Boost Your Income
What is the Canada PRO Deposit?October 23, 2023
The most common type of deposit from the federal government is the Canada FED deposit, but it is not the only name that comes up when the CRA deposits money into your account. Depending on the reason that they are depositing money into your account, the name of the deposit will be different. Anything you receive that is a federal benefit will come under the Canada FED deposit and if it is a provincial benefit it will come under the Canada PRO Deposit.
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Qualifications for the Canada PRO Deposit
In order to qualify for the Canada PRO Deposit you must be a resident of Ontario or Alberta and (depending on the type of Canada PRO Deposit) be considered low income. If you live in Alberta, the Alberta Child and Family Benefit (ACFB) will show up as a Canada Pro Deposit payment and in Ontario it is Ontario Trillium Benefit. The Ontario Trillium Benefit is made up of three different benefits and you will receive it if you quality for any or all of the following:
- Northern Ontario Energy Credit
- Ontario Energy and Property Tax Credit
- Ontario Sales Tax Credit
If you qualify for any or all of these benefits then you will receive deposits labeled “Canada PRO Deposit”.
Northern Ontario Energy Credit
This credit is meant for those in Ontario who pay more for energy. The amount received depends on how many live in the home. An individual will receive $172 and for households of more that one, the amount received is $265.
In order to qualify and receive this benefit, you must apply when you do your taxes and include information such as how much you pay for rent, property taxes and energy bills. You must also meet the following criteria:
- Be at least 18 years of age
- Have or previously had a spouse or common-law partner
- A parent who lives or previously lived with your child
In addition, you need to have met at least one of the following conditions in the previous year:
- Paid rent or property tax for your main residence
- Lived on a reserve in Northern Ontario and paid for your home energy costs (i.e. electricity, heat)
- Lived in a long-term care home in Northern Ontario and paid for a portion of your accommodation
Another thing you need to know about this credit is that you must live in a certain district to qualify. The qualifying districts are:
- Parry Sound
- Rainy River
- Thunder Bay
Once you have completed your tax returns and submitted the appropriate forms, they will be looked over and you will start receiving benefits. This can take up to a few months.
Ontario Energy and Property Tax Credit
The idea of this program is to help those who live in Ontario and are low to moderate income with energy sales tax and property taxes. Just like the Northern Ontario Energy Credit, you apply for this program when you complete your tax return. You can then decide if you want to stick to a monthly payment or receive your yearly amount in one lump sum.
If you are between the ages of 18 and 64, you can receive up to $1,194 per year with the Ontario Energy and Property Tax component of the Ontario Trillium Benefit. Ages 65 and over can get up to $1,360. For those who live in long-term care homes and/or reserves, they get $243. Students get $25 as long as they are living in an eligible college, university or private school residence.
Ontario Sales Tax Credit
The Ontario Sales Tax Credit is also designed to help low to moderate-income families. This program is run by the Ontario government, but it is distributed by the Canada Revenue Agency,
Just like the other components of the Ontario Trillium Benefit, if you qualify, it is based on your tax return, and you must also meet at least one of these criteria.
- Be at least 19 years old
- Have or previously had a spouse or common-law partner
- A parent who lives or has lived with your child
If you qualify, you are eligible for up to $345 per adult and child in the family.
Alberta Child and Family Benefit
While the federal government offers the Canada Child Benefit to those who have children in Canada, Alberta’s provincial government offers another benefit to those who have low to moderate incomes called the Alberta Child and Family Benefit, also known as the ACFB. The requirements for this program are:
- Have one or more children under the age of 18
- Be a resident of Alberta
- File a tax return
- Fall within the income requirements
You do not need to apply for the ACFB as long as you have already applied for the Canada Child Benefit (CCB). As long as you meet the requirements, you will automatically receive the payments from the CRA. These payments will be separate from your CCB payments which usually come into your account with the deposit name Canada FED Deposit being they are a federal payment, not a provincial one.
2023 Deposit Dates for the Canada PRO Deposit
The deposit dates for the Canada PRO Deposit depend on what benefits you are receiving. The Ontario Trillium Benefit can sometimes be made as one payment, or at least part of it, if you select that option. Otherwise, it is normally a monthly payment. The monthly payment is made on the 10th of every month unless that is a weekend or a holiday where it will then fall on a different day.
- January 10, 2023
- February 10, 2023
- March 10, 2023
- April 7, 2023
- May 10, 2023
- June 9, 2023
- July 10, 2023
- August 10, 2023
- September 8, 2023
- October 10, 2023
- November 10, 2023
- December 8, 2023
The Alberta Child and Family benefit, however, is not a monthly payment. The Alberta Child and Family payment dates are:
- February 27, 2023
- May 26, 2023
- August 25, 2023
- November 27, 2023
Taking the Ontario Trillium Benefit in One Lump Sum
For those whose Ontario Trillium Benefit is going to be more than $360, you can either choose to receive the benefit monthly or take it in one lump sum at the end of the benefit year, which would be sometime in June. No matter which option you choose, you will still be receiving the same amount of money. If you change your mind and want to start receiving the benefit monthly, all you need to do is contact the CRA and they will pay you up to date and you will start receiving the payments monthly. However, if you qualify for less than $360 then you will just receive payments monthly starting at the end of the benefit year. This would mean those payments will start in the beginning of July.
How much can you receive with the ACFB?
The amounts that you receive from the ACFB depend on your adjusted family net income as well as how many children you have under the age of 18.
|Number of children||Maximum Base Component||Maximum Working Component|
|4 or more children||$3,525||$1,902|
The ACFB is broken down into two pieces, the base component and the working component. Whether you make any money or not, the base component portion of the benefit is available to all low income families. The working component, however, is only available if your total family working income is at least $2,760 per month. For every dollar earned over this amount you get 15% more until you hit the maximum income you are allowed to earn to keep receiving the ACFB. The maximum amount allowed is completely dependent on your personal situation as well as how many children you have so it is different for everyone.
Staying Eligible for the Benefits Every Year
Like we briefly discussed above, your qualifications for these benefits are based on filing your taxes every year. The Northern Ontario Energy Credit and the Ontario Energy and Property Tax Credit do require an application to be filled out with your tax return every year. The Ontario Sales Tax Credit and the ACFB are automatically renewed if you qualify. Even if you make no money, you should still file your income tax return. It is required in order to keep getting your benefits.
Some Ways You Can Use the Canada Pro Deposit
While some people choose to use their Canada Pro payment as extra income, others choose to put it into savings or invest it. You could choose to put the money in a Tax-Free Savings Account or even an RRSP. On just your regular income it can be very difficult to have money to put away while keeping up with the cost of living as inflation keeps rising. These government benefits are meant to help with that and help you get ahead.
Overall, the Canada PRO Deposit is something that may just appear in your account or it may be something you have applied for. The Canadian government supplies this income in order to help you with the cost of living and provide some financial relief. If you live in Ontario or even Alberta, these are very beneficial. Whether you receive the Ontario Trillium Benefit or the Alberta Child and Family Deposit through direct deposit, now you know you have received it when you see the Canada PRO Deposit on your bank account statement.