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 was 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.
CCB will be reassessed in July 2021 using your 2020 income tax returns. Find out how much your new Canada Child Benefit payment will be.
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.
A new GST/HST Credit payment period starts by July 2021. Find out how much you can receive and the GST payment dates here.
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.
Other Deposits from CRA
There are several other deposits and credits from the government that you may receive in your bank account.
In some instances, they’ll be deposited with unclear descriptions like the Canada FPT deposits. Some of these other deposits include:
Canada RIT means Canada Refund Income Tax and it is a tax refund paid by Canada Revenue Agency (CRA) after an assessment or reassessment of your tax returns.
You’ll usually get the Canada RIT deposit shortly after filing a tax return. This could be during the normal tax filing season or any time during the year.
The deposit may be captioned as “Canada RIT”, “Canada RIT/RIF” or “RIT/RIF”.
Canada RIT deposits are also tax-free like the Canada FPT deposits. So you don’t have to include the payment as a taxable income when you file your taxes.
Learn more about Canada RIT here
Canada Pro deposits are made for child and family benefits by CRA. In most cases, the payments are for Ontario Trillium Benefit (OTB) if you’re a resident of Ontario.
Alberta residents may also receive their Alberta Child And Family Benefit (ACFB) quarterly deposit with the Canada Pro caption.
For OTB, the payment is paid monthly for those with a total benefit of $360 or more. If lower, Canada Pro is paid as a lump sum deposit in July.
Your benefit is calculated based on your previous year’s income, and CRA computes how much you’ll receive every July.
Learn more about Canada Pro in the linked post
Canada Fed is a caption used for certain payments by CRA on behalf of the federal government.
The benefits include GST/HST Credit, Canada workers benefit (CWB) and the monthly Canada Child benefit (CCB).
Also, the CCB supplement introduced by the federal government in 2021 has been paid using the Canada Fed caption.
All these credits are non-taxable so your Canada Fed deposit is tax-free.
Learn more about Canada Fed here.
Canada Workers’ Benefit
Canada Workers’ Benefit (CWB) is a refundable tax credit for working individuals and families with low income.
The credit was introduced in 2019 and it is a streamlined and enhanced replacement for the Working Income Tax Benefit (WITB).
Eligible singles for CWB can receive up to $1,381 as the basic amount, while families can get a maximum of $2,379. There’s also a CWB disability supplement that pays up to $713 for individuals and families.
Learn more about CWB in the post below.