Are you searching for a Canada pro deposit meaning? In case you come across any deposit in your bank account under the name of Canada PRO, what it means is that you received a payment sent from any of the four Canada PRO programs in the country.
The Canada PRO programs are tax-free benefits aimed at helping low to moderate-income families in the cities of Ontario and Alberta shoulder the costs they have in their expenses.
The money you receive from the Canada PRO program can be used to pay your various bills and any other payment you deem fit.
It can even be used to pay loans, rent, and any other bill you may have. Users of the Canada PRO payment also do not need to worry about any dents on their credit score since this benefit does not affect their credit score.
So the money received can be used freely without worrying about one’s credit score.
The Canada PRO programs
The Canada PRO programs are four programs operating in Canada, and they are:
- Northern Ontario Energy credit
- The Ontario Energy and Property Tax credit
- The Ontario Sales Tax Credit
- Alberta Child and Family Benefit
Ontario Trillium Benefit
For people living in Ontario, seeing a deposit in your bank account under the Canada PRO name means that the Ontario Trillium Benefit deposited the money into your account.
The Ontario Trillium Benefit comprises three programs, and the amount of money you get will generally depend on the kind of program you qualify for.
Northern Ontario Energy Credit
This program is aimed at helping low to moderate-income families residing along northern Ontario to cover up some of the cost of their energy consumption.
Ontario Energy and Property Tax credit
This is a program aimed at helping low to moderate-income families in Ontario cover some of their property and sales taxes on energy consumption.
Ontario Sales Tax Credit
This is a program designed to help low to moderate-income people living in Ontario balance some of the sales taxes they pay.
Alberta Child And Family Benefit
For people living in the city of Alberta, coming across a deposit in your bank account under the name of Canada PRO likely means that the deposit was made there by the Alberta Child and Family Benefit.
This will mean that you are qualified for this particular program. This program pays some amount of money to low to moderate-income families living in the city of Alberta with children below the age of 18.
This usually comprises an essential component received by all eligible families. A functional component is also given to families with an income above $2,700.
Canada PRO Payment Dates
The payment dates of the Canada PRO program depend on the kind of program you have been enrolled in and whether you signed up to receive direct deposit.
However, the Ontario Trillium Benefit is usually paid on the 10th of every month. The Alberta Child and Family Benefit is paid each quarter of each year, confusing? let me explain further:
When it comes to the Ontario Trillium Benefit, the annual sum is usually split into 12 parts, with payments distributed monthly.
Nonetheless, if your owed amount exceeds $360, you have the option to select your preferred payment method—either in the form of monthly payments commencing in July or as a one-time payment in June. Any sum below this threshold translates to a single payment in July.
If you opt for the monthly payment method, disbursements generally occur on the 10th day of each month.
However, if the 10th happens to fall on a weekend or public holiday, the Ontario Trillium Benefit is then issued on the last working day preceding the 10th.
On the other hand, the Alberta Child and Family Benefit follows a quarterly payment schedule throughout the year. You can anticipate receiving payments during the following months:
What Is The Canada PRO Deposit?
This is a tax credit and money given to residents in Ontario and Alberta who qualify.
You may typically find these deposits in your bank account under ‘Canada PRO deposit.’ The money you receive can be used for anything, such as savings and investments.
Why Did I Get A Canada Pro Deposit?
Recipients of Canada PRO deposit payments are beneficiaries of one or more government programs they qualify for. These programs encompass those within the Ontario Trillium Benefit framework, in addition to the Alberta Child and Family Benefit.
Who Is Eligible For Canada PRO?
A person’s eligibility for the Canada PRO program will depend on where they live and what their income is at the time. Let us look at them below.
Northern Ontario Energy Credit
A person can be eligible for this program if they reside in Northern Ontario and pay their rent and property tax in the exact location.
This will include Thunder Bay, Algoma, Cochrane, Manitoulin, Kenora, Parry Sound, Nipissing, Sudbury and Rainy River. To be eligible for this program:
- One must be above18 years before the 1st June of the year in which they pay their taxes
- One must be married or have a common-law partner
- One must be a parent who is living with their children
Ontario Energy and Property Tax Credit
A person can be eligible for this program when they adhere to the following:
- They must be a resident of Ontario and pay their rent and property tax in the same city
- Living in a designated Ontario university, college or residence of a private school
- They pay the energy costs of the reserve residence. This can also be paid for by someone else
- They must be 18 years or above before 1st June in the year in which they pay their taxes
- Must be married or have a joint law partner
- Must be a parent who lives with their children
Ontario Sales Tax Credit
One can qualify for this program if they are an Ontario resident and meet at least one of the following requirements before 1st June in the year if they pay their taxes:
- They must be above 19 years of age
- They must be married or have a common-law partner
- They must be a parent living with their children
Alberta Child And Family Benefit
One must be the parent of one or more children under 18 before they can qualify for the Alberta Child and Family Benefit.
They must also reside in the city of Alberta and must meet the income criteria as well.
Once the income of one’s family exceeds $24,467, which is the base component of the benefit, the amount received from the benefit is then reduced.
Applying For Canada PRO
The requirements for applying for the Canada PRO program, a combination of various government benefits, will depend on the program one is applying for.
Applying For Alberta Child and Family Benefit
The application for this program does not require any forms and therefore is one of the easiest to apply for within the Canada PRO programs.
All one must do is fill out their annual income tax returns. The government will check to see if the person qualifies for the program.
Applying For Ontario Trillium Benefit
One must file an income tax return which should be included in the ON-BEN Application Form when applying for this program.
The application will then be reviewed to determine eligibility for the program.
Canada PRO Payment Amount
The payment amount you will be receiving will depend on the kind of program you enroll in.
Alberta Child and Family Benefit Payment Amount
Payment depends on two factors: the ages of the children, which should be below 18, and the amount of income your household makes.
Families with low incomes can receive payments of the base amount, depending on the number of children in the family.
Families earning an income of more than $2,760 qualify for the working component.
The base amount receivable, which is $24,467, is later reduced when the family earns more income.
The working component is also reduced when the family earns more than $41,000. Take a look at the table below.
|Children||Maximum base amount||Maximum working component|
Northern Ontario Energy credit Payment Amount
Eligible single people with no children can receive up to $158 each year, while single parents and couples receive $243 per year.
Single people with no children get their credit reduced by 1% of an adjusted income over $42,600, while single parents and couples get theirs reduced by 1% of a family income over $54,746.
Ontario Energy and Property Tax Credit Payment Amount
The amount received will depend on some factors, and they are:
- Senior non-residents receive $1,095, $243 energy component and $852 property tax.
- Senior residents receive $1,247, $243 energy component and $1,004.
Ontario Sales Tax Credit Payment Amount
Each adult and child in a family can receive about #316 each year. People with no children will have their credit reduced by 4% when they make an income of $24,332.
Those with children or married or living with a joint law partner will have their credit reduced by 4% with an income of $30,415.
Frequently Asked Questions
The amounts deposited through these programs are not subject to any taxes.
They are tax-free benefits, including the Ontario Trillium and Alberta Child and Family benefits.
The payment times depend on the kind of program you are enrolled in, as we mentioned earlier in the article. The payments could be monthly or quarterly.
This will depend on the program you are applying for. You can refer to the article to see if you are eligible for the program you want to enroll in.
The Canada PRO is a payment made to low to moderate-income families in Canada who may be eligible for the program, whatever you will use the money for, is up to you, if you also want to buy stocks with it, then you can check our guide on how to buy stocks in Canada.
From this article, we have seen the requirements to be eligible and how to apply. This article has been beneficial.