Canada Fed Deposit: Payment Dates And Eligibility 2023

Canada Fed Deposit: Payment Dates And Eligibility 2023

Written by Corrina Murdoch
Fact-checked by Caitlin Wood
Last Updated March 10, 2023

Is the Canada Federal Deposit also the EFT Credit Canada deposit on your bank statement? Yes it is, and it represents any Federal deposit payment from the following federal programs:

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

What Is Canada Fed Deposit or Canada Federal Deposit Payment? 

The Canada Fed Deposit is a direct deposit issued by the federal government and gets handled separately from any provincial financial incentives. Again, it includes three programs: 

  • Canada Child Benefit (CCB)
  • Goods and Services Tax/ Harmonized Sales Tax (GST/HST)
  • Canada Workers Benefit (CWB)

To receive these deposits, you must be eligible for one or more of the programs listed above. In most cases, you automatically apply 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. Originally, none of the Fed Deposits were taxable, but the Canada Workers Benefit (CWB) is taxable income. 

Canada Fed Deposit Government Programs

The Canada Fed Deposit is simply a term used in payroll software and bank statements. It represents the money deposited into your account from one or more of the programs. Some individuals qualify for all three programs, while others are only able to access certain benefits. 

It’s important to know which of these programs your qualify for so you know how to handle the money for tax purposes.

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 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. 

GST/HST Tax Credit Payments

Classed either as the goods and services tax or the harmonized sales tax credit, this payment is an equalization amount meant to ensure that tax is only paid once on goods and services. The difference between HST and GST is strictly based on your province of residence. It gets processed for the year prior, meaning in 2021, you get paid out for your 2020 eligibility amount. 

Understanding GST/HST

The GST/HST tax credit accounts for overpayments due to compound taxation across the supply chain. For instance, you pay GST on your headphones, but so did the supplier, the manufacturer, and the retailer. Each time a party pays taxes, it adds to the amount the next party gets taxed.

Example: 

$100 worth of goods

Supplier pays $100 + 5% = $105

Manufacturer pays $105 + 5%= $110.25

Retailer pays $110.25 + 5%= $115.76

End consumer (you) pay $115.76 + 5%= $121.55

To account for the taxation difference, if that extra tax amount impacts you due to your level of income, you get a GST return.

Canada Workers Benefit (CWB)

The Canada Workers Benefit is available to Canadians with medium-low-income. It differs from the other two Canada Fed credits significantly in that it is taxable income. This means that the amount you collect from the benefit adds to your tax bracket calculations. It also means that you owe taxes on the money the program deposits. To enroll in the CWB, you must file your income tax return. 

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 $720 per year, if you:

  • Already receive the Disability Tax Credit
  • Have a minimum employment income of $1,150 (for most provinces)
  • Have filled out a Disability Tax Credit Certificate (Form T2201)

Canada Fed Deposit Payment Dates 2023

Canada Child Benefits (CCB)GST/HST Tax Credit PaymentsCanada Workers Benefit (CWB)
January 20, 2023January 5, 2023January 5, 2023
February 20, 2023April 5, 2023April 5, 2023
March 20, 2023July 5, 2023July 5, 2023
April 20, 2023October 5, 2023October 5, 2023
May 19, 2023
June 20, 2023
July 20, 2023
August 18, 2023
September 20, 2023
October 20, 2023
November 20, 2023
December 13, 2023

How Much Can You Get Through The Canada Fed Deposit?

Canada Child Benefits (CCB)

When a child is younger than six, you can get up to $6,933. This amount drops to a maximum of $5,903 per year until the child reaches the age of majority. There are other benefits in the same category as the CCB, including child disability benefits. Though it is technically a provincial/territorial benefit, the funding moves through the federal program and can show up as CCB or Fed. 

GST/HST Tax Credit Payments

As with the other programs, it’s designed for medium-low-income households. Accordingly, 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 $456 per year, though the amount increases if you have dependents. 

Canada Workers Benefit (CWB)

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

For the basic amount, there are two possibilities. Single individuals without children are eligible for the maximum payout if they earn $22,994. The Canada Fed deposit would be $1,395. If they have a family, the maximum income for a full payout is $26,177. The Canada fed deposit would be $2,403.

If you earn more than $22,994 as an individual and $26,177 as a family, your CWB gets reduced accordingly.

If your adjusted net income is over $32,244 as an individual or $42,197 as a family, you not longer get the basic amount.

Thos are the numbers applied to people in these provinces or territories:

  • British Columbia
  • Manitoba
  • Ontario
  • Northwest Territories
  • Yukon
  • Nova Scotia 
  • Prince Edward Island
  • Newfoundland/Labrador
  • New Brunswick

However, the maximum income you can have to qualify for a CWB benefit is different in Quebec, Alberta, and Nunavut. 

QuebecNunavutAlberta
Family + children$35,071.24$57,550$42,920
Family no children$44,003.93$57,550$42,920
Single + children$20,984.83$57,550$42,920
Single no children$28,391.25$57,550$32,317
www.canada.ca

Depending on the amount you can receive, you will either get a quarterly payment or a lump sum amount. 

Canada Federal Deposit Payment Eligibility

Though all three of the programs included in this deposit category are for those with medium-low-income, there are other factors that contribute to eligibility. These differ slightly for each program. In order to maximize your benefits, understanding how to qualify is important. 

Canada Child Benefits (CCB)

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. 

GST/HST Tax Credit Payments

Every taxpayer is technically eligible for this benefit by virtue of paying taxes. However, the actual amount of the benefit deposit varies based on the following criteria: 

  • Marital status
  • Age of dependents
  • Number of dependents
  • Household net income
  • Custody changes

The Canada Revenue Agency calculates your eligibility on a regular basis, so if you have a change in circumstances, inform them promptly to avoid payment issues. 

Canada Workers Benefit (CWB)

Because this benefit differs from the other two due to its taxable status, the criteria are unique. You must:

  • Have gainful employment
  • Be the age of majority (19)
  • Live in Canada for the whole tax year

Those with spouses or common-law arrangements have an extra eligibility burden, where you must:

  • Live together as of December 31
  • Both qualify for the CWB

If the household supports dependents, they must:

  • Be the children of the common-law partners or spouses
  • Be younger than 19
  • Not qualify for the CWB
Disqualifying factors:
  • Full-time students for over 12 weeks
  • You don’t live in or pay taxes in Canada
  • You are incarcerated for 90 days or more during the year

Provided you meet the above requirements, and don’t have one of the disqualifying traits, then you can easily access this benefit. 

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

Is the Canada Fed deposit taxable income? 

Neither the Child Benefit nor the GST/HST deposits are taxable. The Canada Workers Benefit is, however, taxable income. Be sure that you check the source of your federal deposit to determine whether you need to set aside some of the proceeds for tax purposes. 

How to confirm my Canada Federal deposit?

The fastest way to verify the payment is through the online portal, called the CRA My Account. It records all of your benefit payments and entitlement, so you can be sure of the money’s source. Check the date, the amount, and the program from which the funds originate. Provided everything aligns with your records, you’ve confirmed the deposit. 

What is the Canada FPT deposit? 

This is short for Federal-Provincial-Territorial deposit, and it means that you received a type of government deposit. The acronym comes up when the program includes provincial matters but gets paid through the federal government. The most common two are GST or CCB payments. As with other government deposits, you can check your CRA portal to be sure. 

Rating of 4/5 based on 18 votes.

Corrina Murdoch has been a dedicated freelance writer and editor for several years. With an academic background in the sciences and a penchant for mathematics, she seeks to provide readers with accurate, reliable information on important topics. Working as a print journalist for several years, Corrina expanded her reach into the digital sphere to help more people gain insight into the realm of finances. When she's not writing, you can find Corrina swimming and spending time with family.

Click on the star to rate it!

How useful was this post?

Research & Compare

Canada's Loan Comparison Platform

Largest Lender Network In Canada

Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.

Save With Loans Canada

Special Offers

Improve Your Credit With Fidem

Improve Your Credit With Fidem
NEW!

Great unsecured credit card for customers currently in, or recently discharged from, a consumer proposal or bankruptcy

View Offer
Earn 5% Cash Back With Neo

Earn 5% Cash Back With Neo
No annual fee!

Earn an average 5%¹ cash back at thousands of partners and at least 0.5%² cashback guaranteed.

View Offer
Build Credit For $10/Month

Build Credit For $10/Month
Popular

KOHO’s Credit Building Program helps you build a better credit history with easy to manage payments for just $10/month.

View Offer
Best Personal Loan Provider by Greedy Rates
Icon

Confidential & risk-free

All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.

When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.

Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.

Your data is protected and your connection is encrypted.

Loans Canada Services Are 100% Free. Disclaimer

Build Credit For Just $10/Month

With KOHO's prepaid card you can build a better credit score for just $10/month.