What is Canada Fed Deposit in 2022? Payment Dates, and More

What does the Canada Fed deposit on your bank statement mean?

If you have recently received a payment in your bank account tagged as “Canada Fed”, don’t worry. It is more than likely from the Government of Canada.

What is Canada Fed?

Canada Fed is a direct deposit payment made by the Canada Revenue Agency (CRA).

It often signifies that you qualify for one or a combination of benefits including:

• Canada Child Benefit (CCB)
• Child Disability Benefit (CDB)
• Goods and Services Tax (GST/HST)
• Canada Workers Benefit (CWB)
• Climate Action Incentive Payment (CAIP)

Canada Fed Payment Dates in 2022

Depending on the program you are eligible for, Canada Fed payments in 2022 occur as follows:

1. Canada Child Benefit

The Canada Child Benefit is a monthly tax-free payment made to eligible families to help them with the costs of raising kids.

CCB is paid on these dates in 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

How much CCB will you get?

The maximum CCB per child under age 6 is $6,997 per year or $583.08 per month.

For kids aged between 6 and 17 years, the maximum amount is $5,903 per year or $491.91 per month.

How much you receive is dependent on how many eligible kids you have and your adjusted family net income for the last tax year.

In 2021, the federal government introduced additional child benefits and supports for eligible families via the Canada Child Benefit Young Children supplement (CCBYCS). The final CCBYCS payment was paid on October 29, 2021.

2. Canada Child Disability Benefit

Families with children under 18 who have a qualifying disability may be eligible for the child disability benefit.

How much CDB will you get? The maximum benefit per child is $2,985 per year or $248.75 per month.

CDB is paid monthly on the same date as the CCB.

3. GST/HST Credit

The Goods and Services Tax/Harmonized Sales Tax (GST/HST) is a quarterly tax-free benefit paid to low- and modest-income individuals and families.

This benefit helps them to offset the sales taxes they pay during the year.

GST/HST credit payments for 2022 occur on these dates:

• January 5, 2022
• April 5, 2022
• July 5, 2022
• October 5, 2022

How much will you get?

The GST/HST credit in 2022 is up to $467 if you are single, $612 if you are married or have a common-law partner, and $161 per child under age 19.

4. Canada Workers Benefit

The Canada Workers Benefit (CWB) is a refundable tax credit to help individuals and families who earn a low income while working.

CWB payments in 2022 occur on the same dates as the GST/HST credit:

• January 5, 2022
• April 5, 2022
• July 5, 2022
• October 5, 2022

The maximum basic CWB for single individuals is $1,395 per year and it is $2,403 for families.

How much will you get?

How much you receive is dependent on your adjusted net income and where you reside. A CWB disability supplement of up to $720 is also paid to eligible recipients.

5. Climate Action Incentive Payments (CAIP)

The Climate Action Incentive Payment (CAIP) is a tax-free benefit paid to families in Alberta, Ontario, Saskatchewan, and Manitoba, to help them offset the cost of the federal carbon tax.

CAIP is paid on these dates for the 2022 to 2023 payment period:

• July 15, 2022 (includes payment for April 2022)
• October 15, 2022
• January 15, 2023

How much CAIP will you get?

The CAIP you receive varies based on your province of residence and the size of your family unit.

For the 2022-2023 pay period, total annual CAIP payments are as follows (assuming a family unit of four people):

Family Member	Ontario	Manitoba	Saskatchewan	Alberta
First adult	$373	$416	$550	$539
Second adult	$186	$208	$275	$270
First child	$93	$104	$138	$135
Second child	$93	$104	$138	$135
Total	$745	$832	$1,101	$1,079

These amounts are increased by 10% if you live in a qualifying rural or small community.

For each of the payment dates (July 15, 2022, October 15, 2022, and January 15, 2023), you can expect the amounts in the table below for each province.

Payments indicated in each box are for the first adult, second adult, child (each).

	Ontario	Manitoba	Saskatchewan	Alberta
July 15, 2022 (double)	$186.50, $93.00, $46.50	$208.00, $104.00, $52.00	$275.00, $137.50, $69.00	$269.50, $135.00, $67.50
October 15, 2022	$93.25, $46.50, $23.25	$104.00, $52.00, $26.00	$137.50, $68.75, $34.50	$134.75, $67.50, $33.75
January 15, 2023	$93.25, $46.50, $23.25	$104.00, $52.00, $26.00	$137.50, $68.75, $34.50	$134.75, $67.50, $33.75

Who is Eligible For Canada Fed Payments?

You can receive Canada Fed payments if you meet the conditions for each applicable program.

To qualify for CCB, you must:

• Be a legal resident of Canada for tax purposes
• Live with a child who is under 18
• Be primarily responsible for raising your child
• Meet the income thresholds

For the child disability benefit, you must qualify for the CCB and your child has to be eligible for the disability tax credit.

To qualify for the GST/HST credit, you must be:

• A Canadian resident for income tax purposes, and
• Be 19 years or older, or
• Have (or have had) a spouse or common-law partner, or
• Are a parent (or were) and live (or lived) with your child

To qualify for the Canada workers Benefit, you should be 19 years of age or older, earn employment income, and be considered a Canadian resident for income tax purposes.

To qualify for the CAIP, you must be a resident of Alberta, Ontario, Manitoba, or Saskatchewan on the first day of the payment month and the last day of the previous month.

You must also meet at least one of these conditions during the same period:

• Be 19 years of age or older
• Have (or previously had) a spouse or common-law partner
• Be (or have previously been) a parent and live (or have previously lived) with your child

Is Canada FED Taxable?

Canada Fed payments are non-taxable.

To receive the benefit, file your tax return annually even if you haven’t earned taxable income.

Up to 50% of Fed CWB payments can be paid out to recipients in advance. The remainder is claimed on your income tax return.

How To Put Your Canada Fed Deposit to Use

Maximize the child benefit payments by contributing all or a portion of it to your child’s RESP account.

RESP contributions are matched by the Canadian government by up to $500 per year, and you could get up to $7,200 in total grant money.

If you don’t have an emergency fund, you can deposit your Canada Fed payments into a high-interest savings account.

One of the best savings accounts in Canada is the EQ Bank Savings Plus Account.

It offers unlimited free debits and Interac e-Transfers and has no monthly fees. It also pays a high interest rate on your balance.

Lastly, you can invest your Fed windfall in a registered or non-registered investment account.

Here’s an in-depth guide on Canadian investment accounts.

Canada Fed FAQs

Related:

• What is Canada FPT Deposit?
• What are Canada PRO Deposits?
• What is the Home Energy Retrofit Program?
• Best Cash Back Websites

Have you received a Canada Fed payment that is unrelated to any of the programs on this list? Let us know in the comments.