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5 Things to Know Today: BoC Hike Odds Near 80%, Oil Tops US$100, Loonie Hits 5-Week High

  Canadian Money Brief  |  Saturday, October 24, 2026 The Bank of Canada is expected to raise rates on Wednesday, oil is back above US$100 and stocks slipped on AI worries. Here are the five things to know this Saturday, and what each one means for your wallet. 1 The Bank of Canada is widely expected to hike on Wednesday Markets are putting roughly an 80% chance on a quarter-point increase at the Bank of Canada’s Oct. 28 decision, which would lift the policy rate from 2.25% to 2.50%. A majority of economists polled by Reuters also expect a second hike by the end of March. The shift followed hawkish comments from Governor Tiff Macklem about a higher inflation outlook driven by oil. What it means for you Every 0.25-point increase adds about $250 a year (roughly $21 a month) for each $100,000 of prime-linked debt, such as a variable-rate mortgage or HELOC. Fixed-rate holders are not hit directly, but renewals are being priced off higher bond yields. Savers may see HISA and...
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The GST Credit Is Gone: What the New Canada Groceries and Essentials Benefit Means for Your Wallet

 

Canadian Money Brief · Government Benefits

As of today, July 1, 2026, the GST/HST credit no longer exists under that name. It's been replaced by the Canada Groceries and Essentials Benefit (CGEB) — and for most recipients, the cheques (or direct deposits) are about to get bigger.

If you've been getting the GST/HST credit, here's exactly what's changing, how much more you can expect, and when the money actually shows up.

What Actually Changed

The CGEB isn't a brand-new program from scratch — it's the GST/HST credit, renamed and enhanced. The federal government made two moves this year:

  1. A one-time top-up equal to 50% of your 2025–26 annual GST/HST credit amount, which started landing in bank accounts on June 5, 2026.
  2. A permanent-feeling 25% increase to the base benefit, in effect for five years starting with the July 2026 payment, and indexed to inflation.

Both are automatic. If you filed your 2024 tax return and qualified for the GST/HST credit, you don't need to apply for anything.

How Much More You'll Get

Here's the before-and-after for the 2026–27 benefit year, including the one-time top-up:

Household TypeOld Max (2025–26)New Max (2026–27, w/ top-up)
Single adult$533Up to $950
Couple, no kids$698Up to $1,227
Family of four (2 kids)$1,066Up to $1,890

Figures reflect maximum entitlement for lower-income households; actual amounts phase out as adjusted family net income (AFNI) rises above roughly $42,500. After this year's top-up, ongoing annual increases settle at about 25% above the pre-CGEB base — for example, a single adult's steady-state benefit lands around $700/year going forward.

When the Money Lands

The CGEB keeps the same quarterly schedule as the old GST/HST credit:

  • July (this payment reflects the new 25% increase)
  • October
  • January
  • April

If you have direct deposit set up with the CRA, that's the fastest route. If not, expect a cheque in the mail — and it's worth setting up direct deposit through your CRA My Account to avoid delays going forward.

How to Make Sure You Get It

There's no separate application. The CRA calculates your eligibility automatically from your tax return. The one thing that can hold up your payment:

  • Not filing your 2024 tax return. Even with zero income, you need to file to be assessed.
  • Your spouse or common-law partner not filing. The CRA uses your combined adjusted family net income, so both returns need to be on file.
  • Outstanding government debt. If you owe money on prior benefits or taxes, your CGEB payment may be applied to that balance first.

The Bottom Line

The rename might cause some confusion at tax time and on your bank statement — some institutions may still label it "GST/HST credit" for a while as systems catch up. But the substance is a real increase: more money, same schedule, no extra paperwork. If your household qualifies, this July payment should already reflect the higher amount.

Quick tip: If you haven't filed your 2024 return yet, do it now — it's the only thing standing between you and this payment.

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