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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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Daily Markets Update: TSX Slips as Wall Street Hits Fresh Records Ahead of Bank of Canada Decision

 

Tuesday, July 7, 2026

Canadian and U.S. markets pulled in opposite directions to start the week, with the TSX easing back from Friday's record close while the Dow and Nasdaq pushed to fresh highs south of the border. Here's what moved markets on Monday, and what's on deck heading into Tuesday's session.

🇨🇦 TSX: Small Pullback After Record Close

The S&P/TSX Composite Index slipped 62.52 points, or 0.18%, to close at 35,212.32 on Monday, giving back a small piece of Friday's record-setting 308-point rally. Healthcare and utilities names led the retreat, while the TSX 60 managed a marginal gain of 0.02% to 2,069.26. The TSX Venture Composite fell further, down 1.50% to 924.21.

The pullback comes just ahead of the Bank of Canada's Q2 Business Outlook Survey and Consumer Expectations Survey, both released Monday morning, with markets now firmly focused on the central bank's rate decision on July 15. The policy rate has held at 2.25% through the spring, and traders are watching closely for any signal on the path ahead as the Bank weighs sticky inflation expectations against a softening U.S. labour market.

Toronto-Dominion Bank shares were in focus after the bank agreed to pay roughly US$3 billion to settle U.S. anti-money-laundering violations, split between the Department of Justice and FinCEN. Despite the penalty, TD posted adjusted second-quarter earnings of $2.38 per share, up from $1.97 a year earlier, and analysts continue to point to the bank's capital position as a reason to watch it after the selloff.

🇺🇸 Wall Street: Dow and Nasdaq Post Fresh Records

U.S. stocks carried last week's momentum into the new trading week. The Dow Jones Industrial Average climbed 155.84 points, or 0.29%, to a record close of 53,055.91, also touching an intraday all-time high during the session. The Nasdaq Composite jumped 1.12% to 26,121.16, while the S&P 500 added 0.72% to close at 7,537.43.

Technology led the advance, with the Technology Select Sector SPDR ETF up almost 2% on a 7% surge in Western Digital and a near-3% gain in Teradyne. Defense stocks also stood out, with the Aerospace & Defense ETF on pace for its longest win streak since February after strong results from AeroVironment.

Tuesday's early tone looked more cautious: Nasdaq futures were down about 1% in premarket trading as semiconductor names including Micron, Western Digital, and Qualcomm came under pressure, even after Samsung reported a jump in quarterly operating profit. Dow futures were modestly higher. Investors are also watching for the Federal Reserve's June meeting minutes, due Wednesday, for fresh clues on the rate path under new Fed Chair Kevin Warsh.

🌍 Global Markets

Overseas, the picture was mixed. London's FTSE 100 slipped 30 points, or 0.28%, to close at 10,649 on Monday, though futures pointed to a modestly higher open Tuesday on strength in energy shares like Shell and BP. Germany's DAX and France's CAC 40 were roughly flat in early Monday trading. In Asia, Hong Kong's Hang Seng climbed 1.14% and Japan's Topix added 0.92%, while Australia's ASX 200 slipped 0.15% as weakness in gold miners offset gains in banks and tech.

💱 Currencies & Commodities

IndicatorLevelNote
USD/CAD1.4199Loonie softer as rate spread with the U.S. widens
WTI CrudeUS$68.34/barrelRange-bound after OPEC+ output increase
Gold~US$4,140-4,150/ozHolding near two-week highs on rate-cut hopes

The Canadian dollar traded softly against the greenback Monday, with USD/CAD closing at 1.4199 and opening firmer near 1.4229 Tuesday morning. Wide interest rate spreads between the Bank of Canada and a Federal Reserve seen as tilting more hawkish continue to weigh on the loonie. Oil stayed range-bound between roughly $67.80 and $69.20 a barrel after OPEC+ confirmed another production increase of 188,000 barrels per day for August. Gold held close to two-week highs after a soft June U.S. jobs report tempered expectations for near-term Fed rate hikes.

👀 What to Watch Today

  • Bank of Canada Q2 Business Outlook and Consumer Expectations Surveys, ahead of the July 15 rate decision
  • Federal Reserve June meeting minutes, due Wednesday, for clues on Chair Kevin Warsh's rate approach
  • Ongoing semiconductor sector weakness weighing on Nasdaq futures
  • U.S. Q2 earnings season kicks off next week with major banks reporting from July 14
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Market data reflects closing figures for July 6, 2026, and pre-market activity for July 7, 2026, and is subject to change. Always consult a licensed financial advisor before making investment decisions.
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