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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: July 7, 2026



July 7, 2026

Your quick morning rundown of the market and money news shaping Canadians' wallets today.

1. TSX Hovers Near Record Territory After Gold-Led Rally

The S&P/TSX Composite closed at a record high of 35,274.84 on Friday, a gain of 0.88%, powered by a surge in gold mining stocks. The index has stayed close to that record through the start of this week as bullion prices remain elevated. For Canadian investors, especially anyone holding TSX-tracking ETFs in an RRSP or TFSA, the rally has been broad-based across financials and materials, though gains have leaned heavily on gold and mining names rather than the whole market.

2. Gold Steadies Near $4,150 US After a Volatile Start to the Week

Gold is holding around US$4,150 an ounce as investors await Wednesday's Federal Reserve meeting minutes. The metal's strength traces back to Friday's much weaker-than-expected US jobs report, which cooled bets on a near-term Fed rate hike. For Canadians, gold's resilience is a reminder of why many advisors suggest a small allocation as an inflation hedge, though the metal remains well off its January highs above US$5,300.

3. Loonie Stays Under Pressure Near 1.42 to the US Dollar

The Canadian dollar is trading near 70.3 cents US, with USD/CAD sitting around 1.4223. The loonie has weakened roughly 4% over the past year, weighed down by a firmer US dollar, trade uncertainty, and softer domestic data. That's good news if you're paid in US dollars, but it stings for snowbirds, cross-border shoppers, and anyone with upcoming US travel plans, since American goods and services keep getting more expensive.

4. Bank of Canada Survey Shows Souring Business Mood, Higher Inflation Expectations

The Bank of Canada's Q2 Business Outlook Survey, released Monday, showed business sentiment deteriorating for the first time in three quarters, with the share of firms bracing for a recession jumping to 17% from 9%. Both businesses and consumers now expect inflation above 3% over the next year, largely due to energy costs tied to the Middle East conflict. Economists still expect the Bank to hold its key rate at 2.25% at the July 15 decision, since the survey was conducted before oil prices came back down.

5. Wall Street Hits Fresh Records as Tech Trade Turns Choppy

The Dow Jones Industrial Average closed at a fresh record above 53,000 on Monday as investors returned from the long weekend, though chip and tech stocks dragged on the Nasdaq. SpaceX is set to join the Nasdaq-100 index today, and Samsung's preliminary Q2 earnings are also on deck. Strength south of the border tends to spill over into Canadian markets, but the tech wobble is worth watching if your portfolio leans growth-heavy.

Market data as of the morning of July 7, 2026, and subject to change. This article is for informational purposes only and does not constitute financial advice.

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