If you have been searching for what Canada pro is, then this article is the right one for you.
Maybe you want to know about it, or you have received a deposit that has Canada Pro labeled on it, and you want to find out where that money comes from.
This article will take you through what Canada pro is, how it works, and who qualifies for it.
Canada pro is a deposit that is given to people living in Alberta and Ontario. These deposits are given to people who qualify for OTB (Ontario Trillium Benefit)or ACFB (Alberta Child and Family Benefits). Aside from OTB and ACFB people, the Canada pro is not given to anybody else.
Now let’s find out who these ACFB and OTB people are, what makes them qualify, and how they are paid.
The Ontario trillium benefit is a payment given to low-medium earners in Ontario, and these payments are non-taxable.
This payment is calculated based on your age, residence, income, family size, and other factors. But one thing about the Ontario trillium is that it is mainly given to low-income earners.
What's in this article:
What Is Canada Pro Deposit?
Canada pro deposit is a payment made by the Canada Revenue Agency (CRA) to eligible families residing in Ontario. This consists of Ontario Trillium Benefits (OTB).
What Is Canada Pro On Bank Statement
If you ever received a band statement with Canada Pro written on it, you are eligible for the Canada Pro and have received your share of the Canada Pro payment.
Who is Eligible for the Canada Pro Payment
The Canada Pro payment is available to residents in Ontario and qualifies for the Ontario Trillium Benefit (OTB).
OTB is three tax credits combined by the Canada Revenue Agency that is used to pay for the Canada Pro, and they are:
- Ontario Energy and Property Tax Credit
The Ontario Sales Tax Credit is a program used to help residents living in Ontario with the sales tax they pay.
Meaning the money being paid by residents as tax is being given to them back, and it is given to low-income residents in Ontario.
The Ontario Sales Tax Credit is not given to anyone but rather to some people that qualify for it, and to be eligible for Ontario Sales Tax Credit, you must be in between the following conditions:
- You must be 19 or older
- You must be previously or currently married
- You must be a parent
Even after qualifying for all these, before the government gives them money, the Canada Revenue Authority will access all this information and determine if you are eligible. If you are indeed qualified, they will then issue payment.
How Much Should You Expect From Ontario Sales Tax Credit Pay?
All eligible participants can receive up to $316 going. The amount being paid varies on the year, and the amount mainly shot up back in 2020. Ontario residents were paid $313.
After receiving that amount, that won’t be the end; you will also be given an additional $316 for each of your dependant children who are not more than 19 years old.
The payment is paid based on your income, meaning if you are paid higher at work, CRA will reduce your credits. Remember, these credits are produced to make it easy for everyone living in Ontario.
Here are some of the rates that were given to families back in 2020
If you are single, you will receive 4% income above $24,332
If you are a single parent, in a typical law relationship, or married, you will receive 4% on net income above $30,143
- Ontario Sales Tax Credit
The Ontario Energy and Property Tax Credit are only given to residents living in Ontario before December 21, 2020.
And if you lived there before that year, it means you have paid property tax and paid for your home energy cost. All these amounts are the ones given back as the Ontario Energy and Property Tax Credit.
To be eligible for Ontario Energy and Property Tax Credit, you must be:
- 18 years and above
- You must be a parent who lives with a child or have previously lived with a child before
- And an adult who is married or have married before
How Much Can You Receive From Ontario Energy and Property Tax Credit?
The payments of Ontario Energy and Property Tax Credit vary. Here is how much everyone will be paid.
Between 18 and 64 years will have a max payment of $1,095
Residents above 65 years will have a max payment.
People living in a public long-term care home or on a reserve will receive a max payment of $243
On the other hand, as your family income increases, you can expect a lower amount for the Canada Pro deposit.
You can use the calculator here to estimate how much you can expect.
These payments are made based on your family income, meaning your Canada Pro deposit will be high if your family income is low. As your family income increases, your Canada Pro deposit too will decrease.
There is a calculator you can use to expect how much to be paid. Click here to calculate.
- Northern Ontario Energy Credit
This credit helps Northern Ontario residents with the higher energy cost they pay.
In other words, only residents of northern Ontario on December 31, 2020, are eligible for the credit.
To be eligible for the Northern Ontario Energy Credit, one of the following must also apply in 2020:
The Northern Ontario Energy Credit is paid to residents to save them from the high energy costs. The money is given to residents that have Ontario before December 31, 2020.
To be eligible, residents must have rented or paid property tax.
Must have paid for energy costs
Must be 18 years or above
must be married or previously married
Northern Ontario Energy Credit is paid to the following cities:
Sudbury, Rainy River, Cochrane, Kenora, Manitoulin, Nipissing, Thunder Bay, Parry Sound, Algoma, and Timiskaming.
How Much Will You Be Paid From Northern Ontario Energy Credit?
Northern Ontario Energy Credit is paid based on your current situation, whether married or single with family.
Here is how much each one is paid:
Singles: maximum of $158
Families: maximum of $243
The Ontario Sales Tax and the Northern Ontario Energy Credit are combined and paid as the Canada Pro deposit.
On the other hand, Alberta Child and Family Benefit (ACFB) refers to a payment given to families residing in Alberta.
It was established in July 2020 to help low-income families reduce poverty and to be able to support their children.
ACFB is given to parents having one or more children under the age of 18. To be appropriately eligible, you must file a tax return and meet the income criteria.
Aside from getting the monthly income, you also get to receive child-related benefits, and they include:
Income Support (school expenses and childcare)
The maximum payment amount for Alberta Child And Family Benefit is $5,120. The amount paid is based on your income threshold, so if your income threshold increases, the amount paid to you will decrease.
How To Apply For Canada Pro
You can also benefit from Canada Pro by filling your income tax revenue return for the previous year.
To be eligible for payment, you must have filed your taxes in 2020. Either way, you won’t be eligible.
You will then also have to submit yourON-BEN Application together with your tax return to the authorities.
How Are You Paid From Canada Pro
Canada Pro is paid directly to your bank account, and the Canada Revenue Authority administers the payment.
Eligible residents who haven’t registered their CRA MyAccount and haven’t submitted their bank account details are paid by cheque.
Confirming The Canada Pro Deposit
Since Canada Pro is paid based on a different form, you get a payment in your bank account. You must first check where the payment is from.
Although the Canada Revenue Authority will mail you, the best thing is to log in to your CRA account, where you will be able to see where the payments are coming from.
Is Canada Pro Taxable?
Canada Pro is not taxable, these are money given to residents from taxes, and they are entirely free. As soon as you receive payment from Canada pro, you get to use it how you want it without worrying about paying tax on it.
When Is Canada Pro Paid
Canada Pro is paid to eligible residents annually, monthly or quarterly. Payment depends on what the Canada Pro is for.
Alberta Child and Family Benefit are paid in February, and it’s mostly paid quarterly.
GST/HST Credit is paid quarterly on January 5, April, July and October.
Ontario Trillium Benefit is also paid to residents monthly.
Canada Pro Deposit Dates
- 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
Conclusion
Canada Revenue authority is making sure life becomes more accessible for some people living in Canada, and because of this, they have introduced Canada Pro.
In this article, we went through If you have been wondering what Canada Pro is, how to be eligible, and everything you need to know when it comes to Canada Pro.
We also covered how these payments are generated and shared dates for the payments, and many more.