Making the switch to direct deposit
The federal government is encouraging Canadians to receive payments via direct deposit beginning April 2016. Any individual who has not already arranged to have payments made by way of direct deposit may want to make arrangements now to ensure that Canada Revenue Agency (CRA) has the information needed to make direct deposit payments to their bank accounts.
Businesses will also be affected by the CRA's upcoming changeover. 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.
There are several kinds of payments from CRA for which direct deposit can be arranged. And there are are also a number of convenient ways in which to sign up for direct deposit.
Please click here for more information.
If you have any questions about the CRA's new direct deposit policy for either individuals or businesses, please contact our office.