Who or what is Canada PRO and why are they giving me money?

Canada PRO Bank Payment Just Landed in My Account – What is It?

Who or what is Canada PRO and why are they giving me money?

Many Ontario residents will receive a “mystery” bank payment directly into their bank accounts today.  (And you might remember a similar one that landed earlier this year.

The mystery payment of $100 or up to $330 for families is usually labelled “Canada PRO”. What the heck is it?

It the second instalment of your HST rebate from the Ontario Government.

Back in June, 2010, TD Canada Trust bank fielded dozens of calls that day from concerned customers wondering what the payment was for. The Bank confirmed that the provincial government was the source of the mystery Canada PRO payment to customers.

Transition Benefit to Offset 13% HST
As promised by the McGuinty government, these “transition benefit” payments are designed to offset the new 13 per cent harmonized sales tax – or HST – that took effect July 1, 2010. The new tax will increase levies on one in six consumer items, including gasoline, electricity, home heating fuels, tobacco, and legal services.

The Ontario government estimates that 51 per cent of Ontario families will be paying up to $480 more in taxes by 2012 because of the HST, according to a Toronto Star report on Wednesday, June 9, 2010

These transitional payments are designed to take away some of the pain for eligible residents.

So now you know! Now, I am going to blow it all on gasoline! Yay!!!!