What Is Canada FPT Deposit? Canada FPT Payment Dates

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Canada FPT

Unknown transactions are usually a source of worry for many account holders. Withdrawals, or rather unsanctioned withdrawals, are the most rampant kinds of suspicious transactions you can encounter. They leave you wondering if your account has been compromised or your credit cards have been stolen.

In severe cases, it could be a case of identity theft. Such situations can leave you with quite an uncomfortable headache. On the other hand, while not as worrisome, unknown or unexpected deposits can also be a point of concern. While finding money lying around on the ground could be considered a case of good luck or fortune, anonymous transfers into your account can lead to a much bigger problem than you need right now.

However, there’s nothing to worry about if the anonymous deposit is tagged as a Canada FPT deposit. It’s one of the many benefits that are attached to filing your annual tax returns.

Wondering what a Canada FPT deposit is and how it relates to you? Well, keep reading to find out more.

What Exactly Is Canada’s FPT Deposit?

First off, Canada FPT Deposit stands for Canada Federal-Provincial-Territorial Deposit. You can infer that it is a deposit that encompasses multiple governmental and regulatory bodies from its name. And not only does it concern several bodies, but it also spreads its reach across all levels of these bodies.

The deposit itself is simply a financial code that identifies specific tax credits or benefits payments that you are qualified for.

If you ever receive a deposit with the FPT tag attached to it, it is most likely a tax credit related to any of the following programs.

There are other possible provincial programs that may reward you with an FPT deposit. It all depends on your personal demographics and the regulations in your province.

However, this article will focus only on the ones listed as they are the most common programs that can earn you a Canada FPT deposit. You must understand how these payments work, how they differ from one another, and the dates you can expect to receive them. The article will cover all these in the following sections.

Canada FPT

Canada Child Benefit (CCB)

The Canada Child Benefit (CCB) is also commonly referred to as the baby bonus. CCB deposits are calculated based on how much you are eligible to receive, and the deposits may vary for different families, depending on their particular situation.

The baby bonus or the CCB used to be called the Universal Child Care Benefit; however, its name was changed to the Canada Child Benefit in 2016. It used to be a payment that all Canadian parents received to help with raising all their kids under six years old. Regardless of the household income, this payment would be made.

However, the payment was revamped in 2016, and under its new name, the Canada Child Benefit, payments were only made into the accounts of households that truly needed government assistance.

You can receive the deposit with a “Canada CCB” tag rather than a “Canada FPT” tag. Nonetheless, both tags refer to the same kind of deposit.

Who Qualifies For The Canada Child Benefits?

To qualify for the CCB, you will need to meet the following requirements

  • You must have a child younger than 18 living with you.

  • You must be the primary caretaker of the child. This role usually means that you supervise the child’s daily activities and are responsible for the medical or any other kind of car the child may need.

  • You are a Canadian resident who pays taxes.

  • You or your spouse is one of the following

  • A citizen of Canada

  • A permanent resident

  • A protected individual

  • An indigenous person

  • A temporary resident who lived in Canada for 18 months and obtained a permit in the 19th

You may also qualify for Canada Child Benefit for children under kinship or other relevant programs if you aren’t being paid CSAs for those children.

You do not qualify for CCB for foster children in any month where Children’s Special Allowances (CSAs) are paid.

Canada FPT

When Do You Apply For Canada Child Benefit?

You can apply for CCB if any of the following situations happens to you:

  • You give birth to a child

  • A child moves in with you or returns to you after living elsewhere for a while

  • You start, end, or adjust a shared custody situation

  • You get custody of children after a divorce or separation

  • You meet the requirements listed out for qualifications.

If the child moved in more than 11 months before your application, you might need to provide some additional documents for verification.

It should be mentioned that applying for CCB will lead to the Canada Revenue Agency checking if you qualify for other programs.

How To Apply For Canada Child Benefit?

There are three ways to apply for CCB, namely;

  • Via Birth Registration

  • Online through your CRA Account

  • By Mail

Birth registration is perhaps the easiest way to apply for a CCB.  You can quickly apply with your province or territory for CCB right after the birth of your child.

This registration can either be done by filling paper forms at the hospital or online forms. The type of registration depends on your province.

You will need to present your Social Insurance Number (SIN) to the Vital Statistics Agency in your area to ensure that your information is shared with the CRA adequately. However, if you don’t provide consent for this, you will need to process your application in another way.

Applying online through your CRA account is another way to apply for CCB.  Log in to your personal account and go to the “Apply for Child Benefits” section. From here, you will need to provide some information and then submit an application.

After filing a Form RC66 and a Canada Child Benefits Application form, you can also send in your application by mail. This mail should be sent to your tax center.

Any one of these methods will have your CCB processed in 8 to 11 weeks.

How Much Can You Get For Canada Child Benefit?

The CCB payments are calculated from July to June of the next year.  How much you are being paid is determined by

  • The number of children that you are primarily responsible for

  • The ages of the children under your car

  • The family’s net income

  • Your marital status

The maximum benefit you can be paid is based on your family’s net income. If the net income does not exceed $32,028 each year, then you qualify for maximum benefits.  Additionally, the benefits paid out change as your children grow up. Generally, you might end up being paid $570 each month for every child under the age of 6 and $480 per month for those older than six but younger than 18 years.

Payment Dates For Canada Child Benefits Date

The CCB payments for 2021 are listed in the table below

Month

CCB Payment Dates

January

 20

February

19th

March

19th

April

20th

May

20th

June

18th

July

20th

August

20th

September

20th

October

20th

November

19th

December

13th

Other things to know about Canada Child Benefit

A few things you should know about your Canada Child Benefit FPT deposits are

  • You should receive your first CCB payments following the birth of your child. However, your first payment may not come in until a few months after. Nonetheless, the payment may be beefed up to cover for the discrepancy.

  • You can also receive Canada Child Benefit deposits as a divorcee. This payment is usually accompanied by your spouse’s share and can be worth quite a lot. Usually, the payment is calculated right up to the month you and your spouse legally separated, accounting for this hefty payment. However, you must still have partial custody of the child or children in this situation.

  • You may also receive higher payments if you have disabled children.

  • Parents with shared custody will only receive 50% of what they stand to get for full custody of the children. Their payments will be calculated based on the income of their current household.

  • Generally, payments are calculated in July of each year.

  • Some provinces and territories also offer certain benefits to help with raising your family. You may have these additional benefits paid along with your CCB, or they could be paid separately. Provinces and territories that offer these extra benefits are Alberta, New Brunswick, Northwest Territories, British Columbia, Newfoundland and Labrador, Nova Scotia, Ontario, Nunavut, Yukon. Saskatchewan, Prince Edward Island, and Quebec.

Goods and Services Tax/Harmonized Sales Tax Credit

The GST and HST credits are regular benefits for families or individuals with low household incomes. Think of it as a tax benefit to offset some goods and service tax or harmonized sales tax that you pay for as a qualified individual. If your income is below a specific set threshold, you will usually qualify for a GST or HST credit.

You can receive provincial or territorial credits in addition to your federal credit. This possibility is all based on the regulations of your province.

GST and HST credits are usually paid out each quarter, and the amount you receive may vary based on your income level. It may also vary based on the number of children in the household and the tax filing status of the household.

New residents in Canada may need to apply for the benefit through the Canada Revenue Agency (CRA). You may also need to apply for the benefit if there is a new addition to your family.

The payment dates for GST and HST tax credits in 2021 are listed below

  • January 5, 2021

  • April 1, 2021

  • July 5, 2021

  • October 5, 2021

These dates are the same as the dates when the Canada Worker’s Benefits payments are paid out. You can expect your GST and HST credits to be around $400 to $600, depending on if you are single or married. You may receive additional payments for each child in the household below the age of 19.

Who Is Eligible For A GST/HST?

Any resident of Canada subject to income tax in the month before and the month during which payment is made is eligible for a GST/HST credit. Additionally, you must meet at least one of the following criteria.

  • You must be 19 years old.

  • You either have or have had a spouse or a common-law partner.

  • You either are or were a parent who lives or lived with your child.

Generally, you do not qualify for a GST/HST credit if you meet any of the following conditions.

  • You are not a Canadian resident for income tax purposes.

  • You don’t pay tax in Canada either because you are a Canadian officer or a member of an officer’s family.

  • You don’t pay tax in Canada either because you are a servant of another country or a family member of such a person. Diplomats are good examples of such people.

  • You have been confined to an institution for at least 90 consecutive days.

You should also note that you can’t access the tax credit for any person who meets the conditions stated above at the commencement of payment months.

How Do You Get The GST/HST Credit?

Getting credit is quite simple. What you need to do is file your tax return for the year. This applies even if you haven’t earned income during the year. Once you file your tax returns, you can expect to get your GST/HST credit and other extra credits when the next payment is made.

Newcomers to Canada have to go through a different process, though. They will need to send in a Form RC151 and an application form for GST/HST credit. The application forms are usually made available to new residents.

You should keep in mind that you only have a three-year limit to file for retroactive payment. If you fail to file for it within that period, it will be foregone.

Deceased recipients will still receive the credit up to the quarter following the declared date of death.

 You will definitely need a Social Insurance Number (SIN) to claim your GST/HST credit. Simply visit a Service Canada office if you currently do not have one. You will most likely have one issued to you during your visit.

You will need to bring along proof of identity to apply for a SIN. A simple document like a birth certificate will suffice.

However, you can also apply by mail if you stay in an obscure area.

There are some cases where you may not be issued a SIN after your visit. Rest assured, as long as you meet the eligibility criteria, and you will still get your GST/HST credit.  All you need is to provide a note explaining why you didn’t get a SIN and a photocopy of a proof of identity when sending in your RC151 form.

Acceptable proof of identities include

  • Your Passport

  • Your Birth Certificate

  • Your Driver’s License

  • Your Proof of Birth

  • Any document that was issued to you by Immigration, Refugees and Citizenship Canada

Canada FPT

What Happens If You Are Married or Have A Common-law Partner?

You can always claim the tax credit for your spouse or partner. However, they must have been a resident in Canada in the previous month and at the beginning of the month when payment is made.

All you need to do is fill in their information when filing your tax returns, and the application will be processed. Take care when filling this form, as incorrect or incomplete forms can delay your application while it’s being processed.

You should also know that only one partner will receive the tax credit.  It will go to whichever partner had their tax returns processed first. It doesn’t matter who receives the credit. The amount of credit you both qualify for doesn’t change.

If there’s a change in your marital status, you will need to inform the CRA as soon as possible.

If your partner is immigrating into the country, they will have to send all the following to the CRA in writing:

  • Their Social Insurance Number

  • Their Date of Birth

  • Their Address

  • Their Immigration Date

  • Their Statement of Income.

Once all these have been provided, their tax credit will be processed with the next payment.

How Much Can You Get For GST/HST Credit?

There is no simple answer to this. The tax credit applicable to each person differs based on their unique situation.

The CRA calculates your tax credit amount at the beginning of the next payment period. For instance, they will only start paying off the tax credit for 2020 in July 2021. Payment periods generally start in July and run through to June of the following year. And all payments are made quarterly.

You will always receive a notice for the tax credit in July once you are eligible.

The credit you receive is determined by two things, namely;

  • The number of qualified children that you registered for the tax credit

  • The family’s adjusted net income for the previous base year.

You will generally receive your payments on the stipulated payment dates. If you do not receive it during that time, you should expect it within the next ten working days. However, if you don’t receive it after that and are eligible and have filed for it, do not hesitate to contact the CRA.

Additionally, if your tax credit for the entire payment period is lower than $50 for each quarter, then you will most likely receive the entire payment during the first quarter.

Your tax credit will also be recalculated once there’s a change in your status or situation. Changes that can lead to your credit being recalculated include

  • A change in you and your partner’s adjusted net income

  • A change in your marital status

  • A change in the number of qualified children that you are primarily responsible for

The death of a credit recipient is also a cause for recalculation.

Do not hesitate to contact the CRA if there’s a change in your status. This will help you smoothen out the obstacles to your application process as quickly as possible.

What Happens If You Are Overpaid For Your Canada FPT?

Generally, the chances of you being overpaid are quite slim. However, mistakes still happen. If you end up being overpaid, the Canada Revenue Agency (CRA) will send you a notice. The notice will usually detail how much you need to send back to them.

You can enquire about how to pay back at one of their offices or their official website.

Note that you will not receive any other tax credit until you pay back the amount owed. The CRA will also apply your GST and HST tax credit to the balance that you owe. This will apply to any other provincial or territorial program that you may have qualified for before being overpaid.

Save yourself the hassle, and just send back the balance as soon as possible.  

Is Canada FPT Part Of Your Taxable Income?

No, Canada FPT does not constitute a part of your taxable income. All the tax benefits you receive from the government are completely tax-free.

You will not have to include it as a part of your taxable income when you next file your tax returns.

Additionally, you can spend your Canada FPT deposit however you like. Most experts would advise investing in it to raise more retirement funds. However, you can divert it towards any goal you want, be it raising funds for your children’s RESP or saving up for a rainy day.

The deposit is yours and yours alone.

Other benefits that you can receive

You may also receive several other benefits from the government. Just like the Canada FPT, these benefits will be deposited into your account.

However, there is a chance that they may not carry a tag like the Canada FPT deposit.  Some of the other benefits that you can receive include

  • Canada Refund Income Tax (RIT)

  • Canada Pro

  • Canada Fed

  • Canada’s Worker’s Benefit

This article will briefly introduce these benefits, but you may need to conduct further research to understand them.

Canada Refund Income Tax (RIT)

Like the Canada FPT deposit, the Canada RIT deposit is a tax refund from the Canadian government. You may receive this tax credit with either an RIT tag or a RIF tag. In some cases, it could be an RIT/RIF tag that accompanies the deposit.

It is usually deposited into your account right after you file your taxes. However, the refund may also take some time to arrive.

If the RIT deposit arrives at a later time, you should consider this an indication that your taxes have been reassessed. You will definitely receive a notification from the CRA in this regard.

You should, however, keep in mind that your tax can still be reassessed within three years after you receive the initial notice.

Interestingly, but individuals and businesses all qualify for the RIT deposit. If you run a small business, it’s not impossible for your business account to suddenly receive a deposit in this regard. The fastest and most assured way to confirm payment would be to check your CRA account.

Most times, the RIT deposit doesn’t count for much, but you should confirm what it is before using the money. You should avoid anything that might hinder future benefits from arriving.

Once you confirm that it is an RIT deposit, the money is yours to spend. You can decide to spend it how you like, but the deposit isn’t usually a significant amount in most cases.

If it is a significant amount, you can choose to

  • Add it to your emergency funds

  • Use it to clear part or all existing debts if possible.

  • Save towards making a down payment

  • Save or invest towards retirement.

  • Use it to pay for frequent or regular bills such as insurance or club membership.

Additionally, the RIT deposit doesn’t form a part of your taxable income since it’s a tax refund in the first place. You don’t have to file it as part of your income when filing your next tax returns.

As regards the frequency of payment, there is no set time for RIT deposits to come in. You may receive your deposit right after your file your taxes or once the CRA is done reassessing your taxes. Nonetheless, you can expect to receive the deposit within 2 to 8 weeks of filing your taxes in normal situations.

There is no set range for how much to expect for this deposit. Payments range from just hundreds of dollars to thousands. It depends on the time it takes for your taxes to be reassessed and what kind of refunds you are getting.

Canada FPT

Canada Pro

This benefit is similar to the Canada Child Benefit credit. It is a deposit from provincial programs relating to Child and Family benefits. The most notable provinces to enjoy this benefit are Alberta and Ontario.

Those in Ontario province will usually receive a deposit with the OTB (Ontario Trillum Benefit) tag. Those living in Alberta receive the deposit under the Alberta Child and Family Benefits (ACFB) tag.  

You can either expect payments in one go or spread over the year from July to June of the next year. It all depends on the entitlement system set up for that payment year.

Most times, if the benefit is lower than $360, you can receive it as a one-time payment. However, payments above $360 can be spread over 12 months, or you can choose to receive them together at the end of the payment period in June of the following year.

Ontario residents qualify for the Canada Pro benefit once they meet the OTB requirements. The OTB is a combination of tax credit payments made by the CRA in Ontario’s name. These combined tax payments are

  • Ontario Energy and Property Tax Credit

  • Ontario Sales Tax Credit

  • Northern Ontario Energy Credit

There are different eligibility requirements for each tax credit. But once you meet them all, you will qualify for the Canada Pro Benefits.

The eligibility requirements for each tax credit are similar to the requirements for CCB. However, each tax credit has unique requirements that distinguish it from the rest.

For instance, the Ontario Energy and Property Tax Credit has additional requirements focused on residence rather than the situation of your family. You will need to have met any one of these residence-focused requirements before you can qualify for the tax credit.

The amount you will be paid for each tax credit also varies based on your unique tax situation. However, you can expect deposits to the tune of hundreds of dollars.

For instance, the Ontario Sales Tax Credit can be as high as $300 or more. The Ontario Energy and Property Tax can payout over a thousand dollars based on your income and residential situation. Those between 18 and 64 years old can expect payments to the tune of almost $1100. Older citizens may even earn more than this.

The ACFB was just recently introduced in 2020. It was set up to replace the Alberta Family Employment Tax Credit (AFETC) and Alberta Child Benefit (ACB) programs.

It is designed to assist families with low income living in Alberta with children younger than 18 years old.

The eligibility criteria for this benefit are

  • You must live in Alberta

  • You must have at least a child below 18 years

  • You must have filed your tax returns for the previous year

  • Your family meets the income requirements.

Payments for the ACFB can range from hundreds to thousands of dollars. Your payments will be calculated based on how many children are in your household that are younger than 18.

Canada Fed

Canada Fed is a deposit made by the Canada Revenue Agency while representing the federal government. The deposits can be tagged as tax credits, rebates, or benefits and made directly into your account.

The Canada Fed is financial assistance made by the government to help low-income earners. The CCB, GST, HST, and Canada Worker’s Benefit (CWB) can all be regarded as part of the Canada Fed since they fall under this definition.

The Canada Fed deposit constitutes a part of your non-taxable income, allowing you to do whatever you like with the deposit. As with all other non-taxable income, you can use it to supplement your income or invest towards a future goal, be it retirement or purchasing a car or home.

Payments for Canada Fed deposits vary from family to family. Asides from meeting the general requirements to receive tax credits, you will need to meet the unique requirement of each program to receive a deposit.

Your payment dates will also vary depending on which tax credit or benefit you qualify for. You need to log in to your CRA account to confirm which tax credit you qualify for and when the payment will be made.

Canada Workers Benefit (CWB)

Like all other tax credits mentioned in this article, the CWB is a deposit made to help low-income earners and households that have filed their taxes. Additionally, the CWB is non-refundable.

The program was set up in 2019 to replace the Working Income Tax Benefit (WITB). Comparatively, the CWB provides larger benefits and has a reduced clawback rate when compared to the WITB. It is also easier to claim.

The CWB is split into two kinds of payments, the Basic Amount and the Disability Supplement.

The basic amount is available to all eligible Canadians. However, the payment you will receive will be based on factors such as your adjusted net income, marital status, the number of qualified dependents you have, and so on.

You will usually experience a reduction in this benefit once your income meets a certain threshold, and it will disappear once you become a high-income earner.

The disability supplement is just as its name suggests; a supplement. It is meant for those who are qualified to receive the disability tax credit. If you are married, the partner who qualifies for the disability tax credit is also the one who should apply for the CWB supplement along with their basic amount.

You will qualify for the CWB as long as your minimum employment income hits $3000 in most provinces.

Payments for the CWB are made each quarter. For 2021, the payments will be made on the following dates

  • 1st Quarter: January 5, 2021

  • 2nd Quarter: April 1, 2021

  • 3rd Quarter: July 5, 2021

  • 4th Quarter: October 5, 2021

The CWB usually pays out at least $2500. However, the amount you will receive will vary depending on your unique circumstances. For instance, the disability supplement can be as low as $713 and as high as $4800.  However, some provinces pay out more than others.

You can simply claim your CWB by filing your taxes.  Filing your tax electronically is a fast and easy way to claim your tax credits or benefits. Nonetheless, if you want to file by paper, you must obtain a special form called the Schedule 6, Canada Workers Benefits form. Once you have filled the form, you just need to send it to the CRA when you send in your tax returns.

Remember that only the partner who qualifies for a disability supplement should file for it along with their basic amount for couples. However, if you both receive a disability tax credit, you must file for a disability supplement when trying to claim your CWB.

Final Thoughts

The Canada FPT is meant to provide you with some much-needed assistance. While the payment may not necessarily meet all your needs, it should be mentioned that having the assistance in the first place will go a long way.

Once you receive your payment, you should take time out to plan out how you want to use the deposit. It may be necessary for your current situation; however, it may go a long way into investing in your future.

Also, your bank might be unable to provide you with all the necessary information. Your best bet would be to check your CRA account for further information. If you have any follow-up questions, you can also check the Canada Revenue Agency for more information.

Frequently Asked Questions (FAQ) about Canada FPT

When will I receive my Canada FPT?

Canada FPT payments come in two types; payments for the CCB and GST/HST credit payments. The CCB payments are paid out each month, while the GST/HST deposits are made quarterly.

How much can I expect as Canada FPT?

You can expect to receive an annual payment of up to $6,833 for your children younger than six years old and $5,765 for those older than six but younger than 18 for the CCB payments.

The GST/HST payments are limited to $456 for single persons and $598 for partners or couples. You can also receive payments of up to $157 for each child younger than 19.

How do I apply for Canada FPT?

You automatically apply for Canada FPT once you file your income tax returns and meet all the requirements. Most benefit programs work this way.

Please let me know your thoughts and comments below. Thanks for reading!

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