What is an FPT deposit in Canada?
In Canada, FPT stands for "Federal-Provincial/Territorial Tax" Credit, and the deposit is used to fund a variety of government aid programs. However, if your bank statement shows a deposit with this entry, it implies you've received the GST/HST credit or Canada Child Benefit (CCB).
In most cases, the Canada FPT deposit is used to pay for the Canada Child Benefit (CCB), a credit for federal GST/HST, and, more recently, for the BC Climate Action Tax Credit or other provincial schemes that are similar to it.
On your bank statement, FPT deposits from Canada are sometimes called "Fed-Prov/Terr Canada" or "FPT."
Some other provisional benefits that are managed by the Canada Revenue Agency (CRA) could also be paid under the "FPT" designation, such as:
- Climate Action Tax Credit in British Columbia
- Homeowners’ Property Tax Grant in Ontario
How does the GST/HST Credit work?
GST/HST stands for Good and Services Tax/Harmonized Sales Tax Credit, which is a monthly benefit for low- and middle-income Canadians.
It is a benefit that is tax-free and helps eligible people offset some of their GST and HST payments.
According to the federal credit, your payment may also contain certain provincial and territory credits, depending on where you reside.
The GST/HST credit will be automatically deposited into your bank account depending on your income tax return. If you're new to Canada or have a new family member, you'll need to apply for the benefit through the Canada Revenue Agency (CRA).
In July 2021, a new GST/HST Credit payment schedule began.
The FPT Dates for 2022
The following are the payment dates for 2022, depending on the programme you are eligible for:
- On January 5, 2022,
- 5th of April, 2022
- 5th of July, 2022
- 5th of October, 2022
For the payment period of July 2021 to June 2022, you can get up to $456 (single), $598 (couples), and $157 for each kid under the age of 19.
The Canada Child Benefit (CCB) is a government programme that provides financial assistance to children in Canada.
The Canada Child Benefit is a government benefit programme administered by the Canada Revenue Agency (CRA) that provides eligible families with a monthly payment to assist with the cost of raising their children.
The monthly payment of the Canada Child Benefit will be deposited into your bank account with the title "Canada Child Benefit" or "Canada CCB."
However, there have been cases where the benefit was paid with the label "Canada FPT."
If you receive the Canada FPT payments on the following dates in 2022, you will be assured that the deposits are actually for CCB.
- 20th of January, 2022
- The 18th of February, 2022
- March 18th, 2022
- 20th of April, 2022
- May 20th, 2022
- June 20, 2022.
- 20th of July, 2022
- August 19th, 2022
- 20th of September, 2022
- 20th of October, 2022
- On November 18, 2022,
- 13th of December, 2022
Some of the costs of raising children under the age of 18 can be cut by the Child Care Benefit (CCB).
The maximum CCB amount per child under age 6 is $6,833 per year, or $569.41 per month. Children aged 6 to 17 are eligible for up to $5,765 per year, or $480.41 per month.
The amount you receive is based on your adjusted family net income (AFNI). A family with an AFNI of under $32,028 receives the maximum benefit for each kid.
Who qualifies for the Canada FPT Deposit?
The conditions for the underlying programmes determine your eligibility for the Canada FPT deposit.
However, you'll have to fulfil different requirements to qualify for each program.
If the payment is for GST/HST credit, you must qualify for Canada FPT. For tax reasons, you must be a Canadian resident who meets one of the following criteria:
- Do you have or have you ever had a spouse or a common-law partner?
- Are you a parent, or have you ever been one, and do you live with your child?(ren)
You must also fulfil the income requirements based on your tax return's Line 23600.
You must meet the following requirements to be eligible for Canada Child Benefit:
- To be eligible, you must be at least 19 years old.
- For tax reasons, you must be a Canadian resident.
- Accept primary responsibility for the child's upbringing.
- They fulfil the financial criteria.
Your kid must be qualified for the disability tax credit if you get the Child Disability Benefit (CDB) as part of the CCB.
What should you do with your FPT deposit from Canada?
Your Canada FPT deposit is used in your tax refund, but also putting your Canada FPT deposit to work toward your financial goals is one of the finest things you can do with it.
Setting up an emergency fund, saving for retirement, filling up your children's RESP, contributing to your TFSA, and other financial goals are just a few examples.
If you want to start investing or saving for a specific purpose, EQ Bank is a good place to start.
Definitely, their Savings Plus Account is the best savings account in Canada. It has no fees, and it earns a lot of money.
However, if your goals are long-term, then have a look at Questrade or Wealthsimple. These are Canada's greatest investing platforms and brokerages.
FPT Canada Frequently Asked Questions (FAQ)
What does Canada FPT stand for on my bank statement?
The Canadian government pays out federal, provincial, and territorial programme benefits, which are referred to as FPT deposits. In British Columbia, social programmes like the CCB, GST/HST credit, and climate action tax credit can be recorded in your FPT deposit. These programmes are called "social programs."
Is the FPT in Canada the same as the GST?
The FPT deposit you see on your bank statement sometimes includes GST and HST credit payments. Tax-free benefits like this one are paid out every week, and they may come with extra provincial benefits like New Brunswick's harmonised sales tax credit (NBHSTC) and Nova Scotia's affordable living tax credit (NSALTC).
How frequently do I get FPT deposits from Canada?
In January, April, July, and October, the GST/HST credit is paid. Eligible individuals receive the Canada Child Benefit on a monthly basis.