Skip to main content

Featured

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...
Post a Comment
Read more

article

Labels

5 Things to Know Today – June 12, 2026


From the Bank of Canada's fifth straight hold to Trump throwing a wrench into CUSMA talks — here's what every Canadian needs on their radar today.

Thing #1

Bank of Canada Holds at 2.25% — But Two-Way Risk Is Now on the Table

The Bank of Canada kept its overnight rate at 2.25% on June 10 — the fifth consecutive hold — as Governor Tiff Macklem tried to balance two competing threats: sticky energy-driven inflation from Middle East conflict and an economy that's clearly struggling to grow. What made this hold different is Macklem's explicit warning that the next move could go either way — a cut if U.S. tariffs weigh harder on growth, or a hike if oil-price inflation becomes entrenched. The prime rate at major lenders stays at 4.45%. The next decision is July 15, 2026.

Bottom line: If you have a variable-rate mortgage or a line of credit, don't expect relief soon — and don't rule out a hike either. Now is a good time to stress-test your budget against both scenarios.
Thing #2

Trump Says He's "Not Looking to Renew" CUSMA — With One Week to the Deadline

Just as Canada's trade team was cautiously optimistic about renewing the Canada-U.S.-Mexico Agreement before the July 1 deadline, President Trump told reporters Wednesday he is "not looking to renew" the deal. This despite the fact that his own trade officials are still in active negotiations. Trade Minister Dominic LeBlanc, who had traveled to Washington this month pushing for a 16-year renewal, responded by saying there is still "a lot of work to do." Canada has been pitching a "Fortress North America" framing — emphasizing secure supply chains and energy reliability — to stay relevant in the talks. The U.S. is also running separate bilateral discussions with Mexico.

Bottom line: CUSMA uncertainty keeps the pressure on businesses that rely on cross-border trade. Expect continued volatility in sectors like auto, steel, aluminum, and lumber heading into July.
Thing #3

Canada Is Technically in a Recession — But April May Already Be the Turning Point

Statistics Canada confirmed last month that Canada's economy contracted for a second straight quarter — falling 0.1% annualized in Q1 2026 after a 1% drop in Q4 2025. Three of the last four quarters have now posted negative real GDP growth. Weakness in resource extraction, construction, and a fifth consecutive quarterly drop in business investment drove the decline. That said, StatCan's early April estimate points to a sharp 0.4% monthly rebound, led by mining, oil and gas — suggesting the worst may already be behind us. RBC Economics expects a gradual improvement in economic conditions through the rest of 2026.

Bottom line: The "recession" label is technically accurate but may already be stale. Watch Q2 GDP data closely — a rebound would take pressure off the Bank of Canada and possibly open the door to a rate cut later this year.
Thing #4

India Eyes Canadian Oil — A New Export Lifeline for Canada's Energy Sector

Canada's energy sector got a boost this week when India's High Commissioner Dinesh Patnaik told attendees at the Global Energy Show in Calgary that India is actively considering Canada as a crude oil supplier. India's newer refineries are built to handle heavy crude — exactly what Canada produces — making the fit a natural one. Officials from both countries are holding regular meetings on the opportunity. Separately, Abu Dhabi National Oil Company also announced it is exploring Canadian upstream and LNG opportunities. The news comes as Canada looks to diversify its energy export base beyond the United States.

Bottom line: This is meaningful long-term news for the Canadian economy and for Alberta in particular. Energy market diversification reduces Canada's vulnerability to U.S. trade pressure — something that's become impossible to ignore in 2026.
Thing #5

Canada Groceries and Essentials Benefit Payments Are Landing This Month

More than 12 million Canadians are receiving the new Canada Groceries and Essentials Benefit starting in June, delivering up to $1,890 for a family of four this year. The benefit was introduced in the federal government's Spring Economic Update 2026 as a direct cost-of-living measure for lower- and middle-income households. Alongside this, new federal rules are capping non-sufficient funds (NSF) banking fees at $10 and expanding low-cost bank account access — allowing up to 50% more debit transactions for no more than $4 per month.

Bottom line: Check your bank account this month — if you qualify, the payment should already be on its way. The new NSF fee cap is also worth knowing if you've been hit by those charges in the past.
Labels:

Comments

Post a Comment