You might have noticed a deposit in your bank account tagged Canada FPT or Fed-Prov/Terr and wondered what it could mean. This piece will help you to understand the Canada FPT deposit and the payment dates for 2021.
Many Canadians are unaware of the importance of filing their tax return annually and the benefits attached thereafter. There are some benefits you might be eligible to receive when you file your taxes.
Some of these benefits include individual and family social benefits. One such benefit is the Canada FPT payment, usually found as a transaction code or reference in Canadian bank accounts.
What is Canada FPT?
Canada FPT or FPT is a Canadian government deposit that generally stands for Federal Provincial Territorial tax credit. FPT is used as a reference code for payment transfers received from the Canadian government.
There are several social programs from the Canadian government with wide eligibility. These programs make direct deposits or transfer funds into eligible individual Canadian bank accounts using the FPT or Canada FPT as a reference code.
The Canada FPT has mostly shown up for those who receive the federal goods and services tax/harmonized sales tax (GST/HST) credit, the Universal Child Care Benefit (UCCB), BC Climate action tax credit, or a Carbon tax rebate, depending on your province.
- GST/HST Credit
GST/HST credits or rebates are often paid quarterly as a direct deposit into eligible individual Canadian bank accounts under the Canada FPT reference code. Goods and services tax (GST) is a federal tax levied on Canadians’ purchase of goods and services.
Some Canadian provinces incorporate the federal GST to form the Harmonized Sales Tax (HST). As a result, Canadians with low-income earnings can apply for the GST/HST rebate when they file their tax return with the CRA.
The GST/HST credit helps low-income Canadians to offset the tax paid on consumer goods and services. As long as you file your annual taxes on time, regardless of whether you earn income or not, you could be eligible to receive the GST/HST credit under the Canada FPT transaction reference.
- Canada Child Benefit
Popularly referred to as Baby Bonus, the Canada Child Benefit (CCB) is a monthly social benefit program for low-income Canadian families with a child or children.
You can apply for Child Benefits through your CRA My Account and complete the necessary forms and documents. The CRA usually remits the CCB to eligible recipients’ Canadian bank accounts with the Canada FPT or FPT reference code.
CCB Payment Dates 2021
The CRA will make CCB payments under the FPT code on the following 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.
Canada FPT Payment
The Canada FPT, usually associated with GST/HST or UCCB credit, is paid out to eligible Canadian recipients quarterly. The credit payment is usually combined with the federal goods and services tax and harmonized sales tax (GST/HST) credits into a single payment, paid out four times in a year – January, April, July, and October.
You can receive your FPT payments as a direct deposit in your Canadian bank account. To ascertain what the deposit in your bank account is related to, you can log in to your CRA My Account portal to see the details of all your payments from the government. You can easily set up an account with the CRA if you don’t have one.
Canada FPT Eligibility
You may be eligible to receive Canada FPT quarterly payments from the government if you’re a resident of any Canadian province or territory for income tax purposes in the month before and at the beginning of the month.
The government makes the FPT payment to individual bank accounts through the CRA. Also, you must have a valid social insurance number (SIN) to receive the FPT payment.
In addition to these, you’re required to meet any of the following criteria:
- You are at least 19 years of age.
- You currently have (or had) a spouse or common-law partner.
- You are (or were) a parent and reside (or lived) with your child.
If you are eligible for the FPT payment, you will receive your credit payment in your Canadian bank account from the Canada Revenue Agency (CRA). The CRA determines your eligibility when you file your annual tax return, regardless of whether you have earned income or not.
Canada FPT Payment Dates
As earlier noted, FPT payments related to GST/HST credits are issued quarterly. Usually, the payments are made on the fifth day of the payment month.
For the 2021 Canada FPT, the Canada Revenue Agency (CRA) will make the payment on the following dates:
- January 5, 2021.
- April 1, 2021.
- July 5, 2021.
- October 5, 2021.
Related Provincial and Territorial Programs
The following benefit programs, combined with GST/HST and CCB, are administered by the Canada Revenue Agency (CRA) on behalf of the federal, provincial, and territorial governments.
- Alberta Child and Family Benefit (ACFB).
British Columbia (BC)
- BC Child Opportunity Benefit (BCCOB).
- BC Climate Action Tax Credit (BCCATC).
- New Brunswick Child Tax Benefit (NBCTB)
- New Brunswick Harmonized Sales Tax Credit (NBHSTC)
Newfoundland and Labrador
- Newfoundland and Labrador Child Benefit (and Mother Baby Nutrition Supplement)
- Newfoundland and Labrador Income Supplement (NLIS)
- Newfoundland and Labrador Disability Amount (NLDA)
- Newfoundland and Labrador Seniors’ Benefit
- Nova Scotia Child Benefit (NSCB)
- Nova Scotia Affordable Living Tax Credit (NSALTC)
- Ontario Trillium Benefit (OTB)
- Ontario Child Benefit (OCB)
- Ontario Senior Homeowners’ Property Tax Grant (OSHPTG)
- Ontario Sales Tax Credit (OSTC)
Prince Edward Island
- Prince Edward Island Sales Tax Credit
- Saskatchewan Low Income Tax Credit (SLITC)
- Northwest Territories Child Benefits
- Northwest Territories Cost of Living Offset
- Nunavut Child Benefit (NUCB)
- Yukon Child Benefit (YCB)
- Yukon Government Carbon Price Rebate – Individuals (YGCPRI)