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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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Trump’s Rate Cut Push Revives Fears of Fiscal Dominance

 

                                 U.S. President Trump tours the Federal Reserve Board building in Washington, D.C.   

As U.S. debt levels soar and inflation remains stubbornly above target, former President Donald Trump’s renewed calls for aggressive interest rate cuts have reignited debate over “fiscal dominance”—a scenario where central banks prioritize government financing needs over inflation control.

Trump has urged the Federal Reserve to slash its benchmark rate by three percentage points, arguing that such a move could save the government $1 trillion annually in interest payments. This pressure comes amid a budget bill passed by the Republican-led Congress that adds trillions to the national debt.

Analysts warn that such political influence risks undermining the Fed’s independence. “Fiscal dominance is a concern,” said Nate Thooft of Manulife Investment Management, citing the potential for higher structural inflation and increased market volatility.

Historically, the U.S. experienced fiscal dominance during and after World War II, when the Fed kept rates low to support war borrowing. That era ended with the 1951 Treasury-Fed Accord, which restored central bank autonomy.

Today, signs of fiscal dominance may already be surfacing. Long-term Treasury yields remain elevated, and the dollar has weakened significantly, suggesting investors are demanding higher compensation for holding U.S. assets amid inflation risks.

While the Trump administration insists it respects the Fed’s independence, critics argue that the push for lower rates reflects a broader strategy to “inflate away” debt rather than reduce it through fiscal discipline.

The Fed’s next policy meeting in September will be closely watched, as markets weigh whether monetary policy will remain focused on inflation—or bend to political pressure.

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