Not exactly, they are different words, but in some cases they have similar meanings. You can say: It is good that we didn't do that thing. but you can't say That is good that we didn't do that thing. But sometimes they are almost identical. You can say: That's a good idea, but it will never work. Or: It's a good idea, but it will never work. It's hard to say exactly when to use each. I think it's best to just speak a lot, and get used to specific times when native speakers use it/that.