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Coming Soon: Mandatory Direct Deposit with the CRA


February 6th. 2015

As you may be aware, the Government of Canada is aiming to phase out cheques and move solely to direct deposit. Their current deadline for the transition is April 2016.

 

For both businesses and individuals, the Canada Revenue Agency (CRA) is trying to phase out the use of cheques and is encouraging everyone to provide their banking information to sign up for direct deposit. However, it is not mandatory yet and businesses and individuals that have not provided any banking information will continue to receive cheques until the transition period ends.

 

If you have previously provided the CRA with your banking information, they will stop sending out cheques after January 2015 for any refunds, and all payments will become directly deposited to your bank account.  This will mean that you receive applicable refunds after filing your tax return sooner, as well as payments for GST/HST credits, Canada Child Tax Benefit, Universal Child Care Benefit, or any other applicable credits the CRA owes to you or your business.

 

Our firm can help you with this transition to mandatory direct deposit with the CRA. If you are an individual and we prepare your personal T1 return, please include a void cheque when you submit your tax information to us. For businesses to sign up for direct deposit, they must mail an RC366 form to their Tax Centre. A copy of this form is available on the CRA’s website at the following link: http://www.cra-arc.gc.ca/directdeposit/


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