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Canada's GDP Report Is Out Today — Here's What It Means for Your Wallet

Canada GDP Report June 2026 — MoneySavings.ca This morning, Statistics Canada releases its GDP by industry data for April 2026 — along with a flash estimate for May. The timing couldn't be more significant: Canada has technically entered a recession, and the Bank of Canada's next rate decision is just two weeks away on July 15 . Here's what today's report means for your mortgage, your job, and your savings — in plain English. What Is GDP and Why Does Today's Number Matter? GDP — Gross Domestic Product — is the broadest scorecard for how well Canada's economy is performing. It measures the total value of everything the country produces: goods, services, output across every industry. When GDP grows, businesses expand, hiring picks up, and incomes tend to rise. When it shrinks, the opposite happens. Today's release covers April 2026 data, plus Statistics Canada's advance estimate for May. The number that comes out this morning will either confirm that Cana...
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GST/HST Credit Eligibility Criteria for 2024




The GST/HST credit is a tax credit offered to low- and modest-income households in Canada. It is a tax-free quarterly payment that helps offset the GST or HST paid on goods and services. You are eligible for the GST/HST credit if you are a Canadian resident over the age of 19. A Canadian resident earning below $52,255 annually is eligible to apply for the GST/HST tax credit. The annual earnings limit increases to $62,175 for a single parent with two children, and for a married couple with three children, the adjusted family income should be lower than $65,595.

The GST/HST tax credit amount varies based on the individual’s income and family size. An individual is eligible to receive up to $496 in tax refunds. Moreover, the tax credit amount rises to $650 for married couples, while for every child below the age of 19, the payout is raised by an additional $171.

The GST/HST tax credit for the 2022 base year will be distributed between July 2023 and June 2024. The last GST/HST tax credit distribution date was on January 5, 2024.

It is important to note that the eligibility criteria and tax credit amounts are subject to change. For the most up-to-date information, please visit the official website of the Canada Revenue Agency.

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