Have you seen Canada Pro Deposit in your bank statement and wondered what it’s for?
Canada Pro Deposit payment is a government-sponsored program designed to provide financial assistance for low-income families in Canada. The idea behind the program is to make it easier for people experiencing financial hardship to have a safety net in case of an emergency.
Whether you’re looking for more information about how much can be saved, who is eligible, or how to apply for the Canada pro deposit, and when you can expect to receive it, this post will answer all your questions and more!
- What is Canada Pro Deposit?
- Who is Eligible for the Canada Pro Deposit?
- How To Apply For Canada PRO Deposit
- Canada PRO Deposit Dates in 2021
- How is Canada PRO Deposit Paid?
- How to Confirm the Canada Pro Deposit Payment
- Is Canada Pro Deposit Taxable?
- Ways to Use Your Canada Pro Deposit Effectively
- FAQs on Canada Pro Deposit
- Final Thoughts on Canada Pro Deposit
What is Canada Pro Deposit?
The CRA Canada Pro is a government-issued deposit for several provinces’ Child and Family Benefits programs, particularly Ontario and Alberta.
The Canada Revenue Agency (CRA) administers the Ontario Trillium Benefit and Alberta Child and Family Benefit programs.
If you live in Ontario, the Canada PRO deposit you get is most likely an Ontario Trillium Benefit that includes three tax credits (depending on which you qualify for):
- Northern Ontario Energy Credit
- Ontario Sales Tax Credit
- Ontario Energy and Property Tax Credit
Depending on your OTB entitlement for the year, the money is paid as a single payment(lump sum) or spread out over 12 months (July to June).
If you live in Alberta, your Canada pro payments are likely linked to the Alberta Child and Family Benefit (ACFB). This benefit comprises two social assistance programs, the Alberta Family Employment Tax Credit and the Alberta Child Benefit.
Who is Eligible for the Canada Pro Deposit?
You must fulfill the minimal criteria for each program to qualify for Canada PRO deposits.
1. Northern Ontario Energy Credit
The Northern Ontario Energy Credit is a federal tax credit that helps lower home energy expenses in the region. To qualify, you must reside in Algoma, Kenora, Cochrane, Manitoulin, Nipissing, Parry Sound, Sudbury, or Thunder Bay.
For July 2021 to June 2022 payment term, you must meet one of the following conditions before June 1, 2022:
- You must be at least 18 years old.
- You must be married or in a common-law relationship with someone.
- Be a parent who lives or formerly lived with your kid.
And, in 2020:
- You rented or paid property tax for your primary residence
- You lived on a reserve and paid for your house’s energy bills
- You lived in a public long-term care facility and paid for part of your stay.
2. Ontario Energy and Property Tax Credit
This tax credit helps you reduce some of your property taxes and the sales tax you pay on your energy bill.
To be eligible for monthly payments throughout July 2021 to June 2022 benefit period, you must be residing in Ontario on December 31, 2020, and before June 1, 2022, one of the following:
- Be at least 18 years of age
- Married or formerly married or in a common-law relationship
- Be a parent living or previously lived with your child
And, in 2020, you:
- Rented or paid property tax for your primary residence
- Lived on a reserve and paid for the energy bills of your house
- Lived in a public long-term care facility and paid for your stay.
3. Ontario Sales Tax Credit
Like the GST/HST credit, this incentive sets off a part of the sales tax that Ontario residents pay.
To qualify for 2021 benefits (from July 2021 to June 2022), you must be a resident of Ontario and meet one of the following conditions:
- You must be at least 19 years of age or older
- Be married or have been previously married or in a common-law relationship
- A parent who lived or formerly lived with your kid
4. Alberta Child and Family Benefit (ACFB)
The ACFB offers financial aid to low- and middle-income families in Alberta with minor children.
To qualify, you must:
- Be the parent of one or more minors under 18 years old
- Reside in Alberta
- Submit your yearly tax return, and
- Meet the income requirement.
How To Apply For Canada PRO Deposit
To apply for Ontario Trillium Benefit, simply submit your income tax return for the previous year. For example, to receive payments in 2021, you must have submitted your taxes for 2020. You will also include a completed ON-BEN Application Form with your tax return.
When Alberta residents file their tax returns and qualify for the Canada Child Benefit, they are automatically considered for the ACFB.
Canada PRO Deposit Dates in 2021
The time you receive your Canada pro payment depends on which of the programs you are eligible for and if you are set up for direct deposits.
Canada Pro Payment Dates for Ontario Trillium Benefit
- January 8, 2021
- February 10, 2021
- March 10, 2021
- April 9, 2021
- May 10, 2021
- June 10, 2021
- July 9, 2021
- August 10, 2021
- September 10, 2021
- October 8, 2021
- November 10, 2021
- December 10, 2021
If you did not get your payments on the due dates listed above, you should contact CRA for further information. However, before doing so, you are advised to wait ten working days. After that, feel free to call CRA at any time.
How Much Can You Get?
Northern Ontario Energy Credit:
Single persons can get up to $158, while families are entitled to a maximum benefit of $243.
Ontario Energy and Property Tax Credit:
You could get up to:
- $1,095 if you are between ages 18 to 64
- $1,247 if you are 65 years old or older
- $243 if you live on a reserve or in a public long-term care facility
- $25 if you are a student who lives in an eligible university, college, or private school residence
Ontario Sales Tax Credit:
Payments for individuals, their spouses or partners, and each dependent minor child under age 19 are up to $316.
Canada Pro Payment Dates for Alberta Child and Family Benefit (ACFB)
- February 26, 2021
- May 27, 2021
- August 27, 2021
- November 26, 2021
ACFB – How Much Can You Get?
The ACFB you are eligible for depends on your family’s income and how many children. There is a “base” amount that is not related to income, as well as a “working” component that rises with your earnings.
The table below shows the maximum ACFB amounts:
|No. of Children||Maximum Base Amount||Maximum Working Component|
|Four children or more||$3,325||$1,795|
How is Canada PRO Deposit Paid?
The Canada Revenue Agency (CRA) administers the Canadian Pro tax credits paid into your bank account through direct deposit. If you haven’t linked your CRA My Account to direct deposit, your cheques will be sent by cheque through the mail.
Ontario Trillium Benefits (OTB) over $360 are paid monthly beginning in July 2021 or as a one-time payment in June 2022. OTB payments of $360 or lower are paid at once in July 2021.
If your OTB is more than $2 but lower than $10, it is raised to $10. No payment will be made if you qualify for OTB of $2 or less.
The Alberta Child and Family Benefit (ACFB) amounts of $10 for each payment period are combined.
How to Confirm the Canada Pro Deposit Payment
It’s always a good idea to double-check what the deposit you received in your bank account is for if you obtained a Canada Pro deposit.
CRA may send you a letter, but the fastest way to access your My Account is to enter your details via CRA’s website. You can check out all of the benefits you’re entitled to, including the Canada Pro tax credit, as well as anticipated payment dates, from your account.
Also, if you’re an Alberta resident, checking the payment dates for some of the child and family benefits payments listed earlier might help you figure out what you’re receiving. For example, if you get a Canada Pro deposit on August 27th, 2021, it’s reasonable to assume that the payment is for ACFB.
Is Canada Pro Deposit Taxable?
The benefits you receive from Canada Pro are not taxable. They are entirely tax-free. This implies that when you file your income tax returns, you will not have to include your Canada Pro deposit as taxable earnings.
Ways to Use Your Canada Pro Deposit Effectively
Your Canada Pro deposit is yours to do with as you please. You can decide to spend, save or invest it however you like. Yet, if you’re not sure what to do with it, here are a few suggestions that might suit your needs.
– Invest in an RRSP
– Cover Child Care Expenses
You can use your Canada Pro deposit payment to help cover the cost of child care expenses. This is a great way to maximize the benefits you receive from these tax credits.
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– Pay Tuition Fees
Suppose you or your spouse, common-law partner, or minor children are enrolled full-time at a designated educational institution. In that case, you can use your Canada Pro deposit to help pay for tuition fees.
– Other ways, include:
- Adding the payment to your emergency fund.
- Establishing an education savings plan for your children.
- Offsetting some of your debts.
FAQs on Canada Pro Deposit
What is Canada Pro Deposit payment?
Canada PRO deposits are benefits and social aid payments that the CRA makes on behalf of Canadian provinces. Examples of these deposits are The Ontario Trillium Benefit and Alberta Child and Family Benefit.
What is OTB?
The Ontario trillium benefit (OTB) is a combined payment of Ontario’s energy and property tax credit, the Northern Ontario energy credit, and Ontario sales tax credit, all rolled into one. The yearly OTB entitlement is usually distributed over twelve months, with payments made monthly.
I haven’t received my Canada Pro payment, what to do?
If it has been more than 5 working days from the payment date and you have not received your Canada Pro deposit payment, you should contact the CRA.
When does my money get deposited, Canada Pro Payment?
The money usually arrives in your bank account as soon as you submit your taxes. If you got the Canada RIT deposit at any other time of the year, it’s most likely because your taxes were reassessed. You should receive a notice of reassessment in the mail or through your CRA online account if this is the case.
Who qualifies for the Trillium Benefit?
To be considered, you must be at least 18 years old and have lived in Ontario on December 31 of the previous year. You must also: a) Paid property tax or rent for your primary residence, or b) Paid nursing home fees while living in a care facility.
What is considered low income in Ontario?
You must have earned less than $38,500 in adjusted net income for the year. Your adjusted family net income for the year must be less than $68,500.
How OTB is calculated?
The yearly OTB limit is usually split into twelve equal payments and paid on the tenth of each month.
Final Thoughts on Canada Pro Deposit
If you’ve been wondering what Canada Pro is in your bank account and why CRA deposits it, we hope this post has given you some clarity. In most situations, Canada Pro deposit refers to CRA’s payment to you for Ontario Trillium Benefit (OTB).
It’s paid out every month or as a lump sum, depending on how much you qualify for. Otherwise, it may be for ACFB if you live in Alberta or federal government credits like Canada Workers’ Benefit or GST/HST credit.
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