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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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Navigating Interest Rate Changes: What Savers, Investors, and Borrowers Need to Know

 Bank of Canada

As the financial landscape shifts, understanding interest rates becomes crucial for anyone managing their money. Let’s explore how these changes impact different groups:

1. Savers: High-Interest Savings Accounts (HISAs)

High-Interest Savings Accounts (HISAs) offer an opportunity for savers to earn more on their deposits. Here are some top HISAs in Canada:

  1. EQ Bank Personal Account: With a 4.00% rate (including a 1.50% bonus for direct deposits), EQ Bank provides a competitive option.
  2. LBC Digital High-Interest Savings Account: Offers a 3.00% rate.
  3. Motive Savvy Savings Account: Boasts a 4.10% rate.
  4. Simplii Financial High Interest Savings Account: A 6.00% rate for the first 5 months.

Remember, HISAs provide liquidity—no penalties for withdrawals—unlike Guaranteed Investment Certificates (GICs). While GIC rates have surged recently, HISAs remain flexible.

2. Investors: Nominal vs. Real Interest Rates

Investors should understand the difference between nominal and real interest rates. Nominal rates represent the cost of borrowing or return on investments, while real rates account for inflation. Consider both when making investment decisions.

3. Borrowers: Impact of Rate Hikes

Higher interest rates benefit savers but can be challenging for borrowers. As the Bank of Canada holds its benchmark rate steady at 5%, consider these implications:

  • Mortgages: Variable-rate mortgage holders may see increased payments.
  • Consumer Loans: Interest costs rise for personal loans and credit cards.
  • Investment Decisions: Evaluate fixed vs. variable rates.

In summary, stay informed, adapt your financial strategy, and make the most of changing interest rates.

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