Free money is sweet, but how sweet is it when you don’t know where it comes from?
Maybe there could be taxes you could be paying on it, or it landed in your account by mistake?
That is why you should know the details of every money you will receive. If you are in Canada, I am sure you would have received money all of a sudden in your account with a Canada FTP labeled on the payment description.
Canada FTP is one of the payments that will get into your account, and it will be challenging to know where it is coming from because the description is primarily confusing. It arrives monthly and quarterly.
Or maybe you are in Canada and have heard of the free money Canada FTP and would like to read more about it, how to apply and receive yours, and when it is given to Canadians.
This article will make sure you get to know about everything related to Canada FTP, so without wasting much time, let’s dive in.
What's in this article:
What Is Canada FTP?
Canada FTP stands for Federal-Provincial tax, and this payment is sent to people that qualify for the Canada child benefit (CCB) and Good and services tax (GST).
When you receive Canada FTP on your bank statement, it will mostly be labeled as ‘Fed-Prov/Terr Canada.’
What Is Canada Child Benefit (CCB)?
This is a program by the Canadian government to eligible families to help them raise their children.
When you are eligible and receive payment from CCB, it will be labeled Canada CCB or Canada Child Benefit, but sometimes too, it will come as Canada FTP.
What Is Goods And Services Tax (GST)?
As the name suggests, goods and services taxes are taxes taken from taxes and given to families and individuals with low incomes.
GST is paid into your account based on your income tax returns. Although it is not automatically given to people, you will need to apply for this at Canada Revenue Authority if you just moved into Canada.
Dates For Canada FTP Payments
Canada FTP is mostly received quarterly, and below are the payment dates:
- 5th January
- 1st April
- 5th July
- 5th October
What Is Canada FTP On Bank Statement?
If you ever check your bank statement and see a description titled ‘Canada FTP,’ then it means the CRA has reassessed your tax payments, and you qualify for CCB or GST.
Who Is Eligible For Canada FTP?
Canada FTP is not given to just anybody living in Canada. Still, for people who qualify for it, you first need to be eligible for that payment before receiving the compensation.
To be eligible,
- You have to be a Canadian resident
- You must be 19 years and above
- You must be having a spouse or partner
- You must be a parent living with your child or have lived with your child before
What To Do When You Receive Canada FTP?
When you receive a payment, you need to check where the money is coming from after confirming that the money is a Canada FTP payment. To check it, you can visit your CRA My Account.
This is the portal where you can check any payments made. Just log in and check your message section to confirm if it is really from Canada FTP.
How Often Is The Payment Of Canada FTP?
Canada FTP payments are made quarterly or monthly based on how CRA has scheduled them.
Payments for CCB are mostly made every month, whiles GST payments are made quarterly and are monthly received on 5th January, April, July, and October.
How Much To Expect From Canada FTP?
You can expect to receive up to $456 – $500 if you are single or $598 – $600 if you are married.
If you also have a child, you can be given an additional $156 if your child is not above 19 years.
Are you wondering how CRA calculates the amount to send you? The amount you will receive is mainly calculated based on your net income -or your family’s total income.
Is Canada FTP Taxable?
Canada FTP is not taxable. The payment is given back to people to help make life easy for everyone, this payment is money from the taxes you have already been paying, and there is no need for you to be paying tax over it again.
What To Do When You Receive Your Canada FTP?
Canada FTP is free money given to you by the CRA, so when you receive the money, you can do whatever you please with the money, and the best part of it all is that it is not even taxable.
But if I am to give you advice, I will advise you to put the money to use. You can invest the money so that it will multiply for you.
Is Canada FTP The Same As GST
GST is different from FTP, but sometimes GST payments are mainly added to FTP deposits, and this payment is made quarterly together with other provincial benefits.
Conclusion
We sometimes receive money into our bank accounts, but we often have to check where the money is coming from. In this article, we went through one of the payments mostly given to Canadians for free, and it does not come with a full description.
Canada FTP is given to Canadians, and when the CRA makes the payment, some people mostly find it difficult to know where the money is coming from.
Some people have heard about Canada FTP and would like to know about it and how to apply. This article went through everything you need to know about Canada FTP.
