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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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Retirement in Canada 2025: Chasing the $1.54 Million Dream

 


How Much Do You Need to Retire in Canada in 2025?

Retirement planning in Canada has taken on new urgency in 2025, as inflation, housing costs, and longer lifespans reshape financial expectations. According to the latest BMO Retirement Survey, Canadians now believe they need $1.54 million to retire comfortably—a slight dip from 2023’s $1.67 million estimate, but still a steep climb from previous years.

Key Insights:

  • Couples aim for $1.54 million for a 25-year retirement.
  • Individuals target around $810,000.
  • RRSP contributions have surged to an average of $7,447 per year, a record high.
  • 76% of Canadians worry they won’t have enough saved due to inflation.

Popular Retirement Rules:

  • 70% Rule: Aim to replace 70% of your pre-retirement income annually.
  • 4% Rule: Withdraw 4% of your savings each year to preserve your nest egg.
  • Multiply by 25: Estimate your annual retirement needs and multiply by 25 to find your savings goal.

Income Sources to Consider:

  • Canada Pension Plan (CPP) – starts at age 60
  • Old Age Security (OAS) – begins at 65
  • Guaranteed Income Supplement (GIS) – for low-income seniors
  • RRSPs and RRIFs
  • Employer pensions and non-registered savings

Ultimately, retirement goals are deeply personal. Your lifestyle, location, health, and debt load all play a role. But with rising costs and longer retirements, Canadians are saving more aggressively than ever—and rethinking what “comfortable” really means.

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