What is Canada PRO Deposit? And 2024 Payment Dates

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. 

canada-pro-deposit

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?

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.

Ontario Residents:

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).

Alberta Residents:

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.

Canada PRO Deposit Programs in Ontario

1. Northern Ontario Energy Credit (NOEC)

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 any of the following districts in Ontario on December 31, 2023, to be eligible for the 2024 NOEC:

  • Algoma
  • Cochrane
  • Kenora
  • Manitoulin
  • Nipissing
  • Parry Sound
  • Rainy River
  • Sudbury (including the City of Greater Sudbury)
  • Thunder Bay
  • Timiskaming

NOEC Eligibility Requirements

To be eligible for the 2023 NOEC, you must meet one of the following conditions:

  • You must be at least 18 years old before June 1, 2024.
  • You must be married or in a common-law relationship on or before December 31, 2022, or
  • Be a parent who lives or formerly lived with your child.

And, for 2022, at least one of the following applies to you:

  • Rent for your primary residence in Northern Ontario was paid by or for you
  • Property tax for your primary residence in Northern Ontario was paid by or for you
  • You lived on a reserve in Northern Ontario and your home energy bills (e.g. heat, electricity) for your primary residence were paid by or for you
  • You lived in a public or not-for-profit long-term care facility in Northern Ontario and an amount for your stay was paid by or for you

2. Ontario Energy and Property Tax Credit (OEPTC)

This tax credit helps you reduce some of your property taxes and the sales tax you pay on your energy bill. Elibiblity is based on where you lived on the 1st of each month.

OTEPTC Eligibility Requirements

To be eligible for monthly payments for the 2022 benefit year, you must be a resident of Ontario on December 31, 2021, and at least one of the following must apply before June 1, 2023:

  • Be at least 18 years of age
  • Previously or currently married or in a common-law relationship
  • Be a parent living or previously lived with your child

And, in 2021, you met at least one of the requirements listed below:

  • Rented, and your landlord paid property tax for your primary residence
  • Paid property tax for your primary residence
  • Lived on a reserve and paid for the energy bills of your home
  • Lived in a public long-term care facility and paid for your stay.

3. Ontario Sales Tax Credit (OSTC)

Like the GST/HST credit, this incentive sets off a part of the sales tax that Ontario residents pay. This is a tax-free payment for low- to moderate-income Ontario residents. 

OSTC Eligibility Requirements

No separate application for the OSTC is required; the CRA will utilize the details provided in your income tax and benefit return to assess your eligibility. Should you qualify for the credit, a notice will be sent to inform you of your entitlement.

For payments based on your 2022 income tax and benefit return (covering the period from July 2023 to June 2024), the program offers a maximum annual credit of $345 for each adult and each child within a family.

If you are a single individual without children, the credit undergoes a reduction of 4% for every dollar of your adjusted net income exceeding $26,535.

For single parents or individuals in a married or common-law relationship, the credit is decreased by 4% of the adjusted family net income exceeding $33,169.

These payments are distributed as part of the Ontario Trillium Benefit (OTB) on the 10th day of each month, starting from July 2023.


Canada PRO Deposit Program in Alberta

● Alberta Child and Family Benefit (ACFB)

The ACFB offers financial aid to low- and middle-income families in Alberta with minor children.

ACFB Eligibility Requirement

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 the 2023-2024 benefit periods, you must have filed your taxes for 2022. 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 2024

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.

Your OTB payments will be issued on the 10th of each month. If the 10th of the month falls on a weekend or statutory holiday, the OTB payment is issued on the last working day before the 10th.

Canada Pro Payment Dates for Ontario Trillium Benefit

  • January 10, 2024
  • February 9, 2024
  • March 8, 2024
  • April 10, 2024
  • May 10, 2024
  • June 10, 2024
  • July 10, 2024
  • August 9, 2024
  • September 10, 2024
  • October 10, 2024
  • November 8, 2024
  • December 9, 2024

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 for ten (10) working days. After that, feel free to call CRA at any time.

How Much Can You Get?

Northern Ontario Energy Credit (NOEC):

If you are a single individual with no child(ren) you can get up to $172 as annual credit, while single parents and couples are entitled to a maximum benefit of $265.

  • If you are a single individual with no children, your credit will be reduced by 1% of your adjusted net income over $46,436.
  • If you are a family, your credit will be reduced by 1% of your adjusted family net income over $59,704.
Ontario Energy and Property Tax Credit (OEPTC):

You could get up to:

  • $1,194 if you are between ages 18 to 64 ($265 for the energy component plus $929 for the property tax component)
  • $1,360 if you are 65 years old or older ($265 for the energy component plus $1,095 for the property tax component)
Ontario Sales Tax Credit (OSTC):

Payments for individuals, their spouses or partners, and each dependent minor child under age 19 are up to $316.


2024 Canada Pro Payment Dates for Alberta Child and Family Benefit (ACFB)

  • February 27, 2024
  • May 26, 2024
  • August 25, 2024
  • November 27, 2024

If you are eligible for amounts below $10 in any given quarter, then your payments could be consolidated and paid less frequently.

ACFB – How Much Can You Get?

The ACFB you are eligible for depends on your family’s income and how many child(ren) you have. 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 for 2023:

Number of ChildrenMaximum Base ComponentMaximum Working Component
1 child$1,410$722
2 children$2,115$1,379
3 children$2,820$1,772
4 children or more$3,525$1,902
What is Canada Pro Payment Max Amount for ACFB

When you submit your yearly tax return and meet the eligibility criteria for the Canada Child Benefit provided by the federal government, you are automatically considered for the Alberta Child and Family Benefit (ACFB). There is no need for any additional steps or actions on your part.


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 2023 or as a one-time payment in June 2024.

OTB payments of $360 or lower were paid at once in July 2023.

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 25, 2023, 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 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

One of the most convenient ways to use your Canada Pro deposit payment is to invest it in an RRSP. This is because you will not pay taxes on the money you make by investing your tax refund.

Cover Child Care Expenses

You can use your Canada Pro deposit payment to help cover the cost of childcare 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 to use your Canada PRO Deposit 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 Payment

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:
1. Paid property tax or rent for your primary residence, or
2. 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.

More -> Canada Fed Deposit Payment.


Did you find this article helpful? Feel free to share your thoughts and questions in the comments section below.

AUTHOR

Charity (Charee) Oisamoje is the founder of TheFinanceKey - TFK. She leads the editorial team, which is comprised of subject-matter experts.

Her professional competencies and expertise make her qualified on this topic. She is an expert at collecting details, verifying facts, and making complex subjects easy to understand.

Backed by Solid Credentials: ✔️MBA in Finance ✔️Canadian Investment Funds (IFIC) Graduate ✔️Masters Degree in International Business ✔️Chartered Professional Accountant (CPA) Candidate ✔️Chartered Insurance Professional (CIP) ✔️BSc Accounting

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