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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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Canadian Money Brief: 5 Things to Know Today — May 27, 2026


 

From a blockbuster bank earnings day to a historic energy deal with Europe, here are the five stories driving Canadian markets and your money this Wednesday morning.

1. Big Bank Earnings Are In — All Eyes on RBC, BMO & Scotiabank

It's the biggest day on the Canadian earnings calendar this week. Royal Bank of Canada, Bank of Montreal, Scotiabank, and National Bank of Canada are all reporting their Q2 fiscal 2026 results today. TD Bank follows tomorrow. Heading into the reports, markets have been cautious — the TSX's banking sector was largely flat on Tuesday as investors held off placing big bets ahead of the numbers. All six major banks beat analyst expectations in Q1, so the bar is set high. Watch for any commentary on loan loss provisions and whether executives flag concern about the economic impact of ongoing U.S. tariffs. These results will set the tone for the TSX's largest sector for weeks to come.

2. Canada Signs Historic LNG Deal With Germany

In a landmark announcement, Canada is signing a major liquefied natural gas supply agreement with Germany's state-backed energy company SEFE, sourced from the planned Ksi Lisims LNG facility in northwestern British Columbia. The deal — the first of its kind between Canada and Europe — covers one million metric tonnes of LNG per year and is being formally announced in Vancouver today by Natural Resources Minister Tim Hodgson. The $10-billion floating export facility, developed in partnership with the Nisga'a Nation, Rockies LNG, and Houston-based Western LNG, already has supply agreements with Shell and TotalEnergies in place. B.C. Premier David Eby called the deal a key step toward the project's final investment decision. For Canadian energy investors, it's a significant vote of confidence in domestic LNG exports.

3. TSX Pulls Back From Record Highs on Middle East Tensions

After touching an all-time high earlier this week, the S&P/TSX Composite Index slid back to the 34,000 level on Tuesday as renewed U.S. military strikes in Iran rattled global markets. The attacks stoked fresh uncertainty over the Strait of Hormuz — a critical chokepoint for global oil shipments — reigniting fears of prolonged inflation and a "higher-for-longer" interest rate environment. Mining stocks bore the brunt of the pullback, with gold prices dipping and heavyweights like Agnico Eagle, Barrick Gold, and Wheaton Precious Metals all finishing in the red. Wednesday's trading will hinge largely on the bank earnings results and any further geopolitical developments out of the Middle East.

4. CUSMA Trade Talks Formally Underway — July 1 Deadline Looms

The first round of formal negotiations over the renewal of the Canada-United States-Mexico Agreement (CUSMA) is now officially underway, with markets watching closely. The July 1, 2026 deadline is fast approaching, and U.S. Trade Representative Jamieson Greer has publicly signalled that Washington is "dissatisfied" with key provisions of the current deal. Prime Minister Mark Carney's government has assembled a business and labour advisory council to guide Ottawa's position. For Canadians, the stakes are high: nearly all of Canada's exports to the U.S. are CUSMA-compliant, and analysts warn that a failure to reach an extension could trigger serious trade disruption and weigh heavily on the loonie and economic growth heading into the second half of 2026.

5. Oil Holds Above $94 — Energy Stocks to Watch

Crude oil prices remain elevated, holding above US$94 per barrel, as the ongoing Strait of Hormuz uncertainty keeps a floor under energy markets. While that's a tailwind for Canadian oil producers, stocks in the sector have been trading with mixed signals — benefiting from higher prices on one hand, but facing headwinds from broader market risk-off sentiment on the other. The Canadian dollar is hovering near 72.4 cents U.S., little changed from Tuesday, as traders balance oil's strength against lingering CUSMA uncertainty. Meanwhile, Canadian Natural Resources (CNQ) continues to be a closely watched name after reporting record production of roughly 1.64 million barrels of oil equivalent per day in Q1, along with a raised quarterly dividend.

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