You may have been wondering what Canada’s FPT deposit is. Well, now we will explain in detail what it means to you.
Everyone loves free money. However, whenever you come across such money in your bank account, finding out where that money came from is advisable.
I am sure you want to avoid a problem of someone or entity later coming to claim that refund the money when you may have already spent it.
Canada FPT is a deposit made by the government of Canada to you each month or quarter.
FPT stands for ‘Federal Provincial-Territorial’ tax credits. So whenever you see a deposit in a bank account under this name, it is possible that the money was from Canada FPT, GST/HST credit, or Canada Child Benefit (CCB).
The deposits from Canada FPT can sometimes show in the bank account as Fed-Prov/Terr Canada’. It will also sometimes just appear as FPT.
Some other provincial benefits administered by the Canada Revenue Agency may also be paid to you under the FPT name. These can include the following:
- Ontario Senior Homeowners’ property tax grant
- British Columbia Climate Action Tax Credit
Dates For Canada FPT Payment Dates
The date you receive a deposit from Canada FPT will generally depend on the kind of program you are in.
The payment dates for GST/HST Credit 2022 and 2023 are as follows:
- 5th January 2023
- 5th April 2023
- 5th July 2023
- 5th October 2023
The payment from July 2022 to June 2023 was $467 for each individual. Couples received $612, and children under 19 received $161.
The government has also planned to double the GST/HST credit for about six months. Additional GST benefits were paid in November 2022.
Canada Child Benefit Payment Dates
There are payment dates for the Canada Child Benefit, also known as the ‘baby bonus.’
- 13th December 2022
- 20th January 2023
- 20th February 2023
- 20th March 2023
- 20th April 2023
- 19th May 2023
- 20th June 2023
- 20th July 2023
- 18th August 2023
- 20th September 2023
- 20th October 2023
- 20th November 2023
- 13th December 2023
How Much Can You Receive From Canada Child Benefit Payment?
These payments are made to help the parents offset some of the costs of raising children under 18 years.
Children under 6 receive a maximum of $6,997 each year. Those between the ages of 6 and 7 receive $5,903 each year.
The amount you receive will also depend on the adjusted net income of your family.
A family with an adjusted net income below $32,797 will receive the maximum amount payable for each child.
Please note that these payments may sometimes show as Canada PRO deposits in your bank account. They are all the same.
Who Can Qualify For The Canada FPT?
You will be able to receive Canada FPT payment if you can meet the minimum requirements.
Each program will have its eligibility requirements, even if you do not qualify for one program. You may end up qualifying for the other.
You must meet the following requirements to be eligible for the GST/HST program.
- Must be a Canadian resident for tax purposes
- It should be over 19 years old
- Must be married or living with a joint law partner
- You must be a parent living with your children, or you were a parent and have lived with your child
You must meet the following requirements to be eligible for the Canada Child Benefit program.
- You should be a Canadian resident for tax reasons
- You should be living with your child who is below 18 years of age
- You should be the one mainly raising the child
The child should be eligible for the disability tax credit if you plan to get the Child Disability Benefit as part of the Canada Child Benefit program.
Are There Taxes On Canada FPT?
The payments made under the Canada FPT are not taxable. The government does not charge any taxes on these payments.
You should always file your income tax returns even if you have not earned income within that period.
What To Do With The Canada FPT Deposit
When you receive your Canada FPT deposit, what to do with the money will be solely your decision.
The money can be used for almost anything to do with it. You can use it to start your children’s savings account to secure their future education.
This can be done through an RESP account. The contributions you make to this account are also matched by the government up to a certain amount.
You can use it to open an emergency account if you do not have one already.
This is an advisable way to use the Canada FPT deposit. A high-interest savings account could also be opened where you will deposit the Canada FPT payments each time they come.
The Canada FPT deposits can also open an investment account such as RRSP, TFSA, or a non-registered personal account.
You can then start your stock investing journey.
What Does Canada FPT Mean?
The FPT in Canada FPT stands for ‘Federal Provincial-Territorial’ tax credits.
It is the name under which you will receive the benefits paid by the Canadian government into your bank account.
The payment may sometimes be under the code of Canada PRO. Payment received will typically come from one of the provincial benefits programs in the country.
What Is Canada FPT Payment?
This is a payment made by the Canadian government under various provincial programs such as Canada Child Benefit.
It can also show in the Canada PRO deposit name in the bank account. It is the same as the Canada FPT deposit.
Frequently Asked Questions
This refers to the federal and provincial benefits paid to Canadian residents by the Canadian government.
There are several programs whose payment may fall under the Canada FPT deposit name. Some of these are the Canada Child Benefit and the GST/HST.
The payments of these two credits are usually included in the Canada FPT deposit, which appears in your bank account.
This is a benefit that is paid by the government of Canada at various dates to the residents.
The payments are typically made every quarter of the year. However, the Canada Child Benefit program payments are made monthly to qualified people.
To get a Canada FPT deposit, you must first ensure that you meet the requirements for at least one of the provincial programs administered by the Canada Revenue Agency and sign up for it. After that, you can then expect to receive the Canada FPT deposit.
This will depend on the program you qualify for. The highest receivable under the Canada Child Benefit is $6,997 per year for children under six.
The highest receivable from the GST/HST Credit program is $467 for each adult and $161 for each child in the home.
In this article today, we looked at what the Canada FPT payment is and how one can qualify for it.
We also looked at the various payment dates of the Canada FPT and the other names under which it may appear in your bank account.
We also saw that it is a payment made by the government of Canada to Canadian residents to help offset some of the costs involved in caring for their young children.
We saw that the payment could be from any of the provincial programs in Canada. You can also check out what Canada RIT is and how to make good use of it.