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 $456 as a single or $598 if you’re married or have a common-law partner.
An additional $157 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
These are the same dates that Canada Workers’ Benefit advance payments are made.
But if your payment is for Canada Child Benefit, then the Canada FPT payment dates for 2021 are shown in the table above.
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.
How Often is Canada FPT paid?
Canada FPT deposits are made monthly or quarterly in line with the payment schedule for the credit you’re getting.
The deposits for Canada Child Benefit (CCB) are made monthly, with a payment period of July to June.
For GST/HST credit, the payments are made quarterly on the 5th day of January, April, July and October – except when the 5th falls on a weekend or holiday.
In both cases, your annual entitlement are calculated and then spread across the year in equal periodic payments
How much is Canada FPT?
Your Canada FPT payment can be up to $456 as a single or $598 if you’re married or have a common-law partner for the GST/HST credit.
You also get an extra $157 for each child under age 19 in your care.
On the other hand, if the payment is for CCB, your annual Canada FPT deposit will be up to $6,833 or $5,765 for each child under Age 5 and Age 6-17 respectively.
How much you can receive is calculated based on your previous year’s net income or your total family income if you’re married.
CRA will do the calculation and start paying the money starting in July.
For example, your Canada FPT payments in July 2021 for both CCB and GST/HST credits are based on your 2020 tax returns.
That means, your benefits may be delayed if you don’t file your taxes.
Who is eligible for Canada FPT Deposit?
Your eligibility for the Canada FPT deposit is determined based on the requirements for the underlying programs.
That is, you’ll need to meet different conditions to qualify for each program.
To qualify for Canada FPT if the payment is for GST/HST credit, you must be a Canadian resident for tax purposes and meet one of the following:
- Aged 19 years and above
- Have or had a spouse or partner
- Are or were a parent and live or lived with your child(ren)
Also, you must meet the income requirements based on Line 23600 of your tax returns.
To be eligible for Canada Child Benefit, you must meet the following conditions:
- Live with a child that’s aged 18 and below
- be responsible for the care of the child(ren)
- meet the income requirements
- be a Canadian resident
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.
However, your net family income from the previous year is used to calculate how much you’re entitled to receive.
This applies to both the Canada Child Benefit, GST/HST Credit, CWB and many other government benefits.
What to do with your Canada FPT deposit?
Like your tax refund, one of the best uses for your Canada FPT deposit is putting them to work towards your financial goals.
Depending on your individual goals, this could mean setting up an emergency fund, investing for retirement, topping up your kids’ RESP, contributing to your TFSA and many more.
If you’re looking to start investing or saving towards a goal, you should consider signing up for EQ Bank.
With zero-fees and competitive interest rates, their Savings Plus Account is arguably the best savings account in Canada.
On the other hand, if you want to invest for longer term goals, then consider Questrade or Wealthsimple – 2 of the best investment platforms and brokerages in Canada.
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.
Some FAQs – Canada FPT
You can receive up to $6,833 for each child under Age 6, or $5,765 for each child 6-17 under the CCB program. GST/HST is capped at $456 for individuals, $598 for couples and $157 for each child below 19.
Canada FPT is paid monthly for Canada Child Benefit (CCB) or quarterly for the GST/HST credit.
Canada FPT stands for Federal Provincial/Territorial tax credit and the deposit is used for Canada Child Benefit, GST/HST Credit, BC Climate Action tax credit and other benefit programs in Canada.
The easiest way is to login to your CRA MyAccount to check if you have any correspondence from CRA. An alternative is to check if you got the deposit on any of the Canada FPT payment dates above. If you do, you’ll be able to tie the payment to the specific benefit program it relates to.
Yes, most benefit programs in Canada are either income tested or requires you to file your income tax returns. Specifically, CCB and GST/HST uses your net income on line 23600 to calculate how much you can receive. Therefore, it is important to file your taxes on time.