Canada FPT deposits refer to government benefit payments received via direct deposit in your bank account.
You may notice the deposit on a monthly or quarterly basis, and it may also just appear out of the blues.
While you are probably happy to get ‘free’ cash, you may be wondering what FPT stands for and which of the benefit programs you qualify for.
What is Canada FPT?
Canada ‘FPT’ stands for Federal/Provincial/Territorial.
The acronym or reference code refers to direct deposit payments from the Government of Canada.
Instead of ‘Canada FPT’, your bank statement may also just show FPT or you could have it as “Fed-Prov/Terr Canada”.
These payments are from a number of popular benefit programs, including the GST/HST Credit and Canada Child Benefit (CCB).
It can also be used to denote provincial programs like Ontario’s Senior Homeowners’ Property Tax Grant and BC’s Climate Action Tax Credit.
What are Canada FPT Payment Dates?
The payment dates for Canada FPT deposits vary depending on the benefit programs you qualify for.
For the two main programs, the payment dates in 2024 are:
GST/HST Credit
The GST/HST credit is paid to eligible Canadians on:
- January 5, 2024
- April 5, 2024
- July 5, 2024
- October 4, 2024
The GST/HST credit is a non-taxable benefit paid to low- and moderate-income families and individuals.
Payment occurs four times a year and is meant to offset the GST/HST tax you pay when you buy goods and services.
For the July 2023 to June 2024 payment period, you can get up to:
- $496 (singles)
- $650 (married or common-law)
- $171 (each child under 19)
Canada Child Benefit
The Canada Child Benefit (CCB) or the “Baby Bonus” is paid monthly on:
- January 19, 2024
- February 20, 2024
- March 20, 2024
- April 19, 2024
- May 17, 2024
- June 20, 2024
- July 19, 2024
- August 20, 2024
- September 20, 2024
- October 18, 2024
- November 20, 2024
- December 13, 2024
The CCB is paid by the Canada Revenue Agency and aims to help families with the costs associated with raising kids.
The maximum CCB you can receive per child is:
- $7,437 per year for kids under age 6
- $6,275 per year for kids between ages 6-17 years.
Who Qualifies for Canada FPT?
You must meet the eligibility requirements for each benefit program to receive FPT payments.
To qualify for GST/HST, you must meet at least one of the following:
- Be at least 19 years old
- Have or have had a spouse or common-law partner
- Be (were) a parent and live (lived) with your child.
To qualify for the Canada Child Benefit, you must:
- Live with a child who is under 18
- Be resident in Canada
- Be a Canada citizen, permanent resident, protected person, temporary resident, or indigenous person
In addition, you must meet specific income thresholds to receive the GST/HST credit and/or Canada Child Benefit.
Is Canada FPT Taxable?
Canada FPT payments are non-taxable.
That said, you should file your income tax return every year, even if you have no income to declare.
The CRA uses your tax return to automatically assess your eligibility for social assistance programs and benefits.
If you are a newcomer, you can apply for the GST/HST credit using Form RC151.
Applications for the CCB for newborns generally occur at the same time you register their birth.
Alternatively, you can also apply online through My Account or complete Form RC66 and mail it to the CRA office in your area.
Final Thoughts
Canada FPT payments capture a number of programs, and you may need to dig into your information on the CRA My Account online service to identify what you are being paid for.
You can also contact the CRA by phone at 1-800-387-1193.
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Interesting article! I had no idea there were multiple FPT payment dates in 2024. I’m looking forward to seeing how these changes will impact my taxes. Thanks for sharing!