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CUSMA Review 2026: What Happens on July 1 — and What It Means for Your Wallet

The trade deal that governs nearly $1.3 trillion in Canada-U.S. commerce is up for review in less than a week. Here's what's at stake for Canadian families — and how to protect your budget whatever happens next. By MoneySavings.ca Staff  |   June 25, 2026 Canada Day is almost here — and this year, July 1 carries a lot more weight than fireworks and barbecues. On that same date, Canada, the United States, and Mexico are required to sit down for the first mandatory review of the Canada–United States–Mexico Agreement , known in Canada as CUSMA (and in the U.S. as the USMCA). The outcome of these talks will help shape the price of your groceries, your next car payment, Canadian jobs, and the overall cost of living for years to come. If you've heard the buzz but aren't sure what it all means for your household budget, you're in the right place. Here's your plain-language breakdown. What Is CUSMA — and Why Should You Care? CUSMA replaced the old NAFTA deal in 2020 an...
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Liberals and NDP Push GST Holiday Bill Through House of Commons


The House of Commons has passed legislation that will remove the federal sales tax for two months from a range of items, including children's toys, books, restaurant meals, and takeout, as well as beer and wine.

As expected, the NDP helped the minority Liberals push the exemption through Thursday night. The Conservatives voted against the bill, calling the measure a "temporary two-month tax trick," as did the Bloc Québécois. The bill, which the Liberals and NDP agreed to fast-track through the usual procedural steps, now goes to the Senate. Once passed, the legislation will provide a GST rebate beginning Dec. 14 and lasting until Feb. 15, 2025.

The Liberals originally pitched the tax holiday along with a plan to send $250 cheques to the 18.7 million people in Canada who worked in 2023 and earned $150,000 or less. However, some Canadians have raised concerns about being excluded from the millions who would receive those cheques. The NDP threatened to withhold support for the entire package if the government didn't split the promises into two pieces of legislation. The Liberals did not include the cheques measure in the bill the House of Commons passed Thursday night. It is unclear when they might present that legislation.

NDP Leader Jagmeet Singh said in a media statement on Wednesday that his party will support the cheque measure later if the Liberals expand it to include more Canadians, "including seniors, people with disabilities and injured workers". Prime Minister Justin Trudeau has billed the tax holiday as an affordability measure aimed at alleviating cost-of-living pressures. Some economists have cautioned that the measure could have inflationary consequences later this spring.

Conservative Leader Pierre Poilievre said the government should instead adopt his policy suggestions by scrapping the carbon tax and removing the GST from new homes sold for under $1 million. "My tax cuts are not just about lowering costs. They're about sparking more production," he said.



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