Benefit of setting up direct deposit with CRA

When you set up direct deposit with Revenue Canada, there are many benefits. One of the main benefits is that your money will come on time and it’s safe and secure. The funds will go directly to the bank account you’ve specified, rather than being issued as a cheque. This means no delays, no risk of a lost cheque, and no issues if your address changes. Without direct deposit, you may face problems with receiving your refund from your income tax return, GST benefit, OTB benefit, or other benefits from Revenue Canada. Direct deposit ensures the money is transferred straight to your account, eliminating these issues.

How Can You Set It Up?

There are a couple of ways to set up direct deposit:

Through a Tax Professional: If you file your taxes with a professional accountant, they can set up your direct deposit for you during the tax preparation process.

Self-Filing: If you file your own income tax return, you can set up direct deposit during the filing process.

Over the Phone: You can call the Canada Revenue Agency (CRA), and they can set it up for you over the phone.

Through CRA My Account: If you have a CRA My Account, you can log in and add your banking information, allowing the direct deposit to be set up automatically.

By Mail: If you prefer, you can also send a letter to CRA requesting that they set up direct deposit for you. This method is slower but still an option.

Setting up direct deposit ensures timely and secure payment processing, providing peace of mind and reducing the risk of issues with receiving benefits or refunds.

For more information, visit CRA’s Direct Deposit for Individuals.