An unknown withdrawal from your bank account is a significant cause of worry and may lead to many questions popping into your head.
“Is my account compromised?”
“Did someone steal my credit cards?”
“Is someone using my credentials?”
Though not quite on the same level as an unknown withdrawal, an unknown deposit can be just as worrisome for most people. Unlike finding money on the ground, which is simply good fortune, an anonymous fund transfer can turn out to be a severe problem.
But if you see an unknown deposit in your bank account marked Canada FPT deposit, you shouldn’t worry too much.
What Is Canada FPT Deposit?
The “FPT” in the “Canada FPT Deposit” stands for Federal-Provincial-Territorial, meaning it covers all the government and regulatory body levels. It’s a financial transaction code that marks certain benefit payments or tax credits you may receive.
If you see a payment marked “Canada FPT deposit” in your bank account, it might be:
- Canada Child Benefit (CCB);
- Goods and Services Tax (GST) or Harmonized Sales Tax (HST) credit;
- BC Climate action tax credit if you live in BC; or
- Other similar provincial programs.
It’s essential to understand how the above payments might differ in amount and the dates you receive them.
Canada FPT Deposit: “The Baby Bonus”
A lot of people still refer to the CCB payments as “the baby bonus.” So, if that’s the term you are comfortable with, and the amount you receive is according to how much you are eligible to receive, that’s what your Canada FPT deposit most likely is.
Before 2016, the CCB-related Canada FPT deposit used to be the “Universal Child Care Benefit”. It was a payment that every Canadian parent received for children under the age of six, regardless of the household income. The benefit was scrubbed and replaced by CCB, targeting Canadian households that need it.
CCB payments are usually released on the 20th of every month. Based on which day the 20th is falling, the payment might be moved to the 19th or 18th. A few things to note about your CCB-related Canada FPT deposit are:
- You might receive the first payment a few months after your child is born, and it might be a “beefed-up” sum because of retroactive payments.
- If you are divorced but still hold partial custody of the children, you might receive a CCB payment dubbed “Canada FPT deposit” in addition to your spouse’s share. It might be a hefty sum because it’s calculated back to the month of your legal separation.
In the case of disabled children, the additional payment might be rolled in with your regular CCB payment.
Canada FPT Deposit: GST/HST Tax Credit
If you file your taxes and your household income falls below a certain threshold, you might be eligible for a GST/HST tax credit. However, it’s important to note that this particular tax benefit might not always come with the Canada FPT deposit label and might have a different name on your chequing account.
The GST/HST tax credit payments are usually issued quarterly, and the amount varies not just with your income but also with your filing status and the number of children.
How To Verify Which Credit/Benefit Payment Is Your Canada FPT Deposit Is?
Short answer: through your CRA My Account. If you are uncertain what this particular payment in your bank account means, it’s a good idea to check your CRA My Account—even before you consult Google. On your CRA My Account, you will easily be able to solve the mystery of the FPT deposit because there, you’ll find details of the benefit you are eligible for.
Note that in case of a separation or joint filing when your ex-partner or ex-spouse haven’t filed their taxes or updated their details with the CRA, you might not get the information you are looking for, but it’s a rarity.
What Isn’t Canada FPT Deposit?
While Canada FPT deposit can refer to multiple payments made by the federal and provincial government, it is also a good idea to exclude what Canada FPT deposit might not be. It can’t be:
- Canada Emergency Response Benefit (CERB)/ Canada Recovery Benefit (CRB);
- Employment Insurance (EI) benefits;
- Canada Pension Plan (CPP)/ Old Age Security (OAS) pension;
- Canada Workers Benefit (CWB);
- Ontario Trillium Benefit (OTB) for Ontario residents; or
- Alberta Child and Family Benefit (ACFB) for Alberta residents.
Now that you have an idea about the Canada FPT deposit, you probably agree with my assessment that it’s nothing to worry about. However, if you receive the payment, it’s a good idea to check your CRA My Account just in case and verify just what it is that you’ve received.