Canada Pro Deposit

Have you checked your account and seen a deposit titled, ‘Canada PRO,’ you might wonder what Canada PRO is and why you are credited with the money. If you are in that shoe, you need not worry; it is not a scam.

Anytime you see Canada Pro Deposit, just know that you have been credited by the Canada Revenue Agency (CRA) on behalf of the Ontario and Alberta provinces to help with daily expenses.

In this article, we will examine the fundamental of Canada PRO Deposit and what you need to know about it.

What is the Canada PRO Deposit?

The Canada PRO Deposit is a government program that provides tax credits and money benefits to eligible moderate-income residents of Ontario and Alberta to help them with costs they might encounter in their daily activities.

As an eligible resident of either Ontario or Alberta, when you receive the Canada PRO deposit, it means that any of the four PRO programs has paid you. The PRO deposit can be obtained in Ontario from any of the three PRO programs under the Ontario Trillium Benefit (OTB). They aimed at helping eligible residents pay for property, energy, and sales taxes. The three PRO programs are as follows:

• The Ontario Energy and Property Tax Credit
• The Northern Ontario Energy Credit
• The Ontario Sales Tax Credit

While in Alberta, the Canada PRO program is received by Alberta Child and Family Benefit (ACFB), which combines to be Alberta Child Benefit and Alberta Family Employment Tax Credit.

How Much Should You Expect as Canada Pro Deposit?

If you are wondering how much you will get. You have first to ask yourself how the amount is calculated. Here, you will find out how much you should expect and how the amount is calculated. Each PRO program adopts a unique procedure.

Ontario Energy and Property Tax Credit

The Ontario Energy and Property Tax Credit (OEPTC) is a PRO program aimed at helping low to moderate-income Ontarians settle their energy sales tax and property taxes.

The OEPTC calculates how much you will get based on certain factors, such as:

• Your age
• Marital status
• Adjust net family income.
• The property taxes (paid by or for you)
• The rent (paid by you or for you)
• The energy costs (paid by or for you)
• Accommodation costs are paid if you live in a public or nonprofit long-term care (LTC) home or a specified Ontario college, university, or private school residence.

If you are eligible for OEPTC, you’ll be given a deposit of $1,194 as a non-senior. The value is divided; $265 to settle energy sales tax and $929 for property tax. For a senior, you will be entitled to $1,360, $265 to pay energy sales tax and $1,095 for property taxes.

Northern Ontario Energy Credit

The Northern Ontario Energy Credit (NOEC) is another PRO program in Ontario that is designed to help low- to moderate-income residents in Northern Ontario settle their higher energy costs for living in the northern part of the province. What qualifies you for Northern Ontario Energy includes:

• Algoma
• Thunder Bay
• Timiskaming
• Nipissing
• Parry Sound
• Kenora
• Manitoulin
• Rainy River
• Sudbury, including Greater Sudbury

The NOEC is calculated based on the previous or last year’s property taxes you paid for your primary residence. If you fulfill the eligibility criteria, the amount will be further calculated considering the following:

• Your marital status
• Whether you have children
• Adjusted family net income.

If you are single and have no kids, you will be eligible for a maximum annual credit benefit of $172. You will qualify for minimum credit of $265 as a married and single parent. As your income or status changes, so as your PRO deposit.

For a family whose adjusted family net income is over $59,704, your credit will be reduced by 1%, and if you are a single person with no kids and your adjusted net income is over $46,436, your credit will be shortened by 1%.

Ontario Sales Tax Credit

Last but not least, Ontario’s PRO program is the Ontario Sales Tax Credit (OSTC). It is designed to help low- to moderate-income residents with the sales tax. The CRA examines your income tax and determines whether you are qualified for the OSTC.

As an adult, the maximum credit you can receive is $345. This also goes for each child in a family. If you’re a single parent, your credit is reduced by 4% of the adjusted family net income if it is over $33,169. Fas a single with no kids, your credit is reduced by 4% of your adjusted net income, even if it is over $26,535.

Alberta Child and Family Benefit

Alberta Child and Family Benefit is the only PRO program available for eligible residents of Alberta. It is a tax-free amount designed to help low- and moderate-income families with kids under 18.

Between the first half of the year (January to June 2023), the amounts you may receive depend on the following:

• First child – $1,410 ($117.50 per month)
• Second child – $705 ($58.75 per month)
• Third child – $705 ($58.75 per month)
• Fourth child – $705 ($58.75 per month)

This amount is adjusted based on your income. If your income is over $25,935, the ACFB will be reduced, and if your adjusted family net income falls from $25,935 to $43,460, you might only be eligible to receive partial benefits.

All you have to do to apply for the ACFB is file your tax return, which will qualify you for the federal government’s Canada Child Benefit. If you have been proven eligible, you should expect to receive payments in February, May, August, and November.

Eligibility Criteria for Canada PRO Deposit?

You must fulfill the eligibility criteria before accessing the Canada PRO Deposit. The eligibility criteria differ from one PRO program to another. Let’s check them out:

Ontario Energy and Property Tax Credit

To qualify for Ontario Energy and Property Tax Credit, you must meet the two eligibility components; the property tax and energy component.

For the property tax credit, you must be a resident of Ontario on December 31, 2022, you must be 18 years or older before June 1, 2024, had a partner or spouse on or before December 31, 2022, or you are a parent who previously lived or lives with your child in 2022.

In addition, you must fulfill any of the conditions below:

• Payment of the rent for your principal residence under Ontario municipal or education property tax for or by you.
• Payment of property tax for your principal residence paid for or by you or
• You are living or lived in a designated Ontario college, university, or private school residence

For the energy eligibility component, you must fulfill the same conditions as that of the property tax in addition to fulfilling any of the following conditions:

Alongside that, at least one of the following conditions must apply to you:

• Payment of rent of your principal residence, which was under Ontario municipal or education property tax by or for you
• Payment of property tax for your principal residence in Ontario by or for you
• Payment of energy cost on a reserve home (electricity, heat) for your principal residence on the reserve by or for you
• You lived in a nonprofit or public long-term care home in Ontario and paid part of the accommodation price.

Northern Ontario Energy Credit

To be eligible for the Northern Ontario Energy Credit, you must fulfill the following criteria:

• You must be living in Northern Ontario.
• You must pay the property taxes or rent for your principal residence in 2022
• You must have paid the accommodation costs in 2022 for living in a nonprofit or public LTC in Northern Ontario;
• You must have paid the home energy costs like heat and hydro for your primary home on a reserve in 2022.
• You must have applied for the NOEC in the prior year’s income tax and benefit return and completed the Form ON-BEN, Application for the 2023 Ontario Trillium Benefit, and the Ontario Senior Homeowners’ Property Tax Grant.

Ontario Sales Tax Credit

Ontario Sales Tax Credit has the shortest list of eligibility criteria. To qualify for this PRO program, you must fulfill the following:

• You must be 19 years of age or older
• You must be previously married or currently in a common-law relationship
• You must be a parent who previously lived or lives with your child

Alberta Child and Family Benefit

The PRO program in Alberta is less complicated than that of Ontario. The Albert Child and Family Benefit (ACFB) has been rolled into one payment with Alberta Child Benefit (ACB).

The Alberta Child and Family Benefit is a tax-free amount paid to low- and moderate-income families with children under 18 years old.

You must fulfill the following criteria to be eligible for the Alberta Child and Family Benefit.

• You must be a parent with one or more children under 18
• You must be a legal resident of Alberta
• You must file a tax return
• You must meet the income criteria

How To Apply for Canada PRO

The mode of application of Canada PRO differs in the two provinces. In Alberta, you must qualify for the Canadian federal government’s Child Benefit and file your tax return to be eligible for the Canada PRO deposit. After this, you are automatically approved for ACFB without any manual documentation.

For Ontario, you must fill and complete the DR ON-BEN Application Form along with your yearly taxes.

How is Canada PRO Paid?

You will be paid monthly if you qualify for a Canada PRO deposit of over $360. For a PRO deposit worth $360 or less, you will receive a lump sum in June, and you can be paid by direct deposit or cheque.

Why Do I Receive PRO Deposit Canada?

You are getting a Canada PRO deposit because you are a resident of Alberta and Ontario or live especially in Northern Ontario and must diligently pay your taxes and income.

Is Canada PRO Deposit taxable?

No, the Canada PRO deposit is not taxable. So you don’t have to worry about filing any tax for it.

What Should One Do with the Funds?

Canada PRO Deposit is not money you should spend on wasteful things. You are being paid the money to put it to good use. Here are some of the ways you can utilize the funds.

Save

One of the ways to utilize the money properly is to save the money. You can high some good interest in a high-interest savings account. Keeping the money in a high-interest savings account.

Wise Invest

If you don’t have an urgent need for money, one of the ways to utilize it is to invest it wisely. You can invest it in a Registered Education Savings Plan (RESP) for your children’s education. You can also invest the money in a Registered Retirement Savings Plan (RRSP) to save towards retirement. Additionally, it will help reduce your taxable income.

What are the Ontario Trillium Benefit Payment Dates for 2023?

The dates are as follows:

• January 10, 2023
• February 10, 2023
• March 10, 2023
• April 6, 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

Frequently Asked Question

Q1: What is the Canada PRO, and how does it help me?

The Canada PRO, or Provincial Rebate for Energy, is a payment program initiated by the Canadian government to provide financial assistance to families in Ontario and Alberta. If you qualify, this program can help offset costs related to property taxes, energy bills, and even childcare.

Q2: I live in Northern Ontario. Are there any specific benefits for me?

Yes, there are! Besides the general PRO program, Northern Ontario residents can apply for the Northern Ontario Energy Credit. This additional benefit helps cover home energy costs, such as heating and electricity, for your primary residence.

Q3: I just moved to Alberta and have a child. Can I apply for the Alberta Child and Family Benefit?

Absolutely! As a new resident of Alberta with a child under 18, you may apply for the Alberta Child and Family Benefit. This tax-free benefit targets low to moderate-income families and could provide you with much-needed financial support.

Q4: I’ve heard about the Ontario Sales Tax Credit. Who qualifies for it?

If you’re 19 years or older, have been married or in a common-law relationship, or are a parent who has lived with your child, you could be eligible for the Ontario Sales Tax Credit. This credit is designed to help with the costs associated with sales taxes.

Conclusion

Canada PRO deposit is like a government giveback to aid the Ontario and Alberta residents. To be eligible for the PRO deposit, you must be a legal province resident and fulfill all the above criteria. Ensure you file all your taxes and rent as due to qualify for this free money.