Have you received a deposit in your bank account called Canada PRO?
Canada PRO is a government initiative that assists in allocating tax credits and benefit program funds to eligible residents of Ontario and Alberta. The Canada Revenue Agency (CRA) makes the Canada PRO deposits on behalf of those provinces.
The Canada PRO payment is usually related to a child and family benefit. In Alberta, it may be the Alberta Child and Family Benefit. In Ontario, it can be the Ontario Trillium Benefit (OTB). The OTB is made up of the Ontario Sales Tax Credit and the Ontario Energy and Property Tax Credit and/or the Northern Ontario Energy Credit.
The benefit year ends in June, so you will usually see this payment towards the end of June or July. Some will receive this as a monthly payment, while others will receive this as an annual payment.
To better understand what the payment is related to, details should be available in your CRA My Account, so I suggest checking in there.
What Our Readers Are Saying
Based on input from our visitors regarding the Ontario Trillium Benefit, if you are receiving monthly payments, singles can expect to receive anywhere from $40 to $65 per month and families can expect around $120 per month. Our historical data suggests that the payment may occur around the 9th or the 10th of each month.
To learn more about eligibility, you can check out this link.
Your Deposits Can Also Be Noted As:
RIT refers to a refund of income tax. (This payment is also sometimes referred to as RIF.) A Canada RIT payment is, simply put, a tax refund that you get after filing your income tax return.
Getting a Canada RIT payment can seem like a windfall—a good opportunity for a little fun spending. Or you might see it as the universe’s way of encouraging you to start investing.
FPT is a shortened form for Federal-Provincial Tax Credit. It’s a government program that provides money to citizens who qualify. The credit is split between the federal and provincial governments and applied to your income tax return.
If you’ve received money from FPT, it will show up on your bank statement as a deposit from the Canadian government.