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Start Saving Now for September: Your RESP Checklist Before the School Year Hits

  Canadian Money Brief · Family Finance September feels a long way off on July 1. That's exactly why now is the right time to look at your child's RESP — not in late August when the school supply list arrives and the grant math gets rushed. If you have a Registered Education Savings Plan (or you've been meaning to open one), here's what to check right now, and why the calendar year — not the school year — is what actually matters. Why July, Not August The Canada Education Savings Grant (CESG) — the government's 20% match on RESP contributions — runs on the calendar year , not the school year. Grant room for 2026 resets on a January-to-December basis, and it doesn't carry any special "back to school" deadline. But summer is genuinely the best time to check your numbers, for three reasons: You still have six full months left in the year to top up if you're behind. Contributions made now have more time to grow before your child needs the money. You av...
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5 Things to Know Today: New Grocery Benefit, Bigger OAS Cheques and a Trade Deadline

 

July 1, 2026 — Your quick morning briefing on what's moving Canadian wallets today.

Happy Canada Day! Between a brand-new grocery benefit, bigger government cheques, and a high-stakes trade meeting in Ottawa, there's a lot happening behind the fireworks. Here are the five things every Canadian should know today.

1. The Canada Groceries and Essentials Benefit officially launches

Starting July 3, the new Canada Groceries and Essentials Benefit (CGEB) replaces the GST/HST credit, delivering quarterly payments that are 25% higher than before. The boost is meant to run for five years and will land alongside the July, October, January, and April payment cycle. You don't need to apply — eligibility is calculated automatically from your 2025 tax return, so filing on time matters more than ever this year.

2. OAS gets its biggest quarterly bump of 2026

Old Age Security payments rise 1.2% for the July-to-September quarter — the largest cost-of-living adjustment seniors have seen so far this year. The OAS recovery tax threshold for the new July 2026-to-June 2027 period also shifts higher, so it's worth checking your Service Canada account to see your updated deposit amount before the next payment date.

3. Canada Child Benefit amounts increase for the new benefit year

The CCB benefit year resets in July, with a 2% inflation bump pushing the maximum annual amount higher for kids under six and for those aged six to 17. Because the recalculation is based on your 2025 tax return, families whose income dropped last year could see a noticeably bigger deposit starting this month — and those whose income rose may see a smaller one.

4. The Advanced Canada Workers Benefit kicks off a new cycle

Lower-income workers should watch for the next Advanced Canada Workers Benefit payment landing July 10, the first of a new advance cycle with higher income thresholds and inflation-indexed amounts. It's an easy one to miss if you're not signed up for direct deposit, so this is a good week to double check your CRA My Account details.

5. Canada, the U.S., and Mexico sit down to review the trade agreement

Officials from all three countries are meeting today to review the trilateral trade agreement, following a stretch of heightened tension between Ottawa and Washington. Nothing is finalized yet, but any shift here has ripple effects for cross-border pricing, the loonie, and Canadian exporters — worth keeping an eye on over the coming days.

Bottom line: More money is flowing into Canadian bank accounts this month through the new grocery benefit, bigger OAS, and updated CCB amounts — but the size of your deposit depends on your 2025 tax return being filed and up to date. If you haven't filed yet, that's job one this week.

This article is for general informational purposes and does not constitute financial advice. Confirm your personal benefit amounts through CRA My Account or My Service Canada Account.

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