Thursday, July 9, 2026 Every July, a wave of federal benefit payments resets for the new benefit year — and 2026 brings one of the biggest shifts in years. Between a permanent 25% boost to the old GST/HST credit, a fresh Canada Child Benefit increase, and the largest quarterly OAS bump of the year, millions of Canadian households will see different numbers land in their accounts this month. Here's what actually changed, and what to check in your own CRA account. The GST/HST Credit Has a New Name — and a Bigger Payout The GST/HST credit has officially been replaced by the Canada Groceries and Essentials Benefit (CGEB) . It's not a new program from scratch — it runs on the same CRA infrastructure and eligibility rules — but the payment amounts are 25% higher, and that increase is locked in for five years. The first CGEB payment went out on July 3, 2026. Under the new structure: A single individual with no children can receive up to roughly $679 per year (about $170 per quart...
Getting the most out of your tax return can feel like an early spring bonus. By being strategic about deductions, you could be the difference between owing the government money or getting a refund. Let’s explore some lesser-known deductions that could help you maximize your return:
Maximize Your RRSP Contributions: Contributing to your Registered Retirement Savings Plan (RRSP) can significantly reduce your taxable income. Make sure you’re taking full advantage of this deduction.
Deduct Childcare Expenses: If you paid for childcare services, you may be eligible for deductions. Keep track of these expenses and claim them when filing your taxes.
File Your Return Electronically: Filing your taxes electronically is not only convenient but can also help you get your refund faster. Take advantage of this option.
File Capital Losses from Investments: If you’ve incurred capital losses from investments, don’t forget to report them. These losses can offset capital gains and reduce your tax liability.
Union Dues, Employment Costs, and Home-Office Deduction: If you’re part of a union, deduct your union dues. Additionally, consider employment-related expenses and home-office deductions if applicable.
Deduct Non-Covered Medical Expenses: Some medical expenses that aren’t covered by insurance can be deducted. Keep receipts for things like prescription glasses, dental work, and other eligible costs.
Deduct Student Loan Interest Payments: If you’re paying off student loans, the interest you pay may be deductible. Check the rules in your region to see if you qualify.
Remember, every little bit counts when it comes to maximizing your tax return. Consult a certified financial planner or tax professional to ensure you’re taking advantage of all available deductions.
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