If you received a Canada Pro deposit in your bank account and wondering what it is, you’re not alone.
In this short post, you’ll learn what it is, its eligibility and how to confirm the payment.
What is Canada Pro?
Canada Pro is a deposit made by CRA for Child and Family Benefits.
Usually, the payment will be for the Ontario Trillium Benefit (OTB).
Depending on your total OTB entitlement for the year, the money may be paid as a lump-sum or spread over 12 months (July to June).
For example, you should receive a lump-sum payment of the credit in July 2020 if your 2020 annual entitlement is less than $360. If it’s over $360, you can choose to receive it over 12 months or wait to get it a lump-sum in 2021.
Who is eligible for Canada Pro?
OTB is the combined payment for 3 tax credits that the Canada Revenue Agency (CRA) administers on behalf of Ontario. The credits are:
- Ontario Sales Tax Credit
- Ontario Energy and Property Tax Credit
- Northern Ontario Energy Credit.
Your eligibility is determined under each of the 3 programs and the tax credits paid to your account.
To confirm your eligibility for OTB and how much you can expect, check this page at CRA.
Confirming the payment
It’s always a good idea to confirm what the deposit you received is for. You may get a mail from CRA but the quickest way is to log in to your My Account with CRA.
From your account, you can view all the benefits you’re entitled to, including Canada Pro tax credit, and the payment dates.
Canada RIT is another payment from CRA with an unclear description, check out the linked post to learn more about it.