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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 8, 2026

 



The Bank of Canada's big moment arrives in 48 hours. Here's everything moving your money this Monday morning — from an OPEC+ output hike to a loonie struggling to keep pace with oil.

Bank of Canada
1

The Rate Decision Is Two Days Away — And Economists Expect a Hold

The Bank of Canada announces its overnight rate decision this Wednesday, June 10, at 9:45 a.m. ET, with a press conference from Governor Tiff Macklem to follow at 10:30 a.m. The rate currently sits at 2.25%, and the overwhelming consensus is that it stays there. Economists at TD, CIBC, National Bank and Desjardins all point to the same impossible bind: a technical recession and softening labour market would normally call for a cut, but oil-driven inflation — sitting above the Bank's 2% target — makes easing difficult to justify. Adding to the uncertainty, U.S. CPI data for May drops the same morning, which could shift bond markets mid-session. Wednesday is a big day for your mortgage rate outlook. Watch this space for our full reaction piece.

Oil & Energy
2

OPEC+ Approves Another Output Hike — But Strait Relief Remains Distant

OPEC+ ministers met over the weekend and approved a fourth consecutive production quota increase since the Strait of Hormuz closure began in late February. The bump is modest, and analysts caution that it does little to resolve the underlying supply crunch — oil industry experts who briefed OPEC+ in Vienna last week warned that even if the Strait reopened tomorrow, supply disruption would persist through the end of 2026. Mines need clearing, damaged infrastructure needs repair, and shut-in fields take months to restart. WTI crude has been trading above US$94 a barrel, well above the US$60 projected in the Bank of Canada's January forecast. That gap is the single biggest driver of Canadian inflation right now.

Canadian Dollar
3

The Loonie Isn't Benefiting From Oil's Surge — Here's Why

In a normal energy cycle, surging oil prices lift the Canadian dollar. Not this time. Since the Middle East war erupted in February, WTI crude has climbed roughly 34% while the loonie has actually slipped against the U.S. dollar. The USD/CAD pair was trading around 1.39 as of last week. CIBC strategist Noah Buffam explains that the loonie is responding more to "risk-off" sentiment than to oil prices — investors are treating global uncertainty as a reason to buy U.S. dollars, not Canadian ones. The widening gap between Canadian and U.S. interest rate expectations is adding further pressure. For Canadians, this means imported goods stay expensive even as Canadian energy producers benefit. It's a split-economy story that doesn't resolve cleanly.

Jobs & Economy
4

Canada's Jobs Picture Brightened in May — But Over 110,000 Jobs Are Still Gone in 2026

Canada's May jobs report came in stronger than feared, a welcome data point for an economy that has shed more than 110,000 positions so far this year. But the good news comes with a caveat: wage growth is still running ahead of productivity, which CPA Canada flagged as an emerging imbalance. "It's a question of how long that can continue," the organization noted. Meanwhile, the manufacturing sector has absorbed real damage from ongoing U.S. tariff policies, and the future of CUSMA — Canada's trade deal with the U.S. and Mexico, currently under joint review — remains a major source of investment uncertainty. The jobs rebound eases pressure on the Bank of Canada to cut rates this week, but it doesn't resolve the broader fragility of the Canadian economy.

Housing & Mortgages
5

Fixed Mortgage Rates Are Already Moving — Even Before Wednesday's Decision

Here's something many Canadians don't realize: fixed mortgage rates in Canada are driven by bond yields, not the Bank of Canada's overnight rate. And bond yields have already moved higher in response to oil-driven inflation and rising U.S. rate expectations. Some lenders have quietly adjusted their fixed-rate offerings upward in recent weeks. Scotiabank has forecast the overnight rate could rise to 2.75% by year-end if energy prices remain elevated. For anyone renewing a mortgage this year — and millions of Canadians are — Wednesday's decision and accompanying press conference language will matter more than the headline number itself. Macklem's tone on inflation will set the direction for fixed rates through the summer.

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