Canada Fed Deposit: Payment Dates And Eligibility 2023

Is the Canada Federal Deposit also the EFT Credit Canada deposit on your bank statement? You might know it as the Canada Fed Deposit or the Canada Fed Payment.

In short, these payments or deposits are from the Canadian federal government. These Canada fed payments or EFTs represent any federal payment from the following federal support programs:

• Canada Child Benefit (CCB)
• Child Disability Benefit (CDB)
• GST/HST Tax Credit
• Canada Workers Benefit (CWB)
• Climate Action Incentive Payment (CAIP)

When the government deposits money into your bank account, it’s filed under a series of different codes. One of them is “Canada Fed”, a payment you may notice when you review your bank statement. The other code is EFT Credit Canada. Both of these are federal deposit payments.

As with any deposit into your account, it’s important to know where it came from to determine if the money belongs to you and how it factors into your budget. It is your money that you can use to pay down any personal loans, any other debts, or to buy things. Also, getting these deposits do not affect your credit score.

The Canada Fed payment covers many different programs. In this article, we detail everything you need to know about federal deposits, including payment dates, and eligibility requirements.

When Can You Expect To Recieve A Canada Fed Deposit?

The dates you receive the Canada Fed Deposit depends on the benefit or combination of benefits you’re eligible for.  Some of the benefits have quarterly payments while others have monthly payments. 

Canada Fed Deposit Payment Dates 2023

CAI Payment Dates

Those from Alberta, Saskatchewan, Manitoba, and Ontario will receive four equal payments. One in April, July, October and January. 

Those from Newfoundland and Labrador, Nova Scotia, and Prince Edward Island will receive three equal payments. One in July, October and January. This is because the credit only comes into effect for these provinces in July 2023. 

What Programs Fall Under The Canada Fed Deposit or Canada Federal Deposit Payment? 

The Canada Fed Deposit is a direct deposit issued by the federal government and it includes these programs: 

• Canada Child Benefit (CCB)
• Child Disability Benefit (CDB)
• Goods and Services Tax/ Harmonized Sales Tax (GST/HST)
• Canada Workers Benefit (CWB)
• Climate Action Incentive Payment (CAIP)

To receive these deposits, you must be eligible for one or more of the programs listed above.

Are You Eligible For The Canada Fed Deposit Government Programs?

 In most cases, you automatically apply for the programs when you file your annual income tax return. The amount for which you qualify changes yearly, and each individual program has unique criteria to participate.

Some individuals qualify for all three programs, while others are only able to access certain benefits. 

Canada Child Benefits (CCB)

The Canada Child Benefit is a federal program that helps medium-low-income households with children. It is meant to improve access to the necessary supplies and services needed when raising children. 

When you see this payment, it will either be noted as either Canada Fed or Canada CCB. They refer to the same thing. You can check with your Revenue Canada account to see if you received the payment for the child tax credit. It goes towards anyone raising children under the age of 18. 

Canada Child Benefits (CCB) Eligibility Requirements

To be eligible for the Canada Child Benefit, the household must meet the following criteria:

• Taxpaying Canadian status
• Reside with a child younger than 18
• Be the primary caregiver of the child
• Either you or your partner must be either:
  • Canadian citizen
  • Permanent resident

When you file your income taxes for the year, you are automatically enrolled in this program. The government has centralized payments via direct deposit, so you can track these in your Canada Revenue Agency (CRA) portal. 

Child Disability Benefit (CDB)

The CDB is a non-taxable credit that is paid out monthly to families or individuals with children (under 18)  who have a severe and prolonged physical or mental impairment. 

Child Disability Benefit Eligibility Requirements

To be eligible for this benefit, you must qualify for: 

• The Canada Child Benefit (CCB)
• Disability Tax Credit (DTC)

GST/HST Tax Credit

The GST/HST is a non-taxable credit that is paid out quarterly to individuals and families with low to modest incomes. The credit is meant to offset the sales tax they pay on regular goods and services.

GST/HST Tax Credit Eligibility Requirements

To be eligible for the GST/HST tax credit you must simply be a resident of Canada for income tax purposes. You must also be 19 years of age to receive the payment. If you’re under this age, you must meet one of the following criteria to be eligible: 

• You are in a common-law relationship or have a spouse. 
• You are a parent and live with your child.

Canada Workers Benefit (CWB)

The Canada Workers Benefit is a taxable credit that is available to residents of Canada with medium-low-income. This means that the amount you collect from the benefit must be reported for tax purposes. This credit is meant to help individuals and families earning low income cope with the increase in cost of living.

Canada Workers Benefit (CWB) Eligibility Requirements

To be eligible for this benefit, you must meet the following criteria: 

• Earn a working income below the net income threshold set by your province or territory.
• Be the age of majority (19) or live with your child or spouse/common-law partner.
• Live in Canada for the whole tax year.

Climate Action Incentive (CAI)

If you live in Alberta, Saskatchewan, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island or Ontario, then you may be eligible for the Climate Action Incentive tax credit. To help offset the cost of federal pollution pricing, the government is offering this non-taxable tax credit to individuals and families within these provinces. 

Climate Action Incentive (CAI) Eligibility Requirements

To be eligible for this incentive, you must: 

• Be a resident of one of the listed provinces above for income tax purposes.
• Be the age of majority (19).
• If you’re under 19, you must have a spouse/common-law partner or live with your child.

How Much Can You Get Through The Canada Fed Deposit?

Like the Canada fed deposit payment dates, the amount you can get depends on the benefits you qualify for. Here’s The maximum amounts you may receive through the Canada fed deposit.

Canada Child Benefits (CCB) Benefit Amount

The exact amount you qualify for depends on your AFNI, your marital status, the age of your child and the number of children you have. 

When a child is younger than six, you can get up to $7,437 a year per child. This amount drops to a maximum of $6,275  per year for children between 6 to 17. To qualify for this amount, you’ll need to have an adjusted family net income (AFNI) of $34,863. 

Child Disability Benefit Amount

Children eligible for the disability tax credit (DTC), can get up to $3,173 per year through the Child Disability Benefit (CDB). Note, the amount you qualify for will reduce once you have a AFNI of $75,537 or more. 

GST/HST Tax Credit Amount

The exact amount you receive varies based on your earnings for the previous years. Your household size also gets taken into account. A single individual is eligible for a total of $496 per year, though the amount increases if you have dependents. 

You can get up to $171 per child you have who is under 19 years of age. Those who are married or in a common-law relationship can get up to $650.

Canada Workers Benefit (CWB) Amount

The CWB program has two components, the basic amount and the disability payment. 

For the basic amount, single individuals are eligible for the maximum payout of $1,428 and $2,461 for families. 

Note, that the amount you get will gradually decrease when your adjusted net income is more than $23,495 for individuals and $26,805 for families. If your adjusted net income is over $33,015 as an individual or $43,212 as a family, you no longer get the basic amount.

CWB Disability Supplement

If you are eligible for the Canada Workers Benefit, you may also be eligible for an additional disability supplement of up to $737 per year. 

Climate Action Incentive (CAI) Amount For AB, SK,MB And ON

The amount you get through the Climate Action Incentive depends on the province you live in and your family composition.  

• Alberta – You can get $772 as an individual and $386 if you have a spouse or common-law partner. If you have children, you can get $193 for each child under 19 and $386 for the first child if you’re a single parent. 
• Saskatchewan – You can get $680 as an individual and $340 if you have a spouse or common-law partner. If you have children, you can get $170 for each child under 19 and $340 for the first child if you’re a single parent.
• Manitoba – You can get $528 as an individual and $264 if you have a spouse or common-law partner. If you have children, you can get $132 for each child under 19 and $264 for the first child if you’re a single parent.
• Ontario – You can get $488 as an individual and $244 if you have a spouse or common-law partner. If you have children, you can get $122 for each child under 19 and $244 for the first child if you’re a single parent.

Climate Action Incentive (CAI) Amount For NL, NS, PEI And NB

• Newfoundland and Labrador – You can get $164 as an individual and $82 if you have a spouse or common-law partner. If you have children, you can get $31 for each child under 19 and $62 for the first child if you’re a single parent.
• Nova Scotia – You can get $124 as an individual and $62 if you have a spouse or common-law partner. If you have children, you can get $31 for each child under 19 and $62 for the first child if you’re a single parent.
• Prince Edward Island – You can get $120 as an individual and $60 if you have a spouse or common-law partner. If you have children, you can get $30 for each child under 19 and $60 for the first child if you’re a single parent.
• New Brunswick –  You can get $92 as an individual and $46 if you have a spouse or common-law partner. If you have children, you can get $23 for each child under 19 and $46 for the first child if you’re a single parent.

Additional Reading

CPP Payments Schedule 2023

How To Get Employment Insurance (EI) If You Quit

Do You Have Any Unclaimed CRA Cheques?

Other Types Of Government Bank Deposits

There are multiple government deposits; for ease of budget tracking for both the government and the recipient, there are different codes. If you qualify for the Fed deposit, you likely will encounter one of the following bank deposits as well:  

Canada RIT Deposit

Short for the Canada Refund Income Tax (Canada RIT) is issued by Revenue Canada to those who receive a tax return. It arrives somewhere between one to six weeks after you file your annual income tax return.

If the government reassesses your tax return, you may receive this credit at a random time. Check your online portal to make sure you are entitled to it. Since the credit is tax-free, it neither adds to your tax bracket nor do you have to pay tax on it.

Canada PRO Deposit

For residents of Alberta and Ontario, you can qualify for this benefit. It is income-based, where the amount is calculated when you file your taxes. If it doesn’t show up as a Canada PRO deposit, will likely show up as one of two statement codes:

• Ontario residents: Ontario Trillium Benefit (OTB)
• Alberta residents: Alberta Child and Family Benefit (ACFB)

Final Thoughts About The Canada Fed Deposit

Getting an unexpected payment that’s rightfully yours? Wonderful. Not actually being entitled to that amount? Less so. The key takeaway about any type of deposit is that you must check that it is rightfully yours. When the money is in your account, it’s your responsibility. This could mean anything from getting an overpayment, spending it, then having to repay it to simply paying taxes on the benefit. 

There are plenty of government assistance programs available for Canadians to get financial support. As long as you qualify, most of the application comes when you file your taxes. Provided you are prudent about record-keeping and tax savings, you can use these Canada Fed deposits to strengthen your financial standing.

Canada Fed Deposit FAQs