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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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5 Things to Know Today (June 30): GDP Data, TSX Close, Ontario Insurance

 



Tuesday, June 30, 2026

Fresh GDP numbers landed this morning, the TSX wrapped up Monday in the green, and Ontario drivers have a deadline starting tomorrow. Here's everything you need to know to start your Tuesday informed.

1 April GDP Data Is Out

Statistics Canada released April GDP-by-industry numbers this morning, along with an early advance read on May. The release lands against a tricky backdrop: real GDP edged down slightly in both the fourth quarter of 2025 and the first quarter of 2026, putting Canada right at the edge of a technical recession. Most economists stop short of calling it one outright, pointing to one-off factors — a surge in gold imports chief among them — that distorted the headline number more than the underlying economy did. Forecasters had been pencilling in an April rebound of roughly 0.4%. We've got the full breakdown of today's release, and what it means for rate-cut odds, in a separate post on the site.

2 TSX Closes Higher, Markets Shut Wednesday

The TSX Composite closed Monday at 34,823.82, up about 0.37%, helped along by stability in energy prices and a steady banking sector even as U.S. tech names had a rougher day. Housekeeping note: Canadian markets are closed Wednesday for Canada Day, so it's a shortened trading week. The next real catalyst is Thursday's U.S. jobs report, which tends to move Canadian markets almost as much as American ones given how tightly linked the two economies are.

3 Loonie Holds Near 1.42, Oil Stays Calm

The Canadian dollar is sitting around 1.42 against the U.S. dollar, while West Texas Intermediate crude is trading in the high-$60s to low-$70s a barrel. Both are reacting to the same headline: cautious optimism that a ceasefire between the U.S. and Iran is holding, which has kept oil from spiking the way it did earlier this year. If you're planning summer travel south of the border or sitting on USD savings, it's worth watching this one — the range has been quiet, but geopolitical headlines can move it fast.

4 Ontario Drivers: Insurance Changes Start Tomorrow

If you're an Ontario driver, tomorrow's the day. Starting July 1, several accident benefits that used to come automatically with every policy — income replacement, caregiver benefits, non-earner benefits, and a few others — become optional add-ons. Only medical, rehabilitation, and attendant care benefits stay mandatory by default. Existing policies renew with your current coverage unless you actively choose to reduce it, but anyone shopping for a new policy, or renewing after July 1, will need to make an active choice about what to add. We covered this reform in detail in a previous post if you want the full list of what's changing and the questions worth asking your broker.

5 Mark the Calendar: BoC Decision Is July 15

Circle July 15 — that's the Bank of Canada's next interest rate announcement. The Bank has held its policy rate at 2.25% all year so far, and most economists still expect a hold given how soft growth has been, though a few have nudged up their odds of a hike given inflation running a touch hot on higher energy prices. If you've got a mortgage renewing this summer, it's worth finishing your rate-shopping homework before that date rather than after.

That's your Tuesday brief. Check back tomorrow for the next Canadian Money Brief.

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