What is Canada’s FPT deposit? FPT Dates for 2024

FPT stands for "Federal-Provincial-Territorial". It is a tax credit deposit made by the Canadian government into the bank accounts of eligible individuals.

The FPT deposit indicates that you have received a tax credit or refund from a government benefit program. Some common programs that get deposited as FPT include:

  • Canada Child Benefit (CCB)
  • Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit
  • Climate action tax credits (e.g. British Columbia Climate Action Tax Credit)
  • Provincial tax credits (e.g. Ontario Trillium Benefit)

So if you see a deposit in your bank account labeled "Canada FPT", it means the government has determined you qualify for one of the above tax credits or benefits.

Who Qualifies for FPT Deposits?

To qualify for FPT deposits, you generally need to:

  • Be a resident of Canada
  • File annual tax returns
  • Meet specific eligibility criteria that varies by program

For example, to get the Canada Child Benefit, you need to:

  • Live with a child under 18 years old
  • Be primarily responsible for their care

And for GST/HST credits, you need to:

  • Be 19 years or older
  • Have a spouse or common-law partner
  • Have a family net income below a certain threshold

So FPT eligibility depends on the specific tax credit. Check with the CRA to see if you qualify for any credits.

FPT Deposit Dates 2024

The payment dates for FPT deposits vary depending on which tax credit you receive:

Canada Child Benefit

Paid monthly on the 20th day of the month.

  • January 20, 2024
  • February 20, 2024
  • March 20, 2024
  • April 20, 2024
  • May 20, 2024
  • June 20, 2024
  • July 20, 2024
  • August 20, 2024
  • September 20, 2024
  • October 20, 2024
  • November 20, 2024
  • December 20, 2024

GST/HST Credit

Paid quarterly on the 5th day of January, April, July and October:

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

Climate Action Incentive Payment

Paid quarterly on the 15th day of January, April, July and October:

  • January 15, 2024
  • April 15, 2024
  • July 15, 2024
  • October 15, 2024

Provincial Credits

Varies by province. For example, in Ontario:

  • Ontario Trillium Benefit: Monthly from July 2024 to June 2025
  • Ontario Senior Homeowners' Property Tax Grant: Paid in August 2024

Check with your provincial government for exact payment dates.

How Much are FPT Deposits?

The amount of FPT deposits varies significantly depending on which tax credit you receive and your specific situation.

For the Canada Child Benefit in 2024, you could receive up to:

  • $6,833 per child under age 6
  • $5,765 per child age 6-17

GST/HST credit amounts depend on your family net income and marital status. For example, in 2024:

  • Single adults could get up to $443
  • Couples could get up to $580
  • Families could get more depending on children

Climate action tax credits and provincial credits also vary in amount.

Check your CRA MyAccount or provincial finance website for your specific estimated amounts.

Checking Your FPT Deposit Details

If you receive an FPT deposit and want to confirm what it's for and how much to expect, you can check through:

  • CRA MyAccount: View tax credit and benefit details. Create an account if you don't already have one
  • Provincial finance website: Details on provincial tax credits
  • Call the CRA: 1-800-387-1193

Checking where your FPT deposit came from is important to ensure there are no mistakes and you get the full credits you're entitled to.

Canada FPT Deposits - In Summary

  • FPT stands for Federal-Provincial-Territorial tax credits
  • Eligibility varies by specific tax credit programs
  • Deposit dates depend on the credit - CCB monthly, GST quarterly
  • Deposit amounts depend on your situation
  • Check CRA MyAccount or call CRA to confirm details

Keeping up-to-date with tax credits and FPT deposits can help ensure you maximize the benefits available to you. The government aims to make these support programs accessible - so don't hesitate to apply and receive your entitled financial assistance.

Written By:
Salman Rundhawa
Salman Rundhawa is the founder of Filing Taxes. Salman provides valuable tax planning, accounting, and income tax preparation services in Toronto, Mississauga, Oakville, and Hamilton.

Leave a Reply

Your email address will not be published. Required fields are marked *

February 29, 2024
Filing A Nil Corporate Tax Return (T2) in Canada

If you own a company in Canada, you are required to file a T2 corporate income tax return each year. Depending on your industry, structure, and income, your corporate income tax return T2 will vary from any other company. Some companies, such as startups and new SMEs, may operate for years before reaching a profitable threshold. Other enterprises […]

Read More
February 29, 2024
Guide to Independent Contractor Taxes in Canada- The Gig Economy

The rapidly expanding gig economy in Canada provides countless opportunities to work from the comfort of your home and perform other “gig jobs.” Independent contractors, freelancers, and gig workers are reshaping the traditional employment landscape, offering their skills and services on a project basis. Many Canadians are capitalizing on a boom in freelance positions and side […]

Read More
February 22, 2024
Boosting Your Small Business with Outsourced Bookkeeping Services in Canada

As a small business owner in Canada, it’s not uncommon for your day to go in various directions.  Once your business starts to gain momentum your company must find an effective way to manage its books. From small startups to large corporations, businesses of all sizes are increasingly turning to outsourcing their bookkeeping functions. The […]

Read More
1 2 3 60
Contact Form Demo

This will close in 0 seconds

phone-handsetchevron-down Call Now linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram