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The GST/HST Credit Has a New Name — And It's Paying 25% More

  Sunday, July 19, 2026 If you've relied on the quarterly GST/HST credit, that name is gone for good. Here's what replaced it, how much more it's worth, and whether you need to do anything to get it. For years, the GST/HST credit quietly landed in millions of Canadian bank accounts every three months — a modest, tax-free top-up meant to offset sales tax on everyday purchases. As of this month, that program no longer exists under its old name. It's now the Canada Groceries and Essentials Benefit (CGEB) , and the federal government has permanently increased the payment by 25%, locked in for five years. If you already qualified for the GST/HST credit, you don't need to apply for anything new. But you should know what changed, because the numbers — and the timeline — are more involved than a simple rename. What actually changed The CGEB was first announced by the federal government in January 2026 as part of a broader affordability push, and it became law with the passa...
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Banking Made Simple: How to Switch Banks in Canada Without Paying a Dime

 

Switching banks in Canada doesn’t have to feel like a costly leap of faith. With a little planning and attention to detail, you can make the move without racking up unnecessary fees. Here's how to do it:

Step-by-Step Guide to Fee-Free Bank Switching

  • 1. Review Your Current Bank Account
    Check for minimum balance requirements, account closure fees, or penalties for early account termination. Knowing these helps you time the switch properly.

  • 2. Choose Your New Bank Wisely
    Look for promotions like free chequing accounts, waived fees, or sign-up bonuses. Many Canadian banks offer incentives for switching—TD, RBC, Scotiabank, and online banks like Tangerine or Simplii Financial often lead the pack.

  • 3. Open Your New Account First
    Don’t close your old account just yet. Open your new account and set up all required features—especially online banking and direct deposit forms.

  • 4. Transfer Your Automatic Payments & Deposits
    This includes your salary, utility bills, subscriptions, and credit card payments. Give this process a couple of weeks before making the final move.

  • 5. Avoid Overlap Charges
    Coordinate the switch so you’re not stuck paying monthly account fees on both old and new accounts. Most banks charge on a specific day, so align your timing accordingly.

  • 6. Close Your Old Account Confidently
    Once everything’s running smoothly in your new account and any pending transactions clear, close your old account. Ask for written confirmation to avoid surprises.

Pro Tip: Use a bank account switching checklist or speak with a financial advisor if you’re unsure about anything. Some banks even offer concierge-style services to help you transfer everything seamlessly.


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