Canada PRO Deposit (Sep 2022): Fully Explained

If you see something called “Pro Deposit” in your bank account and are confused about what it is, you’ve come to the right place.

If you live in Ontario, the Canada Pro Deposit is most likely the Ontario Trillium Benefit (OTB) payment. For residents in Alberta, it might be the Alberta Child and Family Benefit (ACFB). 

The tax credit doesn’t come with any strings attached, and you can use it at your discretion.

If you want the full details on what it is, why it was sent to you, and when you will get it again, read on to find the answers.

What Is Canada PRO Deposit and How Much Can You Get from It?

Canada Pro Deposit can mean different things for you based on whether you reside in Alberta or Ontario.

Canada PRO Deposit Alberta

If you are a resident of Alberta and you see a deposit marked “Canada Pro” in your bank account, it’s most likely the Alberta Child and Family Benefit (ACFB).

For some people, it used to be the Alberta Family Employment Tax Credit (AFETC). However, since July 2020, it has been rolled into one payment, along with Albert Child Benefit (ACB). 

The amount you receive is based on two components: the base component and the working component.

The base component is available for every household with children, whether the family earns income or not. In addition to the base component, the working component is available to families with an income exceeding $2,760 and is meant to encourage people to find paid work.

For one child, the base and working component maximum is $1,330 and $681, respectively. It doesn’t increase arithmetically for every child, and there are tiers based on the number of children. The last tier is four or more children.

Number of ChildrenBase Component (max.)/yearWorking Component (max.)/year
1 child$1,330$681
2 children$1,995$1,301
3 children$2,660$1,672
4 children or more$3,325$1,795
Source

Canada PRO Deposit Ontario 

As an Ontario resident, you have probably received Ontario Trillium Benefit (OTB). The benefit is made up of three tax credits:

  • Northern Ontario Energy Credit
  • Ontario Energy and Property Tax Credit
  • Ontario Sales Tax Credit

Northern Ontario Energy Credit is for Northern Ontarian residents of specific towns paying relatively more for home energy. The maximum credit amount for unattached individuals is $158, while for households, it’s $243.

Ontario Energy and Property Tax Credit is for all Ontario residents and aims to partially compensate them for property and sales taxes that drive energy costs higher.

People between the ages of 18 and 64 can get a maximum of $1,095, while those aged 65 and older get $1,247. Residents of public, long-term care homes or reserves get $243, while students can get $25 max.

Ontario Sales Tax Credit aims to offset high sales tax. The maximum amount you can get is $316. You can also get the same additional amount for your spouse or common-law partner, as well as for every dependent child under 19.

Who Is Eligible for Canada PRO Deposit?

Eligibility requirements are not just different for Alberta and Ontario residents; they are also different for each of the three tax credits that make up the whole Canada Pro Deposit for Ontarians.

Alberta Canada PRO Deposit Eligibility

The eligibility requirements for receiving the ACFB include:

  • Having an income under the prescribed thresholds since the program is for low-income families
  • Being an Alberta resident who files tax returns
  • Having one or more children under the age of 18

Ontario Canada PRO Deposit Eligibility

The following eligibility requirements are for the benefit year 2021, which applies between July 2021 and June 2022. 

Northern Ontario Energy Credit

  1. You must be a resident of Algoma, Cochrane, Kenora, Manitoulin, Nipissing, Parry Sound, Rainy River, Sudbury, Thunder Bay, or Timiskaming.
  2. You must be at least one of the following between December 31, 2020 and June 1, 2022: 18 years or older, presently or previously married or in a common-law relationship, or currently live or previously lived with your child.
  3. You must have rented or paid property taxes in your Ontario main residence.
  4. You must have lived on a reserve and paid for energy costs or lived in a public, long-term care home and made partial payments for your accommodations.

Ontario Energy and Property Tax Credit

  1. You must be a resident of Ontario.
  2. You must be at least one of the following between December 31, 2020 and June 1, 2022: 18 years or older, presently or previously married or in a common-law relationship, or currently live or previously lived with your child.
  3. You must have rented or paid property taxes in your Ontario main residence.
  4. You must have lived on a reserve and paid for energy costs or lived in a public, long-term care home and made partial payments for your accommodations.

Eligibility for this tax credit kicks in on the 1st of every month. If you move out of Ontario after the first month, you get the benefit for that month but not for the next one.

Ontario Sales Tax Credit

  1. You must be a resident of Ontario, and
  2. You must be either of the following: 19 years of age or older, currently or previously married or in a common-law relationship, or currently live or previously lived with your child.
Canada Pro Deposit

Will You Get Canada PRO Deposit Every Year?

The ACFB is a recurring payment until your children grow over 18 or a household status change makes you ineligible for the benefit payment.

The OTB is also a recurring payment, and it’s one you might receive every year as long as you satisfy the eligibility requirements. 

Canada PRO Deposit Dates and Breakdown

Canada PRO Deposit Dates and Breakdown

For the ACFB, the payments are made quarterly. The upcoming payment dates are:

  • February 25, 2022
  • May 27, 2022
  • August 26, 2022
  • November 25, 2022

The ACFB 2023 payment dates will be released towards the end of the year, and will follow a similar quarterly schedule with deposits in February, May, August, and November.

ACFB Canada PRO deposits are typically issued during or after the third week of the month, which means that they can be expected between the 20th and 30th of the month.

You can use this calculator to determine how much you’d receive every quarter, based on your family situation or circumstances.

On the other hand, the OTB payments are issued monthly or as a one-time payment, according to your choices and the amount you are eligible to receive based on the following rules:

  • If you are eligible for $2 or less, you might not receive a payment.
  • If you qualify for an amount between $2 and $10, you will receive $10.
  • If you are to receive an amount less than $360, you will receive a one-time payment on the first month of this benefit period (usually in July).
  • If you qualify for more than $360 in OTB payments, you will have a choice. You can receive the whole sum at the end of the benefit period, or you can receive monthly payments starting July. You will receive the same amount either way.

In 2021, the OTB payment dates are:

  • January 10, 2022
  • February 10, 2022
  • March 10, 2022
  • April 8, 2022
  • May 10, 2022
  • June 10, 2022
  • July 8, 2022
  • August 10, 2022
  • September 9, 2022
  • October 7, 2022
  • November 10, 2022
  • December 9, 2022

Is Canada PRO Deposit Taxable?

No. Neither ACFB nor OTB is taxable. So, if you receive a Canada Pro Deposit related to one of the two payments, you won’t have to pay any taxes on it.

How to Apply for a Canada Pro Deposit?

In general, you can “apply” for an OTB by filing your previous year’s income tax and benefit returns and meeting all the requisite details on the first day of the payment month. The childcare-related benefits might get triggered retroactively if your family status changes between two tax returns. 

How Is The Canada PRO Deposit Issued?

If you are eligible to receive a Canada PRO deposit, then the CRA will typically issue your payment via direct deposit to your registered bank account. This should be the same bank account where you receive your annual CRA tax refunds.

If you don’t have a registered bank account with the CRA, then your Canada PRO deposit will be sent to your registered home address via cheque.

The CRA generally discourages cheque payments, as there’s a higher likelihood for them to get lost or damaged in the mail. So, if you haven’t done so already, then I recommend setting up your CRA MyAccount to avoid any issues and ensure that your Canada PRO payment arrives on time.

FAQs About The Canada PRO Deposit

Before I wrap things up, here are a few brief answers to some of the most commonly asked questions regarding the Canada PRO deposit.

Do I Need To Report The Canada PRO Deposit On My Taxes?

Since the Canada PRO deposit is related to provincial social benefit programs, it does not count towards your taxable income. Additionally, you aren’t required to report it on your taxes, as the CRA already has a record of the issued payment (since they’re the ones who sent it).

Who Is Eligible For The Canada PRO Deposit?

The Canada PRO deposit is issued by the CRA to select residents of Ontario and Alberta. If you live in Ontario, then your Canada PRO deposit is due to your enrollment in the Ontario Trillium Benefit (OTB).

If you live in Alberta, then your quarterly Canada PRO deposit is the result of your enrollment in the Alberta Child and Family Benefit (ACFB).

Both of these benefits are social welfare programs issued by Ontario and Alberta to aid lower-income families and individuals.

How Often Is The Canada PRO Deposit Paid?

It depends on which province you reside in and which benefits you’re receiving. If you live in Ontario, then your Ontario Trillium Benefit (OTB) will be issued through a monthly Canada PRO deposit.

If you live in Alberta, then you’ll receive a quarterly payment (every three months) for your enrollment in the Alberta Child and Family Benefit program.

What are The Differences Between Canada PRO Deposit & GST/HST Payments?

The Canada PRO deposit is something that eligible recipients receive monthly or quarterly, based on their enrollment in Ontario’s OTB program or Alberta’s ACFB program.

GST/HST payments are separate quarterly payments that aren’t specific to the province you live in. GST/HST payments are a tax rebate payment given to lower-income families and individuals.

Depending on your circumstance and eligibility, you may receive both Canada PRO payments and a quarter GST/HST payment from the CRA.

Conclusion

A Canada Pro Deposit can be a decent amount, and if you don’t have to use it for an immediate expense or to pay off debt, I would recommend that you invest it or save it.

Even a small sum can become a sizeable nest egg if you invest it in the right asset and let it grow for a very long time.

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Author Bio - Christopher Liew is a CFA Charterholder with 11 years of finance experience and the creator of Wealthawesome.com. Read about how he quit his 6-figure salary career to travel the world here.

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