Have you received a Canada FPT deposit into your bank account and don't know why? The Canada FPT deposit is one benefit payment that leaves people confused about why it's being paid into their accounts.
Although it's basically free money, it's also important to know where the funds are coming from.
What is Canada FPT?
The Canada FPT stands for Canada ‘Federal-Provincial-Territorial' tax credit and it is a tax credit payment issued by the CRA to eligible beneficiaries of any of the following benefit programs:
- Canada Child Benefit (CCB)
- Goods and Services Tax (GST) / Harmonized Sales Tax (HST)
- Some provincial and territorial benefit programs like the British Columbia Climate Action Tax Credit, the Ontario Senior Homeowners' Property Tax Grant, and other provincial/territorial credit programs depend on the residential province of the recipient.
The Canada FPT is a code used to reference payment deposits received from the Canadian government and other regulatory bodies like the Canada Revenue Agency (CRA). Canada FPT payments are distinct from Canada Fed payments, which cover a different set of government programs.
Constituent Programs of the Canada FPT
The Canada FPT constitutes different federal and territorial programs. The FPT payment is issued based on the individual's eligibility for its constituent programs. The major federal programs paid for by the Canada FPT include:
Canada Child Benefit (CCB)
The Canada Child Benefit (CCB) is a non-taxable monthly benefit payment issued by the Canada Revenue Agency (CRA) to eligible Canadian families with children under the age of 18.
The benefit is sponsored by the government and it aims to help Canadian families with the cost of raising children.
The goods and services tax/harmonized sales tax (GST/HST) credit is a tax-exempt benefit payment issued quarterly by the Canada Revenue Agency (CRA) to Canadian individuals and families with low or modest incomes to help them offset some or all of the taxes that they pay in GST or HST throughout the year.
Depending on your territory or province, you may be eligible for other provincial and territorial benefits. These benefits will be paid together with your GST/HST credit.
Canada FPT Deposit Payment Dates
Canada FPT payments are made based on the benefit programs you are eligible for. Depending on which benefits programs you are eligible for, the Canada FPT payment dates for 2022 are as follows:
GST/HST Credit Payment Dates 2022
The Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit quarterly payment is made on the following dates:
- January 5, 2022
- April 5, 2022
- July 5, 2022
- October 5, 2022
Canada Child Benefit (CCB) Payment Dates 2022
Widely referred to as the “Baby Bonus”, the Canada Child Benefit (CCB) monthly payments are made on the following dates:
- July 20, 2022
- August 19, 2022
- September 20, 2022
- October 20, 2022
- November 18, 2022
- December 13, 2022
Eligibility Requirements For The Canada FPT
Your eligibility for the Canada FPT credit payment is dependent on your eligibility for the GST/HST credit and/or the Canada Child Benefit (CCB).
GST/HST Credit Eligibility Requirements
To be eligible to receive the GST/HST credit payment, you need to meet the following criteria:
- You must be a Canadian resident for tax purposes.
- You must be at least 19 years old.
- You must have or have had a spouse or common-law partner.
- You must be or have been a parent and live or lived with your child.
You must also meet the income requirements according to line 23600 of your tax return if you are single.
CCB Eligibility Requirements
To qualify to receive the monthly Canada Child Benefit (CCB) payment, you must meet the following criteria:
- You must have or live with a child or children that are less than 18 years old.
- You must be primarily responsible for the care and upbringing of the child or children.
- You must be a Canadian resident for tax purposes.
You must also meet all the income requirements to qualify for the benefit.
If you are receiving the Child Disability Benefit (CDB) alongside the CCB, your child must, first, be eligible for the Disability Tax Credit (DTC).
Canada FPT Payment Amount
The amount paid to you as a Canada FPT deposit is dependent on how much you are eligible to get from the programs paid by the Canada FPT deposit. The amount of money you may be eligible to receive based on each Canada FPT program is as follows:
GST/HST Credit Payment Amount
If you are eligible to receive the GST/HST credit, you may receive up to $456 If you're single, and $598 if you're married or a common-law partner. For each child under 19 years, you get an additional amount of $157.
The amount you get is dependent on your family net income and the number of children in your care who are under 19 years of age that are registered for the GST/HST credit or the CCB.
Based on income, the maximum income threshold is shown below:
|Number of Children||Maximum AFNI Threshold For Singles||Maximum AFNI Threshold For Married or Common-law Partners|
Based on the number of children, the amount received is given below:
|Number of Children||Maximum Amount Received By Single Individual||Maximum Amount Received By Married or Common-law Partners|
CCB Payment Amount
If you are eligible for the CCB payment, you may receive a maximum amount of:
- $569.41 per month, amounting to $6,833 per year for each child under six years.
- $480.41 per month, amounting to $5,767 per year for each child between ages 6 and 17.
The amount you receive for CCB is dependent on your Adjusted Family Net Income (AFNI). If your AFNI is under $32,048 you may receive the maximum amount for each child. The amount you receive starts decreasing gradually when your AFNI becomes greater than $32,048.
This is because the CCB is income-tested, that is, the higher the income, the lesser the benefit payment.
The maximum number of children that can qualify is 4. Having 5 or more children does not increase the benefit amount any further. Instead, you will receive the maximum amount paid for 4 children depending on your income.
Canada FPT Deposit: Is It Taxable?
The Canada FPT deposit is a non-taxable payment. This also applies to the GST/HST credit, the CCB, and all other benefits contained in the Canada FPT program. All these benefit programs are tax-exempt or tax-free. So you won't have to include the payments as taxable income when filing your income tax returns.
For the GST/HST credit, however, your net income or combined family net income from the previous year is used by the CRA to confirm your eligibility. You are also required to file your benefits and income tax return every year, even if you have no income.
The same applies to the CCB. Your family net income largely affects the amount you receive as a CCB payment.
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What To Do When You Receive A Canada FPT Deposit
When you receive a Canada FPT deposit, the first thing you should do is confirm which benefit program the payment is meant for.
There are times when the government makes wrong deposits and should you fail to notify them, you may be in trouble even when you are not at fault. So you need to notify the government if you notice any payments made when they should not be made.
Therefore to find out what the Canada FPT payment is meant for, you can use your CRA My Account. Just log into your CRA My Account, and navigate to the messages section to check for any mail notifications from the CRA concerning the Canada FPT deposit.
If there are no emails or notifications about the deposit, contact the CRA immediately. However, if there are emails or notifications about the Canada FPT deposits, you can use the money for whatever you want.
Canada FPT Deposit: How To Put It To Use
The best way to use your Canada FPT deposit is to use it to fund a financial goal and acquire financial security.
You can use it to start saving up for your children's college education from the moment they are born. You can do this using the RESP account. Amounts paid into the RESP account are increased up to a certain amount by the government.
You can also use the deposit to fund your emergency savings account. If you do not already have one, you can open a savings account with a bank that offers high-interest rates and deposit your Canada FPT payments there so that the amount increases over time. Many banks offer high savings rates. Just choose one that suits your needs and use it to save your Canada FPT payments.
You can also use your Canada FPT payments to invest in stocks and bonds. Just open an investment account, either a Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA), or a non-registered personal account, and use low-cost ETFs to invest in a large number of stocks and bonds.
Other Related Deposits From The CRA
Aside from the Canada FPT, there may be other CRA-issued deposits you may be eligible for. Several of these deposits may be made to your bank account with unclear descriptions.
Some of these are:
Canada RIT represents the Canada Refund Income Tax. It is a tax refund issued by the CRA to tax-paying Canadians after an assessment or reassessment of their tax returns.
The Canada RIT is given shortly after you have filed your tax return. This could be anytime within the year.
The deposits may have the caption “Canada RIT“, “Canada RIT/RIF” or “RIT/RIF”.
Canada RIT deposits are tax-exempt, hence, you do not have to include them as taxable income when filing your taxes.
The Canada Pro deposit payments are made by the CRA for child and family benefits programs. If you're an Ontario resident, the monthly payments are made for the Ontario Trillium Benefit (OTB).
Albertans can also get their quarterly Alberta Child And Family Benefit (ACFB) payments with the Canada Pro caption.
Monthly Ontario Trillium Benefit (OTB) payments or deposits are made for beneficiaries with a total benefit payment amount of $360 or more. Otherwise, the Canada Pro deposit is paid in one lump sum in July.
Your Ontario Trillium Benefit (OTB) monthly benefit is calculated depending on your net income for the previous year and the amount you are entitled to be computed by the CRA every July.
Canada Fed is a caption used to reference some payments made by the CRA on behalf of federal government-sponsored benefit programs.
All of these benefit payments are non-taxable except for the Canada Workers Benefit, which means that most of the payments you receive under the moniker “Canada Fed” are tax-free. Keep in mind that you do need to pay your taxes each year in order to receive these payments.
Canada Workers Benefit (CWB)
The Canada Workers Benefit (CWB) is a taxable tax credit for low-income working Canadian individuals and families.
Introduced in 2019, the Canada Workers Benefit (CWB) is a modified and updated program that is a replacement for the Working Income Tax Benefit (WITB).
The credit is aimed at reducing poverty levels in low-income working Canadian families.
If you are eligible for the CWB, you can receive up to $1,381, if you're single, as the basic amount, while families can receive a maximum payment amount of $2,379.
The CWB also has a disability supplement program that pays individuals and families a maximum amount of $713.
Canada FPT: Related Provincial And Territorial Programs
There are other provincial and territorial programs you can be eligible for and which you may receive payments from alongside the Canada FPT deposit.
Some of these programs include:
- Alberta Child and Family Benefit (ACFB)
- British Columbia Child Opportunity Benefit (BCCOB)
- British Columbia Climate Action Tax Credit (BCCATC)
- New Brunswick Child Tax Benefit (NBCTB)
- New Brunswick Harmonized Sales Tax Credit (NBHSTC)
- Newfoundland and Labrador Income Supplement (NLIS)
- Newfoundland and Labrador Disability Amount (NLDA)
- Newfoundland and Labrador Child Benefit (and Mother-Baby Nutrition Supplement)
- Newfoundland and Labrador Seniors' Benefit (NLSB)
- Northwest Territories Child Benefit (NTCB)
- Northwest Territories Cost of Living Offset
- Nova Scotia Child Benefit (NSCB)
- Nova Scotia Affordable Living Tax Credit (NSALTC)
- Nunavut Child Benefit (NUCB)
- Ontario Trillium Benefit (OTB)
- Ontario Sales Tax Credit (OSTC)
- Ontario Child Benefit (OCB)
- Ontario Senior Homeowners' Property Tax Grant (OSHPTG)
- Prince Edward Island Sales Tax Credit
- Saskatchewan Low Income Tax Credit (SLITC)
- Yukon Government Carbon Price Rebate – Individuals (YGCPRI)
- Yukon Child Benefit (YCB)
Canada FPT Deposit Dates FAQs
When Will I Receive FPT Payments?
You will receive FPT payments based on the payment date of each FPT program you are eligible for. If you're eligible to receive Canada Child Benefit (CCB) payments, you will be paid monthly while the GST/HST credit recipients will receive their payments quarterly, that is, every four months.
Do I Have To Report My FPT Payments On My Tax Return?
No, you do not have to report your FPT payments on your tax return because FPT payments are tax-free.
Is Canada FPT The Same As GST?
No, Canada FPT is not the same as GST. GST is just one of the benefit programs that can be paid through the FPT deposit. If you're eligible for the Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit, you may receive your credit payment through Canada FPT deposits.
Why Did I Get Canada FPT?
You received Canada FPT because you are eligible to receive certain government benefits. You may have applied for the benefits or just qualified for them to the information submitted on your income tax return.
Does Canada FPT Cover OAS & CPP?
Do I Need To File My Taxes To Receive Canada FPT?
Yes, you do need to file your taxes to receive Canada FPT deposits. Most benefit programs in Canada are either income-tested or require that you file your yearly income tax returns. The CCB and GST/HST programs make use of your net income found in your tax returns to assess how much you might be eligible to receive from the program. Hence, it is necessary to file your income tax returns on time.
What Does Canada FPT Stand For?
Canada FPT stands for Canada Federal-Provincial-Territorial tax credit. If you receive the deposit, it means you have received the payment from a government benefit program like the Canada Child Benefit (CCB) and the Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit.
If you have received a Canada FPT deposit, don't spend it just yet. Check to confirm what the payment is meant for.
If it's for a benefits program you have qualified for, feel free to spend it.
Depending on your residential province or territory, there are several other government-sponsored benefits you can apply for to help supplement your income.