Canada Fed Deposit: 2024 Eligibility and Payment Dates

Have you seen a direct deposit titled Canada Fed in your bank account and are not sure what it is or where it came from?

Canada Fed is a term used to refer to deposits to your bank account made by the Canadian government. It usually means that you qualify for one (or a combination) of federal benefits. 

Find out more about why you’ve received a Canada Fed deposit and when you can expect the next payment.

What Is the Canada Fed Payment?

As stated above, you will notice the term Canada Fed payment or Canada Fed deposit on your bank account if you are eligible to receive one (or several) of the government benefits outlined below.

• Canada Child Benefit (CCB) 
• Goods and Services Tax (GST/HST)
• Canada Workers Benefit (CWB)
• Climate Action Incentive Payment (CAIP)
• COVID-19 benefits 

Since the payments for these credits and benefits are made by a program software they automatically show up as a Canada Fed deposit on your bank statement. 

Bear in mind that you will receive these payments only if you registered for a direct deposit with the CRA.

Why is knowing the source of a Canada Fed payment important?

Although you need to apply to receive most Canadian government benefits, you are automatically eligible for some just by filing your tax return. That’s why you may not be 100% sure where the payment came from and what benefit it is for. 

One way to track down the source of the deposit is to look at the specifics of government programs that show up as Canada Fed payments. Cross-reference the amount you received, the eligibility requirements and the payment dates for each of the government programs outlined below to figure out which benefit you received. Alternatively, you could contact the CRA directly and inquire about the payment.

Knowing what the deposit is for is a must. For one, you should keep track of payments in your account—this way you can budget your income and expenses more efficiently. 

More importantly, you need to know which federal benefits you qualify for to be able to handle the funds received for tax purposes—although most government benefits paid out as Canada Fed deposits are tax-free, some like the CWB are a refundable tax credit.

Government Programs Paid as Canada Fed Deposit

These are the most common benefits paid out as Canada Fed deposit. 

Canada Child Benefits (CCB)

The Canada Child Benefit is a tax-free payment that helps medium to low-income households cover the costs of raising kids. How much you receive each month depends on the number of children you have and your adjusted family income for the previous tax year.

Note: The CCB may include the child disability benefit as well as similar provincial and territorial programs. 

Eligibility requirements

To qualify for the Canada Child Benefit, you need to meet all of the following conditions:

• Be a Canadian resident
• Live with a child who is under the age of 18
• Be the child’s primary guardian or caregiver 
• You or your spouse or common-law partner meet the eligibility criteria 

How to apply?

The CCB is intended for parents who are primarily responsible for children under 18 who live with them. You can apply when your child is born, when your child starts to live with you or when you get full custody of the minor. 

How much can you get?

CCB payments are based on

• How many children you have in your care and their age 
• Your marital status
• Your adjusted family net income 

That said, the maximum you can get is 

• For children under 6 years old: $6,997 a year
• For children between 6 and 17 years of age: $5,903 per year

The payments decrease gradually if the adjusted family net income is over $32,797. If it is below that amount, you will get the maximum payment for each child.

CCB payment dates 2023

These are the payment dates for the Canada Child Benefit in 2023

• January 20, 2023
• February 20, 2023
• March 20, 2023
• April 20, 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

Child Disability Benefit (CDB)

Those who live and care for a disabled child under 18, may qualify for the Child Disability Benefit. 

To get the CDB

• You need to be eligible for the CCB
• Your child must be eligible for the disability tax credit (DCT)

If you are already getting paid CCB for a child who is also eligible for the DCT, you don’t need to apply. The payments will be made automatically to your account together with the CCB. 

How much can you get?

If your income is lower than $71,060 your payments will not be reduced, i.e. you will get a maximum of $2,985 ($248.75 per month) per child. Should your income exceed the threshold, your payments will be reduced by 3.2% for families with one child, or by 5.7% for families with two or more children eligible for the CDB.

GST/HST Tax Credit Payments

The Goods and Services Tax (GST)/Harmonized Sales Tax (HST) credit is a quarterly payment to help low-income families and individuals offset some of the GST and HST they pay. 

Eligibility requirements

To get the GST/HST credit you need to be a Canadian resident for tax purposes and meet one of the following criteria 

• Be 19 years and older 
• Had or have a spouse or common-law partner 
• Have or had a child and live or lived with your child 

How much can you get?

This Canada Fed deposit is processed for the previous year’s net income. The government calculates your amount according to your earnings for the year prior, whether you’re married or in a common-law relationship, and whether you have children. 

The maximum you can get for the 2021 base year (payment period from July 2022 to June 2023) is

• $467 if you are single
• $612 if you are married or have a common-law partner
• $161 for each child under the age of 19

GST/HST Benefit Payment Dates 2023

• January 5, 2023
• April 5, 2023
• July 5, 2023
• October 5, 2023

One-time GST payment

To help those hit by inflation and rising costs, the Canadian government issued an additional one-time GST payment to all residents eligible to receive the GST credit in October 2022. 

The maximum you can receive is 

• If you are single

• • • $234 (no children)
    • $387 (with 1 child)
    • $467 (with 2 children)
    • $548 (with 3 children)
    • $628 (with 4 children)

• If you are married or have a common-law partner

• • $306 (no children)
  • $387 (with 1 child)
  • $467 (with 2 children)
  • $548 (with 3 children)
  • $628 (with 4 children)

Canada Workers Benefit (CWB)

This is a refundable tax credit aiming to help low-income residents. It comes in two parts: a basic amount and a disability settlement.

Eligibility requirements

To qualify for the basic amount, you must:

• Be a Canadian resident
• Be employed 
• Be the age of majority in the province or territory where you live 

To get the disability benefit, on the other hand, you need to be eligible for the disability tax credit and be in possession of an approved Form T2201, Disability Tax Credit Certificate.

If you are eligible, you can claim the CWB when you file your income tax return. 

How much can you get?

As of 2023, the maximum basic amount is 

• • For single individuals: $1,428 
    • Adjusted net income higher than $33,015: not eligible
    • Adjusted net income higher than $23,495: payments are gradually reduced 

• For families: $2,461

• • Adjusted net income higher than $43,212: not eligible
  • Adjusted net income higher than $26,805: payments are gradually reduced 

For the disability supplement, the maximum is 

• For single individuals: $737
  • Adjusted net income higher than $37,932: not eligible
  • Adjusted net income higher than $33,018: payments are gradually reduced 
• For families: $737
  • Adjusted net income higher than $53,037  (both spouses are eligible), income higher than $48,124 (if one spouse is eligible): not eligible
  • Adjusted net income higher than  $43,210: payments are gradually reduced 

CWB Payment Dates for 2023

Like the GST/HST credit, the Canada Workers Benefit is paid out quarterly on the following dates:

• January 5, 2023
• April 5, 2023
• July 5, 2023
• October 5, 2023

Climate Action Incentive Payment (CAIP)

This is another tax-free government benefit that is only available to residents of Alberta, Saskatchewan, Manitoba and Ontario. It aims to help Canadians cover the cost of the federal pollution pricing and comes in two parts: a basic amount and a supplement for eligible small and rural communities. 

As of July 1, 2023, eligible residents of Newfoundland and Labrador, Nova Scotia, and Prince Edward Island will also be included in the program and receive benefits in three quarterly payments for 2023 (and four payments afterwards). 

Eligibility requirements 

To qualify, you must

• Live in one of the eligible provinces 
• Be 19 years or older 

If you have a child who received the CCB (or is eligible for this payment), you will get a credit for each child. Those that share custody, will get 50% of the amount they would if the child lived with them full-time. 

How to apply?

There is no need to apply—the government will decide if you qualify based on your tax return.  

To find out if you are eligible for the 10% supplement, find your primary place of residence on the map and tick the box at line 60104 of Schedule 14. 

Keep in mind that if you and your spouse or common-law partner are eligible, only one can receive the credit, i.e., the one who files their tax return first. 

How much can you get?

Unlike other Canada Fed payments, the CAIP is based on your family circumstances and place of residence, rather than your income.

Province	Individual	Spouse/common-law partner	Per child under 19	First child in a single- parent family
Ontario	$488	$244	$122	$244
Manitoba	$528	$264	$132	$264
Saskatchewan	$680	$340	$170	$340
Alberta	$772	$386	$193	$386
Newfoundland and Labrador	$164	$82	$41	$82
Nova Scotia	$124	$62	$31	$62
Prince Edward Island (includes the rural supplement)	$120	$60	$30	$60

CAIP Payment dates 2023

Those entitled to get the CAIP should receive payments on 

• January 15, 203
• April 15, 2023
• July 15, 2023
• October 15, 2023

COVID-19 benefits from the CRA

The CRA offered benefits to eligible residents between March 15, 2020, and May 7, 2022. Even though all of these programs are closed in 2023, if you received some of them in the past, they may show up as Canada Fed payments on your bank statement. 

These deposits can range from the Canada Emergency Response Benefit (CERB) to Canada Emergency Student Benefit (CESB)—each paid out a different amount a week over varying periods of time. 

If you received one, make sure to contact the CRA and verify that you are eligible for the payment. Otherwise, you will need to pay back the amount. 

Other Government Benefits paid via Direct Deposit 

In addition to Canada Fed, you could also receive other deposits from the CRA. Some of these include 

Canada RIT Deposit

This represents the Canada Refund Income Tax deposit. It is usually paid out between one and six weeks after filing taxes, or at a later date (if your tax return needs to be reassessed) and is payable to individuals who receive a tax return. 

The amount you can qualify for depends on your taxable income, how much tax you have remitted to the CRA, and your tax liability. 

Canada PRO Deposit

The Canada PRO deposit is meant for residents of Alberta and Ontario. Namely, it is a deposit description for the Ontario Trillium Benefit (OTB) and the Alberta Child and Family Benefit (ACFB). 

The former is for low-medium income Ontarians, as long as they qualify for:

• Ontario Energy and Property Tax Credit
• Ontario Sales Tax Credit
• Northern Ontario Energy Credit

On the other hand, the ACFB aims to help Albertan taxpayers with one or more children under 8 years of age, provided they meet the income threshold. 

Note: The Ontario Disability Support Program is not paid out as Canada Pro. 

Canada FPT Deposit

This stands for “Canada Federal/Provincial/Territorial”—a deposit that covers several provincial and territorial tax credit payments. 

How to Apply for Direct Deposit 

Direct deposits are a fast and secure way to get your benefits paid out to your bank account. Here is how you enroll for direct deposits with the CRA. 

• Through your financial institution, such as a bank, credit union or trust company. 
• On the CRA website through your CRA My Account
• Though the CRA’s mobile app 
• By calling the CRA at 1-800-959-8281

You will be asked to provide

• Personal details (name, address, date of birth)
• Your Social Insurance Number (SIN)
• Most recent income tax and benefit return 
• Banking details  

How to Use Your Canada Fed Payments

If you are eligible for benefits from the Canadian government and want to make the most of the funds awarded to you consider the following options:

• Open an RESP account—A Registered Education Savings Plan (RESP) is one of the best ways to save up for your child’s education. 
• Open a high-interest savings account such as the EQ Bank Savings Plus Account or Scotiabank MomentumPLUS Savings Account
• Put your money in a registered account such as a TFSA or RRSP and grow your savings tax-free. If you’ve used up your contribution room, you could also look into non-registered accounts. 
• Pay off your debts and help yourself get back on track financially.  

Wrapping Up: Why Did I Get a Deposit From Canada Fed?

In general, any payment made by the CRA to your account, whether it’s benefits or tax return payment, will show up as a Canada Fed payment on your bank statement. 

If you’re not sure what the money you received is for (perhaps you are automatically eligible for a government support program or you recently filed taxes and are getting an income tax refund), contact the CRA directly and enquire about the payment. This way you will also verify that you’re actually eligible for the payment (even the government can make mistakes)—if not, you can return the deposit as soon as possible to avoid negative consequences in the future.