If you’re living in Ontario or Alberta, you may have noticed a Canada PRO Deposit appearing in your bank account and wondered what it’s for. This is part of a government initiative aimed at providing financial support to residents of these provinces. Processed by the Canada Revenue Agency (CRA), the Canada PRO Deposit includes tax-free payments under various provincial benefit programs such as the Ontario Trillium Benefit (OTB) and the Alberta Child and Family Benefit (ACFB). This article explains what the Canada PRO Deposit is, who qualifies, how to apply, and what to expect in 2024 regarding payment amounts and dates.
What is the Canada PRO Deposit?
The Canada PRO Deposit is a financial assistance program for residents of Ontario and Alberta. It offers tax-free payments to individuals and families to help with living expenses, property taxes, energy costs, and child-related expenses. The payments are based on factors like income and family size, providing much-needed support to lower and middle-income households.
Key Features of the Canada PRO Deposit:
| Feature | Details |
|---|---|
| Provinces | Ontario, Alberta |
| Covered Programs | Ontario Trillium Benefit (OTB), Alberta Child and Family Benefit (ACFB) |
| Application | File your annual income tax return (Ontario residents must submit the ON-BEN form) |
| Payment Frequency | 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, payments are tax-free |
| More Information | Canada Revenue Agency |
The Canada PRO Deposit is a direct payment distributed by the CRA on behalf of Ontario and Alberta’s governments. It is designed to assist individuals and families with costs such as property taxes, living expenses, energy bills, and child-related expenses.
Ontario Residents
In Ontario, the Canada PRO Deposit typically corresponds to the Ontario Trillium Benefit (OTB), which combines three key tax credits:
- Ontario Sales Tax Credit (OSTC)
- Ontario Energy and Property Tax Credit (OEPTC)
- Northern Ontario Energy Credit (NOEC)
Alberta Residents
In Alberta, the Canada PRO Deposit is tied to the Alberta Child and Family Benefit (ACFB). This benefit supports low- to moderate-income families with children under 18. It replaced the Alberta Child Benefit and the Alberta Family Employment Tax Credit.
Eligibility for the Canada PRO Deposit
Eligibility for the Canada PRO Deposit depends on the program linked to your province.
Ontario Trillium Benefit (OTB)
To qualify for the OTB, you must:
- Be a resident of Ontario.
- Meet age and residency requirements (over 18 or living with a spouse/child).
- Have paid rent or property taxes in the province or reside in long-term care.
The OTB is paid monthly or as a lump sum if your total benefit is less than $360.
Alberta Child and Family Benefit (ACFB)
To qualify for the ACFB, you must:
- Be a resident of Alberta.
- Have one or more children under the age of 18.
- File an income tax return, which will automatically determine your eligibility based on your income.
Payments are made quarterly and vary according to your income and number of children.
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Payment Dates for 2024
The Canada PRO Deposit has different payment schedules for Ontario and Alberta residents:
Ontario Trillium Benefit (OTB)
Monthly payments are made 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)
Quarterly payments are made on:
- February 27, 2024
- May 26, 2024
- August 25, 2024
- November 27, 2024
Expected Payments from Canada PRO
Ontario Trillium Benefit (OTB)
The amount you receive depends on your income, family size, and whether you are a senior. The breakdown includes:
- 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 (including spouses and children).
- Northern Ontario Energy Credit (NOEC): Up to $265 for families.
Alberta Child and Family Benefit (ACFB)
The ACFB includes a base amount and a working component based on earned income. Payments vary based on your number of children:
- 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 can add up to $1,902 based on your earnings.
How to Apply for the Canada PRO Deposit
There is no separate application process for the Canada PRO Deposit. To qualify, you simply need to file your annual income tax return. The CRA will determine your eligibility for the relevant benefits.
- Ontario residents should file the ON-BEN form along with their tax return to be eligible for the Ontario Trillium Benefit.
- In Alberta, filing your taxes is enough to qualify for the Alberta Child and Family Benefit. No additional application is necessary.
Canada PRO Payment Dates for 2024
The payment schedules for 2024 are as follows:
Ontario Trillium Benefit (OTB)
- Monthly payments will be made on the 10th of each month, with a one-time lump sum in July for benefits under $360.
Alberta Child and Family Benefit (ACFB)
- Quarterly payments will be made on February 27, May 27, August 27, and November 27, 2024.
Frequently Asked Questions about Canada PRO Deposit
- Is the Canada PRO Deposit taxable?
- No, the Canada PRO Deposit is tax-free and doesn’t need to be reported as income on your tax return.
- How often will I receive the Canada PRO Deposit?
- The frequency of payments depends on the program and your province. OTB payments are monthly, while ACFB payments are quarterly.
- Can I still receive the Canada PRO Deposit if I move out of Ontario or Alberta?
- Eligibility is based on your residency at the time of filing your tax return. If you move after receiving a payment, you won’t receive future payments unless you still meet the residency and tax requirements.
- How do I receive the Canada PRO Deposit?
- If you’ve set up direct deposit with the CRA, the payment will be transferred to your account. Otherwise, you will receive a cheque by mail.
By ensuring your tax returns are filed on time, you can access the full benefits available to you through the Canada PRO Deposit and provide extra financial support for your household.