Beyond the GST Credit: Canadians Can Get These CRA Cash Benefits in July

Feeling behind at 40 is common, but the median TFSA and retirement balances suggest most Canadians are still building their nest eggs.

Amy Legate-Wolfe

Author Bio

Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband.

Social Media

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Favorite Investment Quote

“October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published July 13, 8:30 pm EDT

July is doing something rare and beautiful: sending money instead of just bills.

Grocery costs, rent, mortgage payments, camp fees, gas, and the mysterious family expense category known as “miscellaneous pharmacy expense” can eat through cash fast. So when CRA benefit payments land, they can make a real difference. So, what’s coming the way of some Canadians, and importantly, what should you do with it?

What’s coming

The first thing to know is that the GST/HST credit changed. The Canada Revenue Agency says the GST/HST credit was replaced in July 2026 by the Canada Groceries and Essentials Benefit, or CGEB. The government also increased that benefit by 25% for five years starting in July 2026.

The first CGEB payment arrived on July 3, 2026, with another scheduled for October 5. The CRA says the benefit gets recalculated every July using the previous year’s tax return, so a 2025 income change could affect July 2026 payments.

But that’s only one July payment. The Ontario Trillium Benefit is scheduled for July 10, while the Advanced Canada Workers Benefit also pays on July 10. Families receiving the Canada Child Benefit should watch for July 20. What’s more, the Newfoundland and Labrador Disability Benefit payments are scheduled for July 24.

Considerations

Not everyone gets every payment, of course. This is not a CRA grab bag, as fun as that would be. Eligibility depends on income, family situation, province, disability status, work income, and whether a tax return was filed.

That last part is key. Many benefits are automatic only after the CRA has the right tax information. If a return is late, direct deposit is not set up, or family details changed, payments can be delayed or different than expected. The government also warns Canadians to rely on official benefit pages because false information and scams tend to pop up around payment dates.

So what should Canadians do with the money? The honest answer is boring, and boring is underrated. Cover essentials first. Pay the bill. Buy the groceries. Reduce high-interest debt. Build a small emergency buffer. A benefit payment should not be treated like casino chips just because a stock chart looked friendly that morning.

Yet Canadians who do not need the cash immediately may want to think one step ahead. A Tax-Free Savings Account (TFSA) can turn occasional payments into long-term financial breathing room. Even small investments can grow when added to consistently over time.

RBC

That is where Royal Bank of Canada (TSX: RY) enters the conversation. RBC stock is Canada’s largest bank by market value and one of the country’s most important financial institutions. It serves personal, commercial, wealth, insurance, capital markets, and investor services clients. In other words, it sits close to the financial lives of Canadians and businesses alike.

That makes RBC stock a logical stock for investors who want dependable exposure to the Canadian economy. If households keep using bank accounts, mortgages, credit cards, investment products, and business services, RBC stock has many ways to earn.

The latest results show why the stock deserves attention. RBC stock reported second-quarter 2026 net income of $5.5 billion, up 25% from the year before, while diluted earnings per share (EPS) rose 27% to $3.85. That is the number worth remembering. RBC stock is still growing earnings across its business at a time when Canadians remain cautious about rates, housing, and household budgets.

The bank also raised its quarterly common share dividend by 12 cents, or 7%, to $1.76 per share, bringing today’s yield to about 2.4% at writing! But there are risks. If unemployment rises, borrowers struggle, or credit losses climb, RBC stock’s earnings could face pressure. Banks are sturdy, not invincible. They wear suits, not capes.

Bottom line

Still, RBC stock looks like a strong long-term TFSA candidate for Canadians who have already covered immediate needs and want to put extra cash to work. July’s CRA payments may help with today’s bills, but steady investing can help build tomorrow’s cushion. A benefit cheque can ease the monthly financial pressures. A disciplined TFSA plan can change your financial picture in the years ahead.