What is an EFT Credit in Canada?
EFT stands for electronic funds transfer. A credit is an amount deposited to your bank account. Therefore, an EFT credit is an electronic transfer of funds to your bank account. Canadian EFT credits usually represent government credits, such as those listed below, although they can also be from other companies.
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GST Rebate
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Some people qualify for a GST (goods and services tax) rebate, usually credited to your bank account four times per year. Qualifying is based on your family income.
Employment Insurance
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If you are unemployed and collecting EI (employment insurance), it will appear as an EFT credit to your bank account if you have direct deposit.
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Income Tax Refund
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If you have filed your income taxes in Canada, are entitled to a refund and have direct deposit activated, your refund will display as an EFT credit once deposited to your account.
Child Tax Benefit
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The CCTB (Canada Child Tax Benefit) is a monthly amount provided to those who qualify to help with child-rearing costs. If using direct deposit, it will appear as a EFT credit in your account.
Universal Child Care Benefit
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The UCCB (Universal Child Care Benefit) is provided to qualifying families with children under age 6 to assist with child care costs. With direct deposit, this monthly amount appears as an EFT credit to your account.
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