Key Takeaways
- A Canada Fed is a direct deposit payment made by the Canada Revenue Agency (CRA) to deliver the financial government benefits you qualify for.
- Payments referred to as a Canada Fed deposit include the Canada Child Benefit (CCB), Child Disability Benefit (CDB) and Canada Workers Benefit (CWB).
- Canada Fed payments are non-taxable.
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.
Specifically, a direct deposit payment made by the Canada Revenue Agency (CRA) to deliver the financial government benefits you’re eligible for.
This article covers everything about Canada Fed Deposits, including which benefits are included, who’s eligible for them, and what their payment dates are.
Canada Fed Meaning
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 2024
Depending on the program you are eligible for, Canada Fed payments in 2024 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 2024:
- 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
How much CCB will you get?
The maximum CCB per child under age 6 is $7,437 per year or $619.75 per month.
For kids aged between 6 and 17 years, the maximum amount is $6,275 per year or $522.91 per month.
How much you receive depends on how many eligible kids you have and your adjusted family net income for the last tax year.
2. Canada Child Disability Benefit
Families with children under 18 with a qualifying disability may be eligible for the child disability benefit.
How much CDB will you get?
The maximum benefit per child is $3,173 per year or $264.41 monthly.
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 2024 occur on these dates:
- January 5, 2024
- April 5, 2024
- July 5, 2024
- October 4, 2024
How much GST Credit will you get?
The standard GST/HST credit in 2023/2024 is up to $496 if you are single, $650 if you are married or have a common-law partner, and $171 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 2023 occur on the same dates as the GST/HST credit:
- January 12, 2024
- July 12, 2024
- October 11, 2024
The maximum basic CWB for single individuals is $1,428 per year and $2,461 for families.
How much CWB will you get?
How much you receive depends on your adjusted net income and where you reside. A CWB disability supplement of up to $737 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, Manitoba, Prince Edward Island, Newfoundland and Labrador, and Nova Scotia to help them offset the cost of the federal carbon tax.
CAIP is paid on these dates for the 2024 payment period:
- January 15, 2024
- April 15, 2024
- July 15, 2024
- October 15, 2024
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 2023-2024 pay period, total annual CAIP payments are as follows (assuming a family unit of four people):
| Family Member | Ontario | Manitoba | Saskatchewan | Alberta |
| First adult | $488 | $528 | $680 | $772 |
| Second adult | $244 | $264 | $340 | $386 |
| Each child | $122 | $132 | $170 | $193 |
| Family of 4 | $976 | $1,056 | $1,360 | $1,544 |
These amounts are increased by 10% if you live in a qualifying rural or small community.
For each payment date, you can expect the amounts in the table below for each province.
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
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.
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Canada Fed FAQs
Check your CRA My Account to see which benefits you qualify for. You can also contact the CRA by phone at 1-800-387-1193.
The direct deposit payment from the Government of Canada is either related to the Canada Child Benefit, GST/HST credit, or Canada Workers Benefit.
Related:
Que veut dire NR7-R??? J’aurais un montant en retour d’impôt d’un certain montant… mais je ne vois rien qui a été déposé dans mon compte d’épargne…
What is NR7-R???
I just recieved a Canadian Fed Fed deposit in my bank for $9,045. I have idea why. I did tick of the CWB on my income tax form but I made more money than their ceiling.
Have know idea as to why we received a Canada Fed deposit
I just received 465.50$ fed deposit and none of these apply listed above. Its july 15 2022. I dont get it?
@Judge9554: It’s probably for the new Climate Action Incentive Payment. I will add it to this list asap.
I have no idea why I received a Canada Fed deposit. I do not fit into any of the categories.
@Stefoy: The deposit you received is likely for the Climate Action Incentive Payment (CAIP).
Learn more about it here: https://www.savvynewcanadians.com/climate-action-incentive-payment-caip/
Hello ,i just received a fed paymnt of $1000. ..no email of whats went into my bank acct ?