You’re probably here because you got a seemingly random deposit on your bank statement labelled “Canada FPT.”
Don’t worry, it’s nothing sketchy — this free money comes from the Canadian government through the Canada Revenue Agency.
Canada FPT stands for Federal, Provincial, and Territorial tax credits. It means you’ve qualified for any or all of the following credits:
- The Canada Child Benefit (CCB)
- The Goods and Services Tax (GST) or Harmonized Sales Tax (HST)
- Province, or territory-specific programs like the B.C. Climate action tax credit
Canada Child Benefit (CCB)
The CCB is a tax-free benefit administered monthly by the CRA. It goes to eligible families to help with the cost of raising kids under 18 years old.
The CCB can potentially include the child disability benefit and related provincial and territorial programs, like the Ontario Child Benefit (OCB).
Who Can Get the Canada Child Benefit?
You’re eligible for the CCB if you check all these boxes:
- You’re primarily responsible for taking care of a child under 18
- You live with said child
- You pay taxes in Canada
- You, your spouse, or your common-law partner must also be at least one of the following:
- a Canadian citizen
- a permanent resident
- a protected person
- a temporary resident who has lived in Canada for the previous 18 months, and who has a valid permit in the 19th month. (That permit cannot say, "Does not confer status," or, "Does not confer temporary resident status.”)
- registered, or could legally be registered under the Indian Act
If you have a foster child, you’re not eligible for the CCB in any month that you also get the children’s special allowances (CSA).
You’re eligible for the CCB if you care for a child under a kinship or close relationship program under federal, provincial, or territorial law.
How Much Is the Canada Child Benefit?
It’s recalculated yearly, but the maximum per-child payments in 2021 were:
- $6,833/year ($569.41/month) for kids under 6
- $5,765/year ($480.41/month) for kids aged 6–17
You can use this calculator from the federal government to see how much you are eligible for. Payments are based on your number of kids, your net income, and other factors.
Canada Child Benefit Payment Dates 2022
- May 20
- June 20
- July 20
- August 19
- September 20
- October 20
- November 18
- December 13
This non-taxable credit goes to low and medium-income earners to help offset the goods and services tax or harmonized sales tax (GST/HST) depending on their province.
How much GST/HST credit you get depends on your previous year’s income tax return, the number of children you registered, and your family income.
You are generally eligible for the GST/HST credit if you:
- Are a Canadian taxpayer
- Are at least 19 years old
- Have (or had) a spouse or common-law partner
- Are (or were) a parent and live (or lived) with your child
GST/HST Payment Dates For 2022
The CRA sends the GST/HST credit on the fifth day of July, October, January, and April. If you don’t get it 10 business days after one of those dates, contact the CRA.
Related Provincial and Territorial Programs
The Canada FPT deposit could also be any one of these programs. They’re funded by provincial or territorial governments but administered by the federal CRA.
ACFB – Alberta Child and Family Benefit
BCATC – BC Climate Action Tax Credit
BCCOB – BC Child Opportunity Benefit
NBHSTC – New Brunswick Harmonized Sales Tax Credit
NBCTB – New Brunswick Child Tax Benefit
Newfoundland and Labrador
NLIS – Newfoundland and Labrador Income Supplement
Newfoundland and Labrador Seniors’ Benefit
NLDA – Newfoundland and Labrador Disability Amount
Newfoundland and Labrador Child Benefit (and Mother-Baby Nutrition Supplement)
NSALTC – Nova Scotia Affordable Living Tax Credit
NSCB – Nova Scotia Child Benefit
OSTC – Ontario Sales Tax Credit
OCB – Ontario Child Benefit
OTB – Ontario Trillium Benefit
OSHPTG – Ontario Senior Homeowners’ Property Tax Grant
Prince Edward Island
PEISTC – Prince Edward Island Sales Tax Credit
SLITC – Saskatchewan Low Income Tax Credit
NTCLO – Northwest Territories Cost of Living Offset
NTCB – Northwest Territories Child Benefits
NUCB – Nunavut Child Benefit
YGCPRI – Yukon Government Carbon Price Rebate – Individuals
YCB – Yukon Child Benefit
What Should I Do With the Canada FPT Deposit?
Ultimately, that's up to you. If your tax credit's rules allow you to spend it how you like — and you don't need it for immediate needs — you should generally follow these steps.
1. Pay off Debts
Debts are the number one thing holding most people back from being financially secure. If you can pay off high-interest debt like credit card bills or student loans, you should almost always do that before anything else.
2. Put it in Your Emergency Fund
You should have an emergency fund that covers at least three to six months' worth of living expenses. If you don't have one, or if it's too small, this is a great time to start.
3. Invest it
If you're debt-free with a healthy emergency fund, you should grow your money for the future.
You can do this by investing your tax credit in an account like an RRSP, RESP, or TFSA, then putting that money to work with low-risk ETFs, mutual funds, or another investment plan that works for you.
Frequently Asked Questions
Is the Canada FPT taxable?
No. All Canada FPT credits are tax-free.
Who is eligible for Canada FPT payment?
Anyone who is eligible for the credits described above. The Canada FPT payment is any one of several different tax credits.
What are the Canada FPT payment dates for 2022?
These vary based on which credit you qualify for. The payment dates for the Canada Child Benefit and GST/HST credits are listed above.
Do you have to do anything when you receive the Canada FPT?
Nope! That money is yours.
Is the Canada FPT the same as GST?
No. GST stands for the goods and services tax, which you pay. The Canada FPT is one, or many credits that the government gives to you including the GST/HST credit.
How often do you get Canada FPT?
That depends on which credit you receive. The payment dates for the Canada Child Benefit and GST/HST credits are listed above.
What is Canada Fed deposit in my bank account?
This is a term used on bank statements and by payroll systems. It includes the CCB and GST/HST credits, which fall under the Canada FPT deposit, but also the Canada Workers Benefit (CWB).
Is Canada FPT and CCB the same?
Yes, in a way. If you receive the CCB, it’ll likely be listed as “Canada FPT” in your chequing account. But the Canada FPT deposit could also be a number of other programs.
Is Canada FPT a one-time payment?
No, the programs listed as the Canada FPT deposit are designed to be recurring payments.