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What is the Canada Fed Deposit or EFT Credit Canada in your Bank Account?

Written by Jessica Steer
Have you ever received money into your account and you just aren’t sure where it came from? It's actually quite common. The information given to you on your statement of where the payment originated is abbreviated and usually quite generic, making it difficult to distinguish and have you racking your brain quite a bit as to why you received the money in the first place.
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    This can happen a lot when receiving money from the federal government. There are many different reasons why you might have received the money and your statement won’t specify which one it is.

    If you receive a Canada Fed deposit or EFT Credit Canada in your bank account there are a number of things it could be for but the payment is from the Canada Revenue Agency (CRA). This payment could be from:

    • Income tax refund
    • Overpayment of income tax
    • Child Disability Tax Credit
    • Disability Tax Credit
    • Canada Recovery Sickness Benefit
    • Canada Recovery Benefit
    • Canada Recovery Caregiving Benefit
    • Climate Action Incentive Payment
    • Any government provincial/territorial benefits

    However, these would have only been deposited in your bank account if you're registered for direct deposit through the CRA. Keep in mind that the first payment you receive after signing up for direct deposit may be still sent out via cheque.

    Climate Action Incentive Payment

    If you live in Alberta, Saskatchewan, Manitoba or Ontario, one of the more recent deposits that was made is the Climate Action Incentive Payment (CAIP).The payment used to be something that you applied for on your yearly tax return but it is now a quarterly payment that you receive automatically if you are eligible. The first payment should have arrived in your account in July. You may notice that the first payment was a bit higher than the amounts provided below. This is due to the fact that this payment included a retroactive payment for april, so it is double than what you would normally receive.

    This payment is a tax-free amount that is designed to help individuals and families with the cost of federal pollution pricing. It has a basic amount as well as a supplement amount for people who live in small and rural communities. In order to automatically qualify for this payment you must meet some requirements.

    • Be 19 years old
    • Have (or have previously had) a common-law partner/spouse
    • You are (were) a parent and live (lived) with your child

    If you have a child that qualifies for the canada child benefit then a credit for each child is included with the CAIP. The amount will change depending on your custody of the child. For example: if you have 50% custody you get 50% of the amount.

    How much do you receive and when?

    The amount that you will receive for this is calculated on an annual basis depending on where you live but will be received in quarterly amounts. The payments will be put into your account the 15th of the months of April, July, October and January.

    Province Individual Spouse / Common Law Per Child Under 19 First Child in Single-Parent Family
    Ontario $488 $244 $122 $244
    Manitoba $528 $264 $132 $264
    Saskatchewan $680 $340 $170 $340
    Alberta $772 $386 $193 $386

    A couple things to keep in mind are that the CAIP does include a rural supplement of 10% of the base payment for rural residents, and the CRA doesn’t charge any interest on any of the CAIP over/under payments.

    Canada Fed deposit amounts on Bank Statement

    When you receive any of the payments above, because the payments are made by a program software, they all show up as Canada fed deposits on your bank statement. While this can be confusing, it is important to verify which deposits you're receiving in case you need to claim them as income, for a loan for example, or claim them on your taxes. One of the ways to distinguish this is by the amount that's deposited.

    Canada Fed payment of $900

    If you notice a payment in your bank account from Canada fed for $900, it is likely that you applied for the Canada Recovery Benefit. While this benefit is now closed, it was a benefit that paid you $900 every two weeks if you were directly impacted by COVID 19 and unable to work.

    Canada Fed payment of $600

    If you received a payment of $600 this was probably a one time non-taxable disability payment from the government during the pandemic. This payment was meant to pay for any outstanding expense as a result to the pandemic and was given to those who:

    • Qualified for the disability tax credit (DTC)
    • Where a beneficiary for Canada Pension Plan Disability (CPPD)
    • A beneficiary for Quebec Pension Plan Disability (QPPD)
    • A beneficiary for Veteran Affairs Canada (VAC) Disability

    Another reason you could have received $600 is if you're a senior. You could then receive a one time $300 Old Age Security(OAS) Pension payment as well as a $300 disability payment.

    Lastly, if you received the one time $500 OAS and Guaranteed Income Supplement payment (GIS), you get a $100 disability payment.

    With both of these last two scenarios it is important to remember just because you receive the one time OAS and/or GIS payment(s), that doesn’t mean you automatically get the extra disability payment. That's only if you qualify with the criteria above.

    Canada Fed payment of $450

    Just like with the $900 and $600 payments, a $450 payment from Canada fed is likely a COVID 19 benefit payment. The amount for the Canada Recovery Sickness Benefits (CRSB) and the Canada Recovery Caregiver Benefits (CRCB) are both $500 weekly ( about $450 after deductions). While these benefits are now also closed, they were both there to provide income if you missed work due to sickness, or having to stay home with a child under 12 who was sick, due to COVID 19.

    This benefit was not automatically given, you did have to apply for it.

    Canada Fed payment of $300

    The last payment that you could have received was a $300 one time payment from OAS. This is also a COVID relief payment that's n

    on-taxable and was given to seniors who receive OAS (Old Age Security).

    Why did I get a deposit from Canada Fed?

    As discussed above it is possible that you received a one time COVID benefit but it is also possible that it is a tax return payment if you recently filed your taxes or even another type of benefit that you applied for or were automatically approved for. Some payments can also be labeled in the bank statements as dn Canada fed/fed.

    What is DN Canada Fed/Fed deposit?

    If the Canada fed deposit you receive says DN Canada fed/fed on your bank statement then you're likely receiving a payment for one of three things - Canada Child Benefit, a GST/HST payment, or the Canada Workers Benefit. This is stating that the payment is for a federal benefit not a provincial or territorial one.

    Canada Child Benefit

    The first payment you might receive with this statement name is the Canada child benefit (CCB). This is a tax free federal benefit received once per month if you have any children under 18. The amount that you receive depends on how many children that you have as well as your annual taxable income.

    How to Apply?

    In order to receive the CCB you must apply for it when your child is born, when you child begins to live with you, when you get custody or when you meet the conditions of eligibility. When you meet any of these requirements you can apply when you register the birth of your child, through your My CRA Account or through the mail.

    How much do you receive?

    The amount of money that you receive monthly for your CCB payment depends on a few factors:

    • How much money you make
    • Age of children
    • How many children you have
    • Your marital status

    Generally, the less income you make the more you get for CCB. Also, you receive extra money for any child that you have under the age of 6.

    For example: If you make under $34,863 for your AFNI (adjusted family net income) then you can receive the maximum amount for CCB. The maximum is $619.75 monthly per child under 6 and $522.91 monthly from ages 6-17.The total yearly amount for ages under 6 is $7,437 per year while the total yearly amount for ages 6-17 is $6,275.

    Child Disability Benefit

    If you receive the CCB but your child also qualifies for the disability tax credit, you could receive the child disability benefit. This benefit does not require that you apply for it only that you meet the required criteria then it is automatically given,

    The CDB is a monthly payment of up to $264.41 given to families of children with an AFNI of less than $75,537. This amount is per disabled child per family and families with an AFNI of higher than $75,537 may get a reduced payment.

    Provincial/Territorial Payments

    Depending on the province that you live in any other provincial/territorial payment that you receive could also be lumped in with your CCB Payment.


    While Alberta does not lump their benefits into the CCB, they do offer a provincial benefit called the Alberta Child and Family Benefit (ACFB) that's paid out four times a year in the months of August, November, February and May. If you make under $24,467 you will receive:

    Amount Child
    $1,330 ($110.83 per month) First Child
    $665 ($55.41 per month) Second Child
    $665 ($55.41 per month) Third Child
    $665 ($55.41 per month) Fourth Child

    Also, for families that make over $2,760 from a working income, Alberta offers a working income component to their provincial benefits. Keep in mind that this amount could be adjusted if your AFNI is larger than $41,000.

    Amount Child
    $681 ($56.75 per month) First Child
    $620 ($51.66 per month) Second Child
    $371 ($30.91 per month) Third Child
    $123 ($10.25 per month) Fourth Child

    British Columbia

    B.C. offers a similar provincial benefit called the BC child opportunity benefit (BCCOB). This benefit, however, is combined with the CCB. Here are the amounts you can expect to receive if your AFNI is less than $25,808.

    Amount Child
    $145.83 per month First Child
    $91.66 per month Second Child
    $75 per month Third Child

    If you make anywhere between $27,354 and $87,533 you won’t receive less than:

    Amount Child
    $64.58 First Child
    $62.50 Second Child
    $60.41 Third Child

    These amounts are calculated at a reduction of 4% based on the AFNI. Any yearly income above $87,533 will be reduced with this calculation until it reaches $0. This basically means that if you make well above the threshold that you won’t have to pay the government, it just caps once you can’t receive any money. That being said, you will notice in 2023 that for the months of January, February and March that the benefit amounts are temporarily increased. These increased amounts are $108.33 for the first child, $106.66 for the second child, and $105.00 for each additional child.


    There’s no extra benefit offered in Manitoba, just the CCB.

    New Brunswick

    New Brunswick, however, does offer an extra benefit that's combined with the CCB called the New Brunswick child tax benefit (NBCTB). This benefit pays parents up to $20.83 per month up to a yearly AFNI of $20,000. This amount will be reduced for families with a yearly AFNI between $20,000 and $25,921.

    If your yearly AFNI is less than $20,000 you can also get an addition to your NBCTB in July of $100 per year per child in order to pay for school supplies.

    Newfoundland and Labrador

    Another provincial payment that's combined with the CCB is the Newfoundland and Labrador child benefit.

    Amount Child
    $37.25 per month First Child
    $39.50 per month Second Child
    $42.41 per month Third Child
    $45.48 per month Fourth Child

    This is available to those with an AFNI of $17,397. If you fall within these parameters and have at least one child under one, you could qualify for the prenatal infant nutrition supplement (PINS)and receive an additional $150 per month per child under one.

    Northwest Territories

    The Northwest Territories also combines their child benefit with the CCB. If you make an AFNI of $30,000 per month or less than you're eligible for this benefit. You could be eligible at a higher AFNI but it would be a reduced amount.

    Children under 6:

    Amount Children
    $67.91 1 child
    $122.25 2 children
    $166.41 3 children
    $203.75 4 children
    $30.58 Each additional child

    Ages 6-17:

    Amount Children
    $54.33 1 child
    $97.83 2 children
    $133.08 3 children
    $163.00 4 children
    $24.41 Each additional child

    Nova Scotia

    The Nova Scotia child benefit is also combined with the CCB and offers a provincial benefit of $127.08 for every child under the age of 18 with an AFNI of less than $26,000 with option of getting approved for a partial benefit with an AFNI between $26,000 and $34,000.


    The NUCB in the Nunavut child benefit and offers a basic amount of $28.91 per month per child to qualifying families with children under 18. They also offer a territorial workers supplement of $24.08 monthly for one child and $30.66 monthly for more than one child. This benefit applies to families who have earned more than $3,750. If the family net income is more than $21,999 then your NUCB benefit could be reduced.


    The Ontario child benefit (OCB) allows you to be eligible for up to $133.91 per month for any child under the age of 18 as long as your AFNI is below $24,542. Anything above that could have a reduced payment.

    Prince Edward island

    PEI does not offer an extra child benefit above the CCB.


    Quebec also does not offer extra child benefits but they do have child assistance payments that you can apply for.


    Saskatchewan is another province that does not offer other child benefits.


    Lastly, there’s the Yukon child benefit (YCB) which helps those with an AFNI below $35,000 by providing a payment of $73 monthly per child. An AFNI above $35,000 may result in reduced payments.


    The next federal payment that you could receive with this statement title is a GST/HST payment. This payment comes in every three months and you don’t have to apply for it. It is automatically sent to you if you fall into the yearly low to median income threshold as long as you have done your taxes.

    The 2024 payment dates for this benefit are:

    • January 5, 2024
    • April 5, 2024
    • July 5, 2024

    Provincial GST/HST Benefits

    While the GST/HST benefit is Canada wide there are a few provinces/territories that offer their own GST/HST benefits. Some of these provinces also offer other types of benefits in order to supplement the low to median incomes of those who live there. These provinces/territories are:

    • Yukon
    • Ontario
    • Saskatchewan
    • Prince Edward Island
    • Northwest Territories
    • Nova Scotia
    • Newfoundland and Labrador
    • New Brunswick

    What do these show up as on a bank statement?

    Because these are individual provincial/territorial payments, they show up under a different title on your bank statement. Any payment from Alberta or Ontario shows up as Canada PRO. The rest of them usually show up under Canada FPT. This stands for “Canada Federal/Provincial/Territorial” and is used for tax credit payments.

    Canada Workers Benefit

    Lastly, the Canada workers benefit will also show up as DN Canada Fed/Fed on your bank statement. This payment is given in two portions. One is a regular portion and the other is given to individuals with disabilities.

    In order to get this benefit you have to claim it on your tax return and be a working individual who is low income earning. In some special cases, you could be eligible to obtain this benefit before you file your yearly tax return.

    Similarities of all government payments on bank statements

    As you may have noticed by going through all of the different payment types, all federal or provincial/territorial payments have Canada somewhere in the name that is on your bank statement. All of these different payments you either apply for or are entitled to which can make to discover why you received the payment. If you fall within any of these categories above, one of these should be the reason you received a government payment in your account. If you are still unsure as to why the deposit was made, contact the Canada Revenue Agency (CRA) to verify you should have received the payment and, if not, make arrangements to pay it back so it doesn’t affect you at a later date.

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