Canada FPT stands for Canada Federal Provincial Territorial. So, if you are wondering what the codes, Fed-prov and Terr-Canada stand for in your bank statements, you should put your minds at rest as this article will cover all what you wish to know about Canada FPT.
Canada FPT is a territorial benefit that Canadian government pay out to the eligible citizens. Most times, the payments are always deposited under two headings which include the CCB and GST or HST.
While CCB means Canada Child Benefits, GST stands for Goods and Services Tax and Harmonized Sales Tax. These taxes are paid quarterly to the eligible citizens.
There are other social programs from the CRA (Canada Revenue Agency) under FPT which include British Columbia Climate Action Tax and Ontario Senior Homeowners Property Tax Grants.
The Canada FPT is paid quarterly to the eligible citizens. The amount to be received will depend on different factors like size of the family, in the case of, CCB. (Canada Child Benefits), Adjusted Family Net Income (AFNI).
The eligibility of the Canada FPT will be split into two. The CCB and GST/HST. If you are qualified for the GST/HST, you will be paid. Below are some criteria that you may need to meet up with before you can be considered:
- You must be a Canadian resident for income tax purposes.
- You must be be at least 19 years of age.
- Applicant must also have a spouse of common-law partner.
- You must be a parent.
- Applicants should be living with his child (ren).
For applicants to be granted CCB payment, he must meet the following criteria:
- Be living in Canada for tax purposes.
- Be living with a child or children who is or are under the age(s) of 18.
- Responsible for taking care of those children of the child.
Canada FPT is not taxable. The moment will receive this money, we need to let the government knows the source so that we won’t be taxed for the payment. The money is to be enjoyed by the citizens that are qualified for it and since it is seen as a beneficial money,.it doesn’t require any tax whatsoever.
However, it is necessary you file your income tax return with the CRA even if you have no any source of income or you have not earned any income. This will allow them to scrutinize your account to know whether you are eligible. You can also be tracking the progress on your CRA account.
Citizens must know that it is not compulsory to file your Canada FPT while filing your income tax. This is because they are tax-exempt programmes. Though, in most cases, filing this may still not affect the applicants.
Canada FPT can be enjoyed on different schemes. They are payment which we will receive as a benefit for being a resident of Canada. It can come under CCB which means Canada Child Benefits. It was formerly known as Canada Child Tax Benefits or otherwise known as Baby Bonus.
Canada FPT can as well come in form of GST which means Goods and Services Tax and HST which means Harmonized Sales Tax. The two payments are money paid by the government to offset or help the income earned while paying their sale tax. In order words, they are money paid to offset the tax paid on sales tax by the low-income earners.
Other include New Brunswick’s Harmonized Sales Tax, British Columbia Climate Action Tax Grants.
It should be noted that Canada FPT is administered by the CRA( Canada Revenue Agency) for the benefits of the Canada’s citizens which are qualified for the programmes.
Citizens of Canada in order not to miss out must know each date they are to be expecting the Canada FPT under either GST or CCB. The dates for each of these programmes vary and care must be taken in order not to miss those dates.
For the GST or HST, the following are the dates they do pay it out:
- January 5th, 2023.
- April 5th, 2023.
- July 5th, 2023.
- October 5th, 2023.
In this category, there are different payout for different marital status. For instance, a single can receive $467, the married couple can benefit a sum of $612 while a child that is under the age of 19 can get a benefit of $161.
The second common category is the CCB and the beneficiaries can be expecting their money in the following dates:
- December 13th, 2022.
- January 20th, 2023.
- February 20th, 2023.
- March 20th, 2023.
- April 20th, 2023.
- May 19th, 2023.
- June 20th, 2023.
- June 20th, 2023.
- July 20th, 2023.
- August 18th, 2023.
- September 20th, 2023.
- October 20th, 2023.
- November 20th, 2023.
- December 13th, 2023.
The applicants must note this, for the GST, if your total money is less than $200, you may not be paid for that month, but rather will be paid in lump when it is in July. The same thing will go for CCB if the money is also less than $240. The lump sum will also be paid in July.
Read Also: Latest news on Canada RIT payment May 2023
Canada FPT is a program which Canadian citizens or residents of Canada do enjoy. It can come in either CCB or GST. The CCB is given for those that have children that they want to cater for and do not have much. While the GST is given to low income earners to cushion the effects of sales tax.
The article has also focused on the eligibility of the programmes and as well provided dates by which these programmes are always paid out. It is advisable for citizens to take note of these dates.
In case, there is other information we don’t cover and that interests you, you can comment using the comment box. Readers as well can suggest, raise opinions and advice using the comment box.