. This initiative, effective from December 14, 2024, to February 15, 2025, aims to provide significant relief by removing the GST/HST on a variety of essential items.

What’s Included in the GST Cuts?

The GST cuts will apply to a broad range of goods, making many everyday purchases more affordable. Here are the key items included:

  1. Groceries: While basic groceries are already GST-free, the new cuts extend to additional food and beverage items, including:

    • Alcoholic beverages (excluding spirits but including wine, beer, ciders, and spirit coolers up to 7% ABV) .
    • Restaurant meals and snacks .

  2. Children’s Essentials:

    • Clothing and footwear designed for children, including baby bibs, bunting blankets, and receiving blankets .
    • Diapers and children’s toys .

  3. Holiday Essentials:

    • Gifts, books, print newspapers, puzzles, and Christmas trees .

What’s Not Included?

Despite the extensive list of items covered, some goods remain subject to GST/HST. These include:

  • Luxury Items: High-end electronics, jewelry, and other luxury goods.
  • Non-Essential Services: Services such as spa treatments, gym memberships, and entertainment tickets.
  • Certain Alcoholic Beverages: Spirits and high-alcohol content beverages are excluded from the tax break .

This temporary GST relief is expected to save Canadians an estimated $1.6 billion over the two-month period, providing much-needed financial relief during a time of year when expenses typically rise .

By understanding what’s included and what’s not, Canadians can better plan their holiday spending and take full advantage of the savings offered by this initiative.


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