Canada FPT Deposit 2024: Everything You Need to Know

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Key Takeaways:

  • Canada FPT Deposit stands for Federal-Provincial-Territorial tax credits, which are payments from the government for various social programs.
  • The most common FPT payments are the GST/HST credit and the Canada Child Benefit, but some provincial benefits may also be included.
  • To qualify for FPT payments, you need to file your tax return every year and meet the income and eligibility criteria for each program.
  • FPT payments are non-taxable and can help you with your living expenses, savings, or investments.
Canada FPT check everything

What is Canada FPT Deposit?

If you see a deposit in your bank account labelled as Canada FPT Deposit, you might be wondering what it is and where it came from. Canada FPT Deposit stands for Federal-Provincial-Territorial tax credits, which are payments from the government for various social programs.

The most common FPT payments are the GST/HST credit and the Canada Child Benefit, which are paid quarterly and monthly, respectively. However, there are a few other provincial benefits that may also be paid under the FPT code, such as the British Columbia Climate Action Tax Credit and the Ontario Senior Homeowners’ Property Tax Grant.

FPT payments are non-taxable benefits that can help you with your living expenses, savings, or investments. In this article, we will explain what FPT payments are, how to qualify for them, and when to expect them in 2024.

Canada FPT Deposit Overview 2024

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

GST/HST Credit

The Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit is a quarterly payment that helps low- and modest-income individuals and families offset the sales tax they pay. The amount you receive depends on your marital status, the number of children you have, and your income.

The payment dates for 2024 are:

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

For the July 2023 to June 2024 payment period, the maximum amounts are:

  • Single individual: up to $496
  • Couples: up to $650
  • Child under the age of 19: up to $171

Canada Child Benefit

The Canada Child Benefit (CCB) is a monthly payment that helps parents with the costs of raising children under the age of 18. The amount you receive depends on the number and age of your children and your income.

The payment dates for 2024 are:

  • 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

The maximum amount of CCB per child is:

  • Children under the age of 6: up to $7,437 per year or $619.75 per month
  • Children between the ages of 6 and 17: up to $6,275 per year or $522.91 per month

Other Provincial Benefits

Some provincial benefits that are administered by the Canada Revenue Agency (CRA) may also be paid under the FPT code, such as:

  • British Columbia Climate Action Tax Credit: a quarterly payment that helps low- and middle-income individuals and families with the carbon taxes they pay. The payment dates are the same as the GST/HST credit, and the maximum amount is $174.50 per adult and $51.25 per child for the July 2023 to June 2024 period.
  • Ontario Senior Homeowners’ Property Tax Grant: an annual payment that helps low- to moderate-income seniors with the property taxes they pay. The payment date is usually in May, and the maximum amount is $625 for the 2023 benefit year.

Who is Eligible for Canada FPT Deposit in 2024?

To receive FPT payments, you need to file your tax return every year and meet the income and eligibility criteria for each program. Here are some general requirements for the GST/HST credit and the CCB:

GST/HST Credit Eligibility

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

  • Be a resident of Canada for tax purposes
  • Be 19 years of age or older, or have a spouse or common-law partner, or be a parent who lives with your child
  • Have a valid Social Security number
  • Have an income below the threshold for your family size

Canada Child Benefit Eligibility

To qualify for the CCB, you must:

  • Be a resident of Canada for tax purposes
  • Be the primary caregiver of a child under the age of 18
  • Have a valid Social Security number for yourself and your child
  • Have an income below the threshold for your family size

How to Apply for Canada FPT Deposit

You don’t need to apply for FPT payments separately. The CRA will automatically assess your eligibility based on the information you provide on your tax return. However, you need to make sure that you:

  • File your tax return every year, even if you have no income
  • Update your personal information, such as your marital status, address, and number of children
  • Register your child for the CCB as soon as they are born or start living with you
  • Apply for a Social Security number for yourself and your child if you don’t have one

IMPORTANT LINKS:

What to Do with Your Canada FPT Deposit

FPT payments are meant to help you with your living expenses, but you can also use them to improve your financial situation. Here are some ideas on what to do with your FPT deposit:

  • Pay off your high-interest debt, such as credit cards or payday loans
  • Build an emergency fund to cover unexpected expenses or income loss
  • Save for your short-term or long-term goals, such as a vacation, a car, or a down payment
  • Invest for your retirement or your child’s education
  • Donate to a charity or a cause you care about

FAQ

What does Canada FPT mean on my bank statement?

Canada FPT means that you have received a tax credit or refund from a federal, provincial, or territorial program, such as the GST/HST credit or the CCB.

Is Canada FPT the same as GST?

No, Canada FPT is not the same as GST. GST stands for Goods and Services Tax, which is a sales tax that you pay when you buy goods and services in Canada. Canada FPT stands for Federal-Provincial-Territorial tax credits, which are payments from the government that help you offset the sales tax you pay.

How often do I receive Canada FPT deposits?

It depends on the program you are eligible for. The GST/HST credit is paid quarterly, the CCB is paid monthly, and some provincial benefits are paid annually or quarterly.

How much can I receive through Canada FPT?

It depends on the program you are eligible for, your income, and your family size. For the GST/HST credit, the maximum amount is $496 for a single individual, $650 for a couple, and $171 for each child under 19. For the CCB, the maximum amount is $7,437 for each child under 6, and $6,275 for each child between 6 and 17.

Final Thoughts

Canada FPT deposits are a great way to boost your income and help you with your living expenses. However, you need to file your tax return every year and keep your personal information updated to receive them. You can also use your FPT payments to improve your financial situation by paying off debt, saving, investing, or donating. If you have any questions about your FPT payments, you can contact the CRA or visit their website for more information.

Source: (1) What is Canada FPT Deposit? Canada FPT Payment Dates 2024. https://www.savvynewcanadians.com/canada-fpt-deposit-payment/. (2) What Is Canada FPT Deposit? Payment Dates and Amounts (2024). https://wealthawesome.com/canada-fpt-deposit/. (3) What is Canada’s FPT deposit? FPT Dates for 2024. https://filingtaxes.ca/what-is-canadas-fpt-deposit-fpt-dates-for-2024/.

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