Our Disclosure

The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews. Read our disclosure.

What is Canada FPT Deposit? Canada FPT Payment Dates 2024


Fact Checked

Quick Answer

  • Canada FPT stands for “Federal-Provincial-Territorial” tax credits. Sometimes, they’re coded by banks as “Fed-Prov/Terr Canada.”
  • The FPT payments for GST/HST credit are paid quarterly, on the fifth day of January, April, July and October. For the Canada Child Benefit, FPT payments are deposited monthly, usually on the 20th day of the month.
  • Canada FPT payments are non-taxable benefits.

Wondering what the Canada FPT deposit in your bank account is for?

It’s the government deposit for your GST/HST credit or Canada Child Benefit that’s paid on a monthly and/or quarterly basis.

Some provincial benefits, such as the British Columbia Climate Action Tax Credit and Ontario Senior Homeowners’ Property Tax Grant, may also be paid under the “FPT” code.

This article covers what FPT stands for, how to qualify for its payments, and the FPT deposit dates for 2024.

What is Canada FPT?

Canada FPT stands for “Federal-Provincial-Territorial” tax credits. In most cases, when you see a deposit with this entry on your bank statement, it means you have received the GST/HST credit or Canada Child Benefit (CCB).

Sometimes, Canada FPT deposits are coded as “Fed-Prov/Terr Canada” on your bank statement or simply as FPT.

A few other provincial benefits that are administered through the Canada Revenue Agency (CRA) may also be paid under the ‘FPT’ code, including:

  • British Columbia Climate Action Tax Credit
  • Ontario Senior Homeowners’ Property Tax Grant

Canada FPT Payment Dates 2024

Depending on the program you are eligible for, the payment dates in 2024 are:

GST/HST Credit

The Goods and Services Tax/Harmonized Sales Tax credit is paid quarterly:

  • January 5, 2024
  • April 5, 2024
  • July 5, 2024
  • October 4, 2024

For the July 2023 to June 2024 payment period, you receive up to $496 (single individual), $650 (couples), and $171 per child under the age of 19.

Canada Child Benefit

Formerly known as the Canada Child Tax Benefit and popularly referred to as the “Baby Bonus,” the CCB is paid monthly on these dates:

  • 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

CCB helps parents offset some costs of raising children under age 18.

The maximum amount of CCB per child under age 6 is $7,437 per year or $619.75 per month. Children between the ages of 6 and 17 get up to $6,275 per year or $522.91 monthly.

How much you receive depends on your adjusted family net income (AFNI). A family with AFNI under $34,863 gets the maximum benefit for each child.

Sometimes, this payment is recorded as a Canada PRO deposit.

Eligibility for Canada FPT

You can receive Canada FPT deposits if you meet the minimum eligibility requirements for the applicable program.

To qualify for GST/HST credit payments, you must:

  • Be a Canadian resident for income tax purposes
  • Be at least 19 years old
  • Have or have had a spouse or common-law partner
  • Be a parent and live with your child (or have been a parent and lived with your child)

Applicants for the CCB must:

  • Be a resident of Canada for tax purposes
  • Live with a child who is younger than 18
  • Be primarily responsible for raising the child

If you are also getting the Child Disability Benefit (CDB) as part of the CCB, your child must be eligible for the disability tax credit.

Is Canada FPT Taxable?

Canada FPT payments are non-taxable benefits (i.e. tax-free).

For the GST/HST credit, your net income from line 23600 (single) or combined family net income from the previous year is used by the CRA to assess your eligibility.

You should file your income tax return even if you have not earned any income.

This also applies to CCB payments, as the amount you receive is impacted by your net family income.

How to Put Your Canada FPT Deposit To Use

If you have children, you can start saving towards their college education right from birth using the RESP account. Contributions you make to their RESP are matched up to a certain amount annually by the government.

Here are some ways to invest in an RESP.

If you don’t already have an emergency fund account, you could open a high interest savings account to deposit your Canada FPT payments and watch it grow.

One of the best savings rates in Canada today is offered by EQ Bank’s Savings Plus Account. It has no monthly fees, and you get free unlimited debit transactions and Interac e-Transfers.

You can also earn high interest on your savings using the Neo Financial HISA.

EQ Bank Personal Account


Earn up to 4.00% interest

No monthly account fees or minimum balance

Unlimited debit transactions and e-Transfers

Free cashback card & no ATM fees

Supports mobile cheque deposits

Neo Savings Account

neo logo

4.00% non-promo interest rate

No monthly fees

Unlimited free transactions

Access to a no-annual-fee credit card

Lastly, you can open an investment account (RRSP, TFSA, or non-registered personal account) and invest in thousands of stocks and bonds using low-cost ETFs.

Justwealth automatically invests your money and rebalances your asset allocation when required. Readers of this blog get a signup bonus of up to $500.


Top-rated online wealth manager

Several customized portfolios & low fees

Unique RESP and other offerings

Auto rebalancing and div reinvesting

Earn up to a $500 bonus

Canada FPT FAQ

What is Canada FPT in my bank statement?

Canada FPT deposits refer to federal, provincial, or Territorial program benefits that are paid out by the Canadian government. Social programs that may be captured in your FPT deposit include the CCB, GST/HST credit, and the climate action tax credit in British Columbia.

Is Canada FPT the same as GST?

GST and HST credit payments are often included in the FPT deposit you see on your bank statement. This tax-free benefit is paid every quarter and may include other provincial benefits, such as New Brunswick’s harmonized sales tax credit (NBHSTC) and Nova Scotia’s affordable living tax credit (NSALTC).

How often do I get Canada FPT deposits?

GST/HST credit is paid quarterly in January, April, July, and October. The Canada Child Benefit is paid monthly to eligible individuals.

How much is Canada FPT?

The maximum Canada Child Benefit per child is $7,437 (under 6) or $6,275 (age 6-17) per year. The maximum GST/HST credit is $496 per adult and $171 per child.


Best Freebies and Deals This Month

Get a $20 bonus + Earn up to 5% cash back and Interest with this FREE Card

Best free* reloadable prepaid card with a $20 signup bonus after your first purchase.

Earn up to 5% unlimited cash back on purchases.

Enjoy 5% savings interest rate on your entire balance (up to 3x more than the big banks).

Guaranteed approval card, free unlimited transactions, & budgeting app.

Add on credit-building and get free monthly Equifax credit score checks.

Best FREE chequing account offer in Canada with $400 cash bonus

$400 cash bonus when you set up a direct deposit of $100 for 3 months.

Forget about monthly account fees or minimum balance requirements.

Unlimited free debits and Interac e-Transfer transactions.

Earn high-interest rates on a free savings account (6.00% savings offer).

Get the prepaid card that pays interest and unlimited cash back

One of the best no-fee prepaid debit cards in Canada.

Get 0.50% unlimited cash back on all purchases.

Earn 4.00% interest on your entire balance.

No ATM withdrawal fees and no FX fees when you spend abroad.


Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

Free financial education

Expert advice

Free resources

Detailed guides

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.