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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: Bank of Canada Holds, TSX Rallies, Oil Eases

 


5 Things to Know Today

Monday, June 15, 2026

1. BoC Holds Rates at 2.25% Amid Economic Weakness

The Bank of Canada confirmed its fifth consecutive rate hold at 2.25% on June 10. Governor Tiff Macklem emphasized the bank is "looking through" energy price shocks while monitoring trade policy uncertainty. The key takeaway for borrowers: mortgage rates remain in holding pattern, but the BoC's shift to calling the economy "weak" signals caution ahead.

2. TSX Approaching 35,000 on Diplomatic Optimism

The S&P/TSX Composite jumped 0.8% Friday to close at 34,938, riding optimism over potential US-Iran negotiations. Financial stocks led (TD +1.1%, BMO +1.2%), while mining names advanced despite soft gold prices (Agnico Eagle +3.4%). The rebound signals investor appetite returning, though geopolitical uncertainty remains the key wild card.

3. Strait of Hormuz Breakthrough Could Ease Oil Pressure

Reports suggest a US-Iran memorandum to reopen the Strait of Hormuz could be signed this week at the G7 summit. Oil prices eased Friday as a result, reducing inflation concerns. For Canadian households, softer energy costs could translate to lower gas prices and take pressure off your wallet—though Middle East developments remain fluid.

4. Inflation Holding Above Target at 2.8% (April Data)

April inflation came in at 2.8%, above the BoC's 2% midpoint target, though core inflation eased to 2.1%. Energy prices drove the headline print, but the central bank notes limited pass-through to other sectors. Watch for this week's retail sales and manufacturing reports to confirm whether Q2 growth is truly resuming after Q1's contraction.

5. Critical Economic Data Drops This Week

Monday brings April manufacturing and wholesale sales reports, with Friday's retail sales data closing the week. RBC Economics expects wholesale strength to persist while retail shows stabilization. These reports are crucial for confirming the BoC's outlook of renewed Q2 growth after the economy contracted in Q1 2025. Better-than-expected data could reshape rate expectations.

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