Starting in April 2015, the Canada Revenue Agency (CRA) is planning to phase out cheques entirely in favour of Direct Deposit.
If you already have Direct Deposit set up, you don’t need to do anything. Payments from CRA will go to the bank account they have on file. If on the other hand you still receive cheques for payments such as your tax refund, the Trillium Benefit, or the GST/HST credit, after April 2015 you may no longer be able to receive them.
If you have your taxes prepared professionally, you may be able to have your preparer sign you up. Personal Tax Advisors clients can simply bring a cancelled cheque to their appointment and request that we set them up for Direct Deposit.
If you’re on your own, signing up is fairly simple. (In all cases, you will need to have your banking information, e.g. a cheque, in front of you in order to complete the application process.)
If you are registered for My Account, you can sign up for direct deposit now. If you are not yet registered, find out how using My Account can help you quickly and easily manage your tax affairs online.
Follow these two easy steps to sign up for direct deposit:
1. Fill out the Direct Deposit Enrolment Form.
2. Mail it to the address indicated on the form.
To sign up for direct deposit, or change your banking information, call 1-800-959-8281.
Part of a Paper Reduction Initiative
For several years, the Canada Revenue Agency (CRA) has been conducting an initiative whose purpose is to reduce the use of paper and snailmail. However, they do not feel that email is secure enough for something as important as taxes*.
My Account is their attempt to find a balance between paper reduction and information security. It is more complicated to sign up for than most online accounts, due to CRA’s more stringent standards for security. However, once it is set up you can receive your information from CRA online.
*Note: at no time does CRA communicate personal information or dollar amounts (e.g., your refund, or news about your tax situation) directly in email, and any email purporting to be from CRA that does make specific statements must be treated with suspicion. Even once My Account has been set up, the most you’ll receive via email is a notice to go log in and find your secured communication there.