If you received a Canada FPT deposit in your bank account and wondering what it relates to, this post is for you.
Canada FPT is one of the benefit payments with unclear captions or descriptions that Canadians receive in their accounts.
This post covers everything you need to know about the deposit, how to confirm it and whether it’s taxable.
What is Canada FPT?
Canada FPT stands for Federal Provincial/Territorial tax credit and the deposit is used for a number of government benefit programs.
Usually, the Canada FPT deposit is payment for Canada Child Benefit (CCB), Federal Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit, and recently for BC Climate action tax credit or other similar provincial programs.
Canada Child Benefit
Canada Child Benefit is a CRA-administered government benefit program that provides a monthly payment to eligible families to help with the cost of raising their children.
Usually, the Canada Child Benefit monthly payment will be deposited into your account with the caption “Canada Child Benefit” or “Canada CCB”. But there have been instances where the benefit is paid using “Canada FPT” as the description.
If you received the Canada FPT payments on the dates below in 2021, it’ll be a strong indication that the deposits are actually for CCB.
|Benefit Month||CCB Payment Dates|
|January 2021||January 20, 2021|
|February 2021||February 19, 2021|
|March 2021||March 19, 2021|
|April 2021||April 20, 2021|
|May 2021||May 20, 2021|
|June 2021||June 18, 2021|
|July 2021||July 20, 2021|
|August 2021||August 20, 2021|
|September 2021||September 20, 2021|
|October 2021||October 20, 2021|
|November 2021||November 19, 2021|
|December 2021||December 13, 2021|
For more information about CCB including the eligibility, how much you can receive, how to apply and many more, check the post below.
Related Post: Canada Child Benefit (CCB) Payment Dates
The goods and services tax/harmonized sales tax (GST/HST) credit is a quarterly benefit for individuals and families with low and modest incomes. It is a tax-free benefit that offsets some of the GST and HST that eligible individuals pay.
In addition to the federal credit, your payment may also include some provincial and territorial credits depending on where you live.
GST/HST credit is automatically deposited into your account based on your income tax returns. But if you’re new to Canada or have an addition to your family, you’ll need to apply for the benefit through CRA.
How much you can receive depends on your family net income, marital status, and the number of children in the family. You could get up to $451 as a single or $592 if you’re married or have a common-law partner.
An additional $155 is paid for each child below 19. To calculate how much you can receive, check the CRA Child and family benefits calculator.
Canada FPT Payment Dates 2021
If your Canada FPT deposit is for GST/HST credit, then the deposits will be made quarterly on the dates below:
- January 5, 2021
- April 1, 2021
- July 5, 2021
- October 5, 2021
You can check here for other benefits administered by CRA and when you can expect to receive them.
What to do if you received Canada FPT?
If you received the Canada FPT deposit in your bank account, you should make some effort to confirm what exactly the payment is for.
The easiest way to confirm is through your CRA My account. The My Account service provides tax-filers with information about their benefits, taxes, contribution limits, notices of assessment and so on.
Simply login to the account if you’re already enrolled for it, then check the message section to read any new mails from CRA.
If there’s no correspondence from CRA or you’ve not enrolled for CRA My Account, then go ahead to place a call to CRA.
Is Canada FPT Taxable?
Canada FPT is not taxable. All the benefits that are paid using the caption are completely tax-free benefits.
This means you won’t have to include the payments as a taxable income when you file your income tax returns.