Wondering what the Canada FPT deposit in your bank account is for?
While ‘free’ money is always welcome, it helps to know where the money you are getting is from so you can plan for taxes if needed.
Canada FPT is a government deposit that occurs on a monthly and/or quarterly basis.
Below, I explain what it stands for, how to qualify, and the FPT deposit dates for 2021.
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’s Property Tax Grant
Canada FPT Payment Dates 2021
Depending on the program you are eligible for, the payment dates in 2021 are:
The Goods and Services Tax/Harmonized Sales Tax credit is paid quarterly:
- January 5, 2021
- April 1, 2021
- July 5, 2021
- October 5, 2021
For the July 2021 to June 2022 payment period, you receive up to $456 (single individual), $598 (couples), and $157 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 20, 2021
- February 19, 2021
- March 19, 2021
- April 20, 2021
- May 20, 2021
- June 18, 2021
- July 20, 2021
- August 20, 2021
- September 20, 2021
- October 20, 2021
- November 19, 2021
- December 13, 2021
CCB helps parents offset part of the costs of raising children under age 18.
The maximum amount of CCB per child under age 6 is $6,833 per year or $569.41 per month. Children between ages 6 and 17 get up to $5,765 per year or $480.41 per month.
How much you receive is dependent on your adjusted family net income (AFNI). A family with AFNI under $32,028 gets the maximum benefit for each child.
Who is Eligible 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.
Get more details in my EQ Bank review.
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.
Canada FPT FAQ
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.
GST and HST credit payments are often included in the FPT deposit you see on your bank statement. This tax-free benefit is paid on a quarterly basis 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).
GST/HST credit is paid quarterly in January, April, July, and October. The Canada Child Benefit is paid monthly to eligible individuals.
The maximum Canada Child Benefit per child is $6,833 (under 6) or $5,765 (age 6-17) per year. The maximum GST/HST credit is $456 per adult and $157 per child.
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You can confirm the benefits you qualify for by using the CRA MyAccount service.
While on the platform, also check whether you have uncashed cheques from the government.