Just received a bank deposit with the description Canada FPT or FPT? Don’t be worried!
Canada FPT deposit is a good sign that you’re an eligible beneficiary of one or all of the following credits:
- Canada Child Benefit (CCB).
- Goods and Services Tax (GST)/Harmonized Sales Tax (HST).
- Territorial/provincial programs such as the BC Climate action tax credit.
However, it’s not safe to start spending the deposit immediately when you receive it.
There are many things you need to know about the FPT payment before spending it. But you don’t have to worry.
Here I provide everything you need to know about the Canada FPT payment such as eligibility, payment dates and more.
What is Canada FPT Deposit?
Canada FPT deposit is a provincial/territorial tax credit paid to eligible Canadians
. When you see an entry with Canada FPT Deposit in your bank statement, it means you have received Canada Child Benefit (CCB), GST/Harmonized Sales Tax, or the BC Climate action tax credit.
Depending on your province/territory and eligibility, you may receive the Canada FPT payment for various credits.
Canada Child Benefit (CCB)
You may receive the Canada FPT payment if you’re a beneficiary of the Canada Child Benefit (CCB).
The CCB is tax-free credit given to low-medium-income Canadian families. This credit aims at helping families with funds to raise their children.
However, there’s no permanent reference code for the CCB payment, making it confusing at times.
You may sometimes receive it with “Canada FPT” as the reference code or “Canada CCB.”
But regardless of how you receive it, it means the same thing. That is a credit for the Canada Child Benefit (CCB).
Moreover, depending on your situation and province/territory, your CCB deposit consists of the child disability benefit plus other territorial/provincial programs.
Canada Child Benefit Eligibility
Here are the requirements for receiving the CCB credit:
- You must be a Canadian citizen
- Live with under 18-year child
- Assume primary responsibility for the child’s upbringing and care.
Once you meet the above requirements, you can go ahead to apply for the CCB payment.
You can use the Child and family benefits calculator to know how much you will get.
Canada Child Benefit Payment Dates for 2022
After you’ve applied for the CCB, the next thing is to await payment. Here are the CCB payment dates for 2022:
- January 20, 2022
- February 18, 2022
- March 18, 2022
- April 20, 2022
- May 20, 2022
- June 20, 2022
- July 20, 2022
- August 19, 2022
- September 20, 2022
- October 20, 2022
- November 18, 2022
- December 13, 2022
Note
: If you’ve not received your CCB payment after five working days of the payment date, contact the CRA.
GST/HST Credit
This refers to the non-taxable credit based on the offset of goods and services tax (GST) and harmonized sales tax (HST) in Canada.
The CRA administers the GST/HST credit to low-medium-income Canadians.
This credit comprises the offsets of goods and services sales in Canada and other territorial/provincial programs.
How much GST/HST credit you get depends on your previous year’s tax return, the number of children you registered and your family income.
Click here to learn more about the GST/HST credit, such as eligibility and how much you can get.
GST/HST Eligibility
Here are the requirements for receiving the GST/HST credit:
- Be a citizen of Canada.
- File your taxes.
- Must be at least 19 years old.
- You must be married (or have been married) or have a common-law partner.
- Be a parent with a child currently or previously.
- Possess a valid Social Insurance Number (SIN).
Once you meet the above requirements, you’re ready to anticipate the GST/HST payment dates.
GST/HST Payment Dates For 2022
Here are the quarterly GST/HST payment dates for 2022:
- January 5, 2022
- April 5, 2022
- July 5, 2022
- October 5, 2022
Related Provincial and Territorial Programs
As mentioned earlier, you may receive the Canada FPT payment if you’re a beneficiary or any provincial or territorial program.
Here are the provincial and territorial programs administered by the CRA:
| Province/Territory | Program(s) |
| Alberta
|
ACFB – Alberta Child and Family Benefit |
| British Columbia (BC) | BCATC – BC Climate Action Tax Credit
BCCOB – BC Child Opportunity Benefit
|
| New Brunswick | NBHSTC – New Brunswick Harmonized Sales Tax Credit
NBCTB – New Brunswick Child Tax Benefit |
| Newfoundland and Labrador
|
NLIS – Newfoundland and Labrador Income Supplement
Newfoundland and Labrador Seniors’ Benefit NLDA – Newfoundland and Labrador Disability Amount Newfoundland and Labrador Child Benefit (and Mother-Baby Nutrition Supplement) |
| Nova Scotia | NSALTC – Nova Scotia Affordable Living Tax Credit
NSCB – Nova Scotia Child Benefit |
| Ontario | OSTC – Ontario Sales Tax Credit
OCB – Ontario Child Benefit OTB – Ontario Trillium Benefit OSHPTG – Ontario Senior Homeowners’ Property Tax Grant |
| Prince Edward Island | PEISTC – Prince Edward Island Sales Tax Credit |
| Saskatchewan | SLITC – Saskatchewan Low Income Tax Credit
|
| Northwest Territories | NTCLO – Northwest Territories Cost of Living Offset
NTCB – Northwest Territories Child Benefits |
| Nunavut | NUCB – Nunavut Child Benefit
|
| Yukon | YGCPRI – Yukon Government Carbon Price Rebate – Individuals
YCB – Yukon Child Benefit
|
Source:
Canada.ca
Who is Eligible for Canada FPT Payment?
As I mentioned earlier, the Canada FPT payment is a combined deposit for CCB credit, GST/HST credit and other territorial programs.
This implies that you must qualify for the CCB credit, GST/HST credit or other territorial/provincial programs to receive the Canada FPT payment.
So here are the requirements for the CCB credit:
- You must be a Canadian citizen.
- Live with under 18-year child.
- Assume primary responsibility for the child’s upbringing and care.
But to qualify for the goods and services tax (GST) and harmonized sales tax (HST), you must:
- Be a citizen of Canada.
- File your taxes
- Must be at least 19 years old.
- You must be married (or have been married) or have a common-law partner.
- Be a parent with a child currently or previously.
- Possess a valid Social Insurance Number (SIN).
Once you are qualified for the Canada FPT payment, the Canada Revenue Agency will credit your bank account in due time.
Canada FPT Payment Dates for 2022
Since FPT payments are combined payments for CCB, GST/HST, and other territorial/provincial payments, the payment dates vary.
Canada FPT deposit date for 2022 are:
- January 20, 2022
- February 18, 2022
- March 18, 2022
- April 20, 2022
- May 20, 2022
- June 20, 2022
- July 20, 2022
- August 19, 2022
- September 20, 2022
- October 20, 2022
- November 18, 2022
- December 13, 2022
On the other hand, the payment dates for GST/HST in 2022 are:
- January 5, 2022
- April 5, 2022
- July 5, 2022
- October 5, 2022
Depending on the credit you qualified for and your province/territory, you may receive the FPT on any of the above dates.
What to Do When You Receive Canada FPT?
When you receive this type of deposit, the first thing to do is to confirm what it’s meant for.
Sometimes the government makes error deposits, and failure to notify them may land you into big troubles even though it’s not your fault.
So to confirm what the Canada FPT is meant for, log in to your CRA My Account. Here you will see all notifications about your benefits and their dates.
You can also navigate to the message section to see if there’s any mail from the CRA about the deposit.
If you found no mail or notification about the FPT deposit on your account, don’t hesitate to contact the CRA.
But if there’re notifications or mails, then feel free to spend the FPT deposit the way you like.
What to Do With the Canada FPT Payment?
If you’re wondering what to do with the FPT deposit after confirming you’re eligible for it, I can help you with some smart options.
Even though you’re free to spend the FPT deposit the way you like, it’s wise to invest it in things that matter.
What are the things that matter? This includes your emergency fund, down payment, debt payment, and life insurance premium.
Furthermore, you can make most of your FPT deposit by investing it in retirement accounts such as a tax-free savings account (TFSA) and a registered retirement savings plan (RRSP).
By spending your FPT deposit wisely, you will have enough funds to achieve your financial goals and build long-term financial security.
Additional Deposits You May Be Eligible
Do you know that there are other benefits that you may be eligible for in Canada? If not, I’m here to tell you.
One of the benefits of being a Canadian is that you may be eligible for several benefits that can help you build long-term financial security in the long run.
They may not be much, but you can use those few hundreds or thousands of dollars to supplement your income.
Thus, the more you receive these credits, the more funds you have to pursue your dreams.
Below are top credits Canadians like you are also receiving alongside the Canada FPT payment:
Canada Workers Benefit
If you’re a low-income earner, you can supplement your income using the Canada Workers Benefit (CWB).
This credit aims at helping low-income individuals and families in Canada to meet their needs.
However, unlike the FPT credit, CWB is taxable. This implies that you need to include it when filing your tax return.
Also, to get this benefit every year, you must file your tax return.
One thing I like about the CWB credit is its flexibility. You can choose to receive your payment in advance four times a year or one lump-sum payment during tax periods.
To learn more about the Canada Workers Benefit, click here.
Canada RIT
This is a credit given to Canadian taxpayers as a refund of their tax filing.
Depending on the success of your tax filing, you may receive the Canada RIT a few moments after completing your tax.
But if your tax needs reassessment, you will receive your credit at a later date.
However, if your tax needs reassessment, you will be informed via your CRA My Account or mail.
Like the FPT deposit, the Canada RIT is also tax-free. This means you don’t need to include it when filing your taxes.
To learn more about Canada RIT, click here.
Canada Pro
Are you a resident of Ontario or Alberta? You can also supplement your income with a Canada Pro deposit.
Canada Pro is a credit for Ontario and Alberta residents who qualified for Ontario Trillium Benefits (OTB) and Ontario residents and Alberta Child and Family Benefit (ACFB) respectively.
Once you meet the requirements, you can receive monthly payments or a lump-sum single payment in a year.
To learn more about Canada Pro, click here.
Final Thoughts
Wonder no more! You’re now informed about the Canada FPT payment on your bank account.
But you should not spend it until you’re sure that you’re qualified for it. Else you will be landing yourself in big trouble.
However, if you’re qualified for the Canada FPT payment, spend it wisely.
Furthermore, you’re informed about other benefits in Canada that you may be eligible for.
Don’t hesitate to apply for them so as to diversify your income and build long-term financial security.
Frequently Asked Questions
What Does FPT Mean?
Canada FPT means federal-Provincial-Territory tax credit
. When you see an entry with Canada FPT Deposit in your bank statement, it means you have received Canada Child Benefit (CCB), GST/Harmonized Sales Tax, or the BC Climate action tax credit.
Why Did I Get Canada FPT?
Probably you’re eligible for the Canada child benefit (CCB) credit, goods and services tax/ harmonized sales tax (GST/HST) credit, or other territorial and provincial programs in Canada.
Is Canada FPT Taxable?
No. Canada FPT deposit is a tax-free deposit. This implies that you don’t need to include it in your tax return.
Is Canada FPT the Same as GST?
No. GST is just a component of the Canada FPT deposit. You may receive the FPT deposit if you’re eligible for the goods and services tax/ harmonized sales tax (GST/HST) credit.
If you’ve more questions about the Canada FPT payment, let me know in the comment section.
