Do you want to know what the Canada FPT deposit in your bank account is for?
The government puts money into your account every month or every three months for your GST/HST credit or Canada Child Benefit.
The “FPT” code can also be used to get some state benefits, like the British Columbia Climate Action Tax Credit and the Ontario Senior Homeowners’ Property Tax Grant.
This piece talks about what FPT stands for, how to get its funds, and when the 2024 FPT deposits will happen.
How Do I Get Canada FPT?
The FPT in Canada stands for “Federal-Provincial-Territorial” tax credits. You likely got the GST/HST credit or the Canada Child Benefit (CCB) when you saw a deposit with this entry in your bank account.
On your bank account, Canada FPT deposits may be written as “Fed-Prov/Terr Canada” or just as FPT.
People who get certain state benefits through the Canada Revenue Agency (CRA) may also be able to get them through the “FPT” code.
British Columbia Tax Credit for Climate Action
Ontario’s Property Tax Grant for Seniors
Pay Dates for Canada’s FPT in 2024
The following times show when you may be able to get paid in 2024:
Credit for GST/HST
The credit for the Goods and Services Tax or Harmonized Sales Tax is given every three months:
- Friday, January 5, 2024
- May 5, 2024
- July 5, 2024
- Thursday, October 4, 2024
The payment time runs from July 2023 to June 2024. You can get up to $496 (as a single person), $650 (as a couple), and $171 per child under 19 years old.
The Canada Child Benefit
The CCB, which used to be called the Canada Child Tax Benefit and is more commonly known as the “Baby Bonus,” is paid every month on these dates:
- February 19, 2024
- Tuesday, February 20, 2024
- April 20, 2024
- 2019-04-19 2024
- May 17, 2024
- June 20, 2024
- July 19, 2024
- September 20, 2024
- Tuesday, September 20, 2024
- November 18, 2024
- December 20, 2024
- January 13, 2024
CCB helps parents pay for some of the costs of having kids younger than 18 years old.
CCB can give up to $7,437 a year, or $619.75 a month, to each child under the age of 6. Sixteen to seventeen-year-olds can get up to $6,275 a year, or $522.91 a month.
Based on your adjusted family net income (AFNI), you will get a certain amount. The most help is given to each child whose family’s AFNI is less than $34,863.
This payment is sometimes marked as a Canada PRO fee.
How to Get into Canada FPT
To get Canada FPT deposits, you must meet the minimum standards for the program in question.
To be able to get GST/HST credit payments, you need to:
- For income tax reasons, you must live in Canada.
- Age 19 or older
- Be married or have been married to someone else
- Live with your child as a parent or have lived with your kid as a parent.
People who want to join the CCB must:
- For tax reasons, you must live in Canada.
- Living with a child younger than 18
- be the main person in charge of raising the child
As part of the CCB, you may also get the Child Disability Benefit (CDB). This means that your child must be able to get the disability tax credit.
Is FPT Taxed in Canada?
For Canadians, FPT payments are perks that are not taxed, so they are tax-free.
For the GST/HST credit, the CRA looks at your net income from line 23600 (single) or line 23600 (family) from the previous year to see if you are eligible.
Even if you haven’t made any money, you should still file your tax return.
This is also true for CCB benefits since your net family income affects how much you get.
How to Use Your FPT Deposit in Canada
With a RESP account, you can start saving for your child’s college education as soon as they are born if you have kids. The government will match up to a certain amount of the money you put into their RESP every year.
Here are some ways to put money into a RESP.
You could put your Canada FPT payments into a high-interest savings account. If you don’t already have an emergency fund account, you could open one and watch it grow.
The EQ Bank Savings Plus Account has one of the best rates on savings in Canada right now. There are no regular fees, and you can make as many debit transactions and Interac e-transfers as you want for free.
The Neo Financial HISA also lets you earn a lot of interest on your cash.
Finally, you can start an investment account (RRSP, TFSA, or non-registered personal account) and use low-cost ETFs to invest in thousands of stocks and bonds.
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Canada FPT Frequently Asked Questions
1. On My Bank Account, What Does Canada FPT Stand For?
When the Canadian government pays out federal, provincial, or territorial program benefits, this is called a “Canada FPT deposit.” You might be able to include the CCB, the GST/HST credit, and the climate action tax credit in your FPT fee if you live in British Columbia.
2. Is FPT and GST the same thing in Canada?
On your bank account, the FPT deposit you see is often made up of GST and HST credit payments. This benefit is given out every three months and isn’t taxed. It might include other provincial benefits like the New Brunswick Harmonized Sales Tax Credit (NBHSTC) and the Nova Scotia Affordable Living Tax Credit (NSALTC).
3. How often does Canada FPT payment money come in?
The GST/HST refund is given every three months, in January, April, July, and October. Qualified people get the Canada Child Benefit every month.
4. How much does Canada FPT cost?
The most each child can get from the Canada Child Benefit each year is $7,437 (under 6 years old) or $6,275 (ages 6 to 17). Adults can get up to $496 in GST/HST credits, and children can get up to $171.