What is Canada FPT Deposit in My Bank Account? (2021)

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 MonthCCB Payment Dates
January 2021January 20, 2021
February 2021February 19, 2021
March 2021March 19, 2021
April 2021April 20, 2021
May 2021May 20, 2021
June 2021June 18, 2021
July 2021July 20, 2021
August 2021August 20, 2021
September 2021September 20, 2021
October 2021October 20, 2021
November 2021November 19, 2021
December 2021December 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

GST/HST Credit

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.

Other Deposits from CRA

Two other deposits from the government with unclear descriptions are Canada RIT and Canada Pro. You can check the linked posts for more information about the deposits.

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

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