After over twenty years working as a CPA, CGA in the community of Delta, what I treasure the most are the people I meet and work with and the relationships I continually build.
Proudly serving Delta for 20 years

Contact Us:

604.946.9107

info@bethstuartcpa.com

1-4882 Delta St., Delta, BC V4K 2T8

Direct Deposit - Don't Miss a Payment!

Canada Revenue Agency (CRA) is encouraging all payments to Canadian individuals and businesses to be made by way of direct deposit. Anyone who has not already arranged to have payments made by way of direct-deposit may want to make arrangements now to ensure that the CRA has the information needed to make direct deposit payments to their bank accounts.

Direct deposit can be arranged for any individual who receives at least one of the following kinds of payments from the CRA:

·         Income tax refund

·         Goods and Services Tax (GST)/Harmonized Sales Tax (HST) credit and any similar provincial/territorial payments

·         Canada Child Tax Benefit and any similar provincial/territorial payments

·         Working Income Tax Benefit

·         Overpayment of tax

There are a number of ways in which a direct deposit arrangement can be set up. Canadians who have already registered for the CRA’s online service ‘My Account’ can sign up for direct deposit using that feature, available at www.cra-arc.gc.ca/myaccount.

Those who are not registered for ‘My Account’ can complete and send a paper copy of the Canada Direct Deposit enrolment form. All such forms, when completed, are sent to the Receiver General for Canada at the address provided on the form.

You can also sign up for direct deposit by calling the CRA’s Individual Income Tax Enquiries line at 1-800-959-8281. Taxpayers wishing to use this option will need to provide the following information:

·         Social insurance number

·         Full name and current address, including postal code

·         date of birth

·         most recent income tax and benefit return and information about the most recent payments received from the CRA; and

·         Banking information: three-digit financial institution number, five-digit transit number, and the account number

A business which receives any of the following types of payments from the CRA can sign up for direct deposit:

·         Corporation income tax refund

·         Goods and Services (GST)/ Harmonized Sales Tax (HST) credit

·         Refund of excise or other duties

·         Refund of payroll deductions

The procedures for a business to sign up for direct deposit are slightly different than individuals. Businesses which are already registered for the CRA’s online service ‘My Business Account’ can sign up for direct deposit there. As well, where a business has provided sufficient authorization to a representative, that representative person or firm can sign up on their behalf.

A business can choose to sign up for direct deposit using a paper form (RC366). In this case, however, the completed form is sent to the business’s customary Tax Centre. A list of such centres, along with mailing addresses, can be found at www.cra-arc.gc.ca/cntct/prv/txcntr-eng.html.

Finally, any business can obtain more information about direct deposit by calling the Canada Revenue Business Enquires Line at 1-800-959-5525.

If you have any questions about the CRA’s new direct deposit policy for either individuals or businesses, please contact the office.

Please click here for more information.