If you’re a resident of Ontario or Alberta and recently received a deposit in your bank account with the name “Canada PRO,” you might be wondering what it is. This article will explain everything you need to know about Canada PRO deposits in 2024, including their purpose, eligibility requirements, payment dates, and amounts.
What is a Canada PRO Deposit?
Canada PRO deposits are tax-free benefits administered by the Canada Revenue Agency (CRA) on behalf of the provincial governments of Ontario and Alberta. These benefits provide financial assistance to low- and moderate-income residents to help with the rising costs of energy, property taxes, and sales tax.
There are four programs that fall under the Canada PRO umbrella:
- Ontario Trillium Benefit (OTB): This benefit combines three separate tax credits for Ontario residents:
- Northern Ontario Energy Credit
- Ontario Energy and Property Tax Credit
- Ontario Sales Tax Credit
- Alberta Child and Family Benefit (ACFB): This benefit combines two social assistance programs for Alberta residents:
- Alberta Child Benefit
- Alberta Family Employment Tax Credit
When you see “Canada PRO” on your bank statement, it usually indicates a payment from one of these programs.
Understanding Your Eligibility
Eligibility for Canada PRO deposits depends on the specific program you qualify for. Here’s a breakdown of the eligibility criteria for each program:
1. Northern Ontario Energy Credit:
- Be a resident of Algoma, Cochrane, Kenora, Nipissing, Manitoulin, Parry Sound, Sudbury, or Thunder Bay districts in Ontario.
- Be at least 18 years old before June 1, 2024, or have a spouse or common-law partner on or before December 31, 2022.
- Be a parent who lives or previously lived with your child in 2022.
- In 2022, you must have:
- Rented or paid property tax for your principal residence.
- Lived on a reserve and paid for your home energy costs.
- Lived in a public long-term care home and paid for a portion of your accommodation.
2. Ontario Energy and Property Tax Credit:
- Be a resident of Ontario on December 31, 2022.
- Be at least 18 years old before June 1, 2024, or have a spouse or common-law partner on or before December 31, 2022.
- Be a parent who lives or previously lived with your child in 2022.
- In 2022, you must have:
- Rented or paid property tax for your principal residence.
- Lived on a reserve and paid for your home energy costs.
- Lived in a public long-term care home and paid for your accommodation.
3. Ontario Sales Tax Credit:
- Be a resident of Ontario.
- Be at least 19 years old on December 31, 2022, or have a spouse or common-law partner on or before December 31, 2022.
- Be a parent who lives or previously lived with your child in 2022.
4. Alberta Child and Family Benefit:
- Be the parent or guardian of one or more children under 18 years old.
- Be a resident of Alberta.
- File your annual tax return.
- Meet the income threshold set by the Alberta government.
The easiest way to determine your eligibility for any of these programs is to file your income tax return for the previous year. The CRA will assess your eligibility based on the information provided in your tax return.
Canada PRO Deposit Dates in 2024
The payment schedule for Canada PRO deposits varies depending on the program:
- Ontario Trillium Benefit (OTB): Payments are typically made monthly on the 10th of each month, starting in July 2023 and continuing until June 2024. However, there are some exceptions:
- If your total OTB amount is $360 or less, you will receive a lump sum payment in July 2023.
- You may also be eligible for a one-time payment in June 2024 if your total OTB amount is greater than $360.
- Alberta Child and Family Benefit (ACFB): Payments are made quarterly on the following dates in 2024:
- February 27
- May 27
- August 27
- November 27
Here’s a quick reference table for the 2024 Canada PRO deposit dates:
| Program | Province | Payment Frequency | Payment Dates (2024) |
|---|---|---|---|
| Ontario Trillium Benefit (OTB) | Ontario | Monthly (except for specific cases) | January 10, February 9, March 8, April 10, May 10, June 10 (potential lump sum for some) |
| Ontario Trillium Benefit (OTB) | Ontario | Lump sum (if total benefit > $360) | June 2024 (potential) |
| Ontario Trillium Benefit (OTB) | Ontario | Lump sum (if total benefit ≤ $360) | July 10, 2023 |
| Alberta Child and Family Benefit (ACFB) | Alberta | Quarterly | February 27, May 27, August 27, November 27 |
How Much Can You Expect to Receive?
The amount you receive through Canada PRO deposits depends on the specific program and your eligibility criteria. Here’s a breakdown of the estimated amounts for each program:
- Northern Ontario Energy Credit:
- Singles: Up to $172
- Families: Up to $265
- Ontario Energy and Property Tax Credit:
- Age 18-64: Up to $1,194
- Age 65+: Up to $1,360
- Residents on reserves or in long-term care homes: Up to $265
- Students in eligible residences: Up to $25
- Ontario Sales Tax Credit:
- Up to $345 per person (you, your spouse/partner, and each dependent child under 19)
- Alberta Child and Family Benefit:
- The amount is based on your family income and the number of children. It consists of a “base” amount and a “working” component that increases with earned income.
- Maximum base amounts:
- 1 child: $1,410
- 2 children: $2,115
- 3 children: $2,820
- 4 or more children: $3,525
- Maximum working component amounts (increases with income):
- All families: Up to $1,902
How to Apply for Canada PRO
There’s no separate application process specifically for Canada PRO deposits. You simply need to file your income tax return for the previous year.
- For Ontario Trillium Benefit (OTB): File your taxes for 2022 to receive benefits in the 2023-2024 payment period (July 2023 – June 2024). File your 2023 taxes for the 2024-2025 benefit period. You may also need to submit the completed ON-BEN Application Form along with your tax return.
- For Alberta Child and Family Benefit (ACFB): When you file your tax return and qualify for the Canada Child Benefit (CCB), you’re automatically considered for the ACFB.
How Canada PRO is Paid
The CRA distributes Canada PRO tax credits through direct deposit to your bank account if you’ve set it up through your CRA MyAccount. If not, you’ll receive a cheque.
Is Canada PRO Taxable?
No, Canada PRO deposits are tax-free benefits that won’t affect your taxable income or eligibility for other social assistance programs.
Putting Your Canada PRO Deposit to Use
These regular deposits can feel like extra money, but consider using them strategically to improve your financial well-being. Here are some ideas:
- Save in a high-interest account: Move your deposit to a high-interest savings account (like EQ Bank Savings Plus or Neo Money) to earn interest while building your emergency fund.
- Pay off debt: Use the money to pay down high-interest debt, such as credit cards or payday loans.
- Invest for the future: Consider investing in a Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA) for long-term financial goals like retirement.
Still Unsure About Your Canada PRO Deposit?
If you’re unsure which program your Canada PRO deposit belongs to or have questions about your eligibility, there are a couple of ways to find out:
- Check your CRA MyAccount: Log in to your CRA MyAccount to view the benefits listed under your profile.
- Contact the CRA: Call the CRA at 1-800-387-1193 to speak with a representative who can answer your questions about Canada PRO deposits and your specific eligibility.
Key Takeaways
- Canada PRO deposits are tax-free benefits administered by the CRA on behalf of Ontario and Alberta.
- They consist of various tax credits aimed at helping low- and moderate-income residents with energy costs, property taxes, and sales tax.
- Eligibility depends on the specific program and your residency, income, and family situation.
- Filing your income tax return is typically all that’s required to be considered.
- Payment dates and amounts vary by program, with Ontario Trillium Benefit offering monthly or lump-sum payments and Alberta Child and Family Benefit distributed quarterly.
- You can use Canada PRO deposits strategically to improve your financial situation by saving, paying off debt, or investing.
By understanding Canada PRO deposits and how they work, you can ensure you’re receiving the full benefit they offer and utilize them effectively to manage your finances.