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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 Oil Jumps and Wall Street Wavers on Renewed U.S.-Iran Tensions

 

Thursday, July 9, 2026

Global markets are digesting another bout of Middle East risk this week. Wednesday's session saw a fresh flare-up between the U.S. and Iran send oil prices sharply higher, rattling equities in Toronto, New York and across Europe, even as Asian markets bounced back into Thursday's session. Here's your rundown of where the major indexes, commodities and the loonie stand heading into today.

🇨🇦 Canadian Markets: TSX

The S&P/TSX Composite Index fell 336.79 points, or 0.96%, to close Wednesday at 34,935.80, down from Tuesday's close of 35,272.59. The pullback came as renewed U.S.-Iran hostilities pushed oil prices higher, which typically helps Canada's energy-heavy index — but this time, financials and mining stocks led the retreat as gold prices slid and rate-cut hopes cooled. Agnico Eagle Mines and Barrick Gold each fell more than 2%, while Wheaton Precious Metals dropped about 2% on the back of weaker gold. Tech names also weighed on the index, with Shopify and Constellation Software each down roughly 4%.

Investors are now looking ahead to the Bank of Canada's July 15 rate decision, where markets widely expect the central bank to hold its key rate steady at 2.25%.

🇺🇸 U.S. Markets

Wall Street closed mixed on Wednesday as oil-driven inflation worries weighed on blue chips while tech held up better:

  • Dow Jones Industrial Average: down 576.76 points (-1.09%) to 52,348.39
  • S&P 500: down 0.28% to 7,482.71
  • Nasdaq Composite: up 0.20% to 25,870.65

The split reflected a rotation: energy and defensive names gained ground on the oil spike, while several megacap tech stocks helped keep the Nasdaq in positive territory. The 10-year U.S. Treasury yield ticked up to around 4.59%, and minutes from the Federal Reserve's June meeting, released Wednesday, underscored the Fed's ongoing concern about inflation risk even as labour-market worries have eased.

🇬🇧🇩🇪🇫🇷 European Markets

Europe bore the brunt of Wednesday's selloff, with all three major bourses closing sharply lower on the geopolitical escalation:

  • FTSE 100 (UK): down 176.84 points (-1.66%) to 10,489.04
  • DAX (Germany): down 567.80 points (-2.23%) to 24,897.45
  • CAC 40 (France): down 183.58 points (-2.18%) to 8,252.66

Banking and defence-sensitive names led declines, with German and French banks among the hardest hit. However, European futures were pointing higher heading into Thursday's session, with the Euro Stoxx 50 and Stoxx 600 rebounding as oil prices eased slightly from Wednesday's spike.

🌏 Asian Markets

Asian markets shrugged off the Middle East jitters in Thursday's session, closing broadly higher:

  • Nikkei 225 (Japan): up 1.38% to 67,743.85
  • Kospi (South Korea): up 0.62% to 7,291.91
  • ASX 200 (Australia): down 0.26% to 8,762.50

Tech and chipmaker stocks led the gains in Tokyo and Seoul, supported by strong demand signals from the semiconductor sector, even as Australia's benchmark lagged slightly.

🛢️ Commodities & the Canadian Dollar

  • WTI Crude Oil: settled at $73.52 USD/barrel, up 4.37%
  • Brent Crude Oil: settled at $78.19 USD/barrel, up 5.43%
  • Gold: trading around $4,075 USD/oz, roughly flat after touching a one-week low near $4,030 on Wednesday
  • Canadian Dollar (USD/CAD): 1.4178, with the loonie little changed at roughly 70.5 U.S. cents

Oil's sharp move higher is the story to watch this week. Both benchmarks are now up more than 5% since Monday as the U.S. and Iran exchanged fresh strikes, reviving fears about disruptions through the Strait of Hormuz — a key artery for global crude shipments. Higher energy prices are a double-edged sword for Canada: good news for oil-producing provinces and the TSX's energy weighting, but a potential headache for the Bank of Canada if it feeds through to pump prices and headline inflation ahead of next week's rate decision.

💡 What This Means for You

  • At the pump: Expect gas prices to creep higher in the coming days as crude costs work their way through to the retail level.
  • Your portfolio: If you hold Canadian bank or growth/tech stocks, Wednesday's pullback is a reminder of how sensitive markets remain to Middle East headlines — volatility may persist heading into the BoC's July 15 decision.
  • Mortgage & savings rates: With the Bank of Canada expected to hold at 2.25% next week, don't expect near-term relief on variable rates, but savings account and GIC rates should stay attractive for now.

Market data sourced from TMX Money, CNBC, Trading Economics and Bank of Canada as of market close/session times noted above. This article is for informational purposes only and does not constitute financial advice.

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