If you’re a resident of Ontario or Alberta, you may have seen a Canada PRO Deposit in your bank account and wondered what it’s for. Canada PRO is a government initiative designed to administer financial benefits to residents of these provinces. These payments, processed by the Canada Revenue Agency (CRA), offer tax-free financial assistance to individuals and families. The Canada PRO Deposit could be related to one of several provincial benefit programs, depending on where you live, such as the Ontario Trillium Benefit (OTB) or the Alberta Child and Family Benefit (ACFB). This article will break down what Canada PRO is, who qualifies, how to apply, and what payment amounts and dates to expect in 2024.
What is Canada PRO Deposit?
The Canada PRO Deposit provides essential financial support for residents of Ontario and Alberta through tax credits and family benefits. With payments based on income and family size, these deposits help cover living costs, property taxes, and energy expenses. Understanding how these benefits work, and ensuring you file your tax return on time, is crucial to receiving the full amount you’re entitled to.
| Feature | Details |
|---|---|
| Province | Ontario, Alberta |
| Programs Covered | Ontario Trillium Benefit (OTB), Alberta Child and Family Benefit (ACFB) |
| Application | File your annual income tax return (ON-BEN form for Ontario) |
| Payment Dates | OTB: Monthly (10th), ACFB: Quarterly (Feb 27, May 27, Aug 27, Nov 27) |
| Maximum Payment (OTB) | Up to $1,194 for non-seniors, $1,360 for seniors in Ontario |
| Maximum Payment (ACFB) | Up to $3,525 for families with four or more children in Alberta |
| Taxable | No |
| Link for More Information | Canada Revenue Agency |
The Canada PRO Deposit is a direct financial aid payment made by the CRA on behalf of the governments of Ontario and Alberta. It is aimed at providing extra support to individuals and families to help cover the cost of living, property taxes, energy expenses, and child-related expenses.
For Ontario Residents
The deposit is typically linked to the Ontario Trillium Benefit (OTB), which combines three main tax credits:
- Ontario Sales Tax Credit (OSTC)
- Ontario Energy and Property Tax Credit (OEPTC)
- Northern Ontario Energy Credit (NOEC)
For Alberta Residents
If you’re in Alberta, the Canada PRO Deposit is related to the Alberta Child and Family Benefit (ACFB), which helps lower-income families with children under the age of 18. This benefit replaced two earlier provincial programs: the Alberta Child Benefit and the Alberta Family Employment Tax Credit.
Eligibility Criteria for Canada PRO Deposit
Eligibility depends on the specific program tied to your province:
Ontario Trillium Benefit (OTB)
To qualify for the OTB, you must:
- Be a resident of Ontario.
- Meet age and residency requirements (e.g., over 18, or living with a spouse or child).
- Have paid rent or property taxes in the province or lived in long-term care.
The OTB is paid monthly or as a one-time lump sum if your benefit is less than $360.
Alberta Child and Family Benefit (ACFB)
In Alberta, the ACFB is intended for low-to-moderate-income families. To qualify:
- You must have one or more children under 18.
- You need to be a resident of Alberta.
- You must file an income tax return, which will automatically determine your eligibility based on your income.
The payments are made quarterly and can vary depending on your income and number of children.
Payment Dates for 2024
The payment schedule varies between the two programs:
- Ontario Trillium Benefit (OTB):
Payments are made monthly on the 10th of each month. In 2024, these payments will be issued on:- January 10, 2024
- February 9, 2024
- March 8, 2024
- April 10, 2024
- May 10, 2024
- June 10, 2024
- July 10, 2024
- August 9, 2024
- September 10, 2024
- October 10, 2024
- November 8, 2024
- December 10, 2024
- Alberta Child and Family Benefit (ACFB):
Payments are made quarterly, and the 2024 dates are:- February 27, 2024
- May 26, 2024
- August 25, 2024
- November 27, 2024
How Much Can You Expect from Canada PRO?
Ontario Trillium Benefit (OTB)
The amount you receive depends on your income, family size, and whether you’re a senior. Some common estimates include:
- Ontario Energy and Property Tax Credit (OEPTC): Up to $1,194 for non-seniors and $1,360 for seniors.
- Ontario Sales Tax Credit (OSTC): Up to $345 per person (includes spouses and children).
- Northern Ontario Energy Credit (NOEC): Up to $265 for families.
Alberta Child and Family Benefit (ACFB)
The ACFB consists of two components: a base amount and a working component (which increases with earned income). Depending on your income and number of children, you can receive:
- 1 child: Up to $1,410 for the base component.
- 4 or more children: Up to $3,525 for the base component.
The working component adds up to $1,902 based on your earnings.
How to Apply for Canada PRO
There’s no separate application process specifically for Canada PRO. All you need to do is file your annual income tax return, which will automatically determine your eligibility for the relevant benefits.
Ontario Residents should file the ON-BEN Application Form along with their tax return to receive the Ontario Trillium Benefit.
In Alberta, filing your taxes is enough to qualify for the Alberta Child and Family Benefit. There’s no need for an additional application, and the CRA will inform you of your eligibility after reviewing your tax return.
Canada PRO Payment Dates for 2024
The payment schedule for Canada PRO varies between Ontario and Alberta:
Ontario Trillium Benefit (OTB)
- Monthly Payments: Typically made on the 10th of each month.
- One-Time Lump Sum: If your total OTB benefit is under $360, you’ll receive it as a lump sum in July.
Alberta Child and Family Benefit (ACFB)
- Quarterly Payments: Payments are made on February 27, May 27, August 27, and November 27, 2024.
FAQs About Canada PRO Deposit
1. Is the Canada PRO Deposit taxable?
No, the Canada PRO Deposit is tax-free. You don’t need to report it as income when filing your tax return.
2. How often will I receive the Canada PRO Deposit?
The frequency depends on your province and the benefit type. OTB payments are typically monthly, while ACFB payments are made quarterly.
3. Can I receive Canada PRO if I move out of Ontario or Alberta?
Your eligibility is determined by your residency at the time of your income tax filing. If you move after receiving a payment, you won’t receive future payments unless you still meet the residency and tax requirements of that province.
4. How do I receive the Canada PRO Deposit?
If you’ve set up direct deposit with the CRA, the money will be transferred directly to your account. Otherwise, a cheque will be mailed to you.
