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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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Best Savings Interest Rates in Canada Right Now (July 2026)

 

Updated July 5, 2026


Best Savings Interest Rates in Canada Right Now (July 2026)

With the Bank of Canada holding its overnight rate at 2.25%, savings rates have flattened out — but a handful of banks are still fighting for your deposit with strong promo offers and a few genuinely solid ongoing rates. Here's where your emergency fund and short-term savings can earn the most right now.


Quick take: Promotional rates (4.50%–4.75%) look great on paper but only last 3–5 months, then crash to as low as 0.30%. If you want a rate you can count on for the whole year, an ongoing-rate account like EQ Bank or Neo Financial will usually beat a promo account after the teaser period ends.


Top Promotional Rates (New Account Bonuses)

These are the highest headline rates available right now, aimed at new customers. Read the fine print — the rate drops sharply once the promo window closes.


Bank Promo Rate Length Rate After

BMO Savings Amplifier 4.75% 120 days Requires linked chequing; offer ends Aug 3, 2026

CIBC eAdvantage 4.60% 3 months Drops to tiered rate from 0.30%

Simplii Financial HISA 4.60% 5 months Drops to 0.30%; offer ends July 31, 2026

Tangerine Savings 4.50% 5 months Drops to 0.30%; offer ends July 31, 2026

Coast Capital Savings 3.70% New member bonus Open by July 6, 2026

Best Ongoing Rates (No Expiry Date)

If you'd rather not chase promos every few months, these accounts pay a competitive rate all year round.


Bank Ongoing Rate Notes

EQ Bank Personal Account 2.75% No fees, no minimum balance, unlimited e-transfers

Saven Financial HISA 2.85% Ontario residents only; $25 one-time membership fee

KOHO Everything Plan 3.50% $14.75/month plan fee — do the math before switching

Neo Savings ~2.00%+ Tiered by balance; not available in Quebec

Big Five Banks (TD, RBC) ~0.01%–1.85% Generally the weakest rates on the market

Don't Forget GICs and Registered Accounts

If you can lock your money away for a fixed term, GIC rates are currently running roughly 2.25%–3.85% depending on term length — often beating a HISA's ongoing rate. And whichever account you choose, put it inside a TFSA where you can, since the interest grows completely tax-free. A notice savings account (10–30 day notice period) is another option worth a look if you don't need instant access to your cash — these typically pay a bit more than a fully liquid HISA.


How to Pick the Right Account

Emergency fund: prioritize full liquidity — a HISA over a GIC.

Saving for something 1–3 years out: compare a GIC ladder against a top ongoing-rate HISA.

Chasing a promo rate: fine, but calendar the expiry date and be ready to move your money again.

Over $100,000 saved: split deposits across institutions to stay within CDIC's $100,000 insurance limit per category.

Rates are subject to change without notice and can vary by province. Always confirm current rates directly with the institution before opening an account. This post is for informational purposes only and isn't financial advice.

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