The Government is Switching to Direct Deposit

Jun 2, 2021 | All, Individuals

Are you currently receiving payments from the Government via Cheque? If you are, did you know that you can increase your convenience by easily setting up direct deposit?

“The Government of Canada is switching from cheques to direct deposit, an electronic transfer of funds deposited directly into your bank account. Direct deposit is faster, more convenient and more secure. Enroll for direct deposit or update the banking information you already have on file.” – The Government of Canada Website

This transition supports efforts of preventing the spread of COVID-19. The Government of Canada website also claims that Canadians who file their taxes online and have signed up for direct deposit will receive their refund faster. You can now enroll through most financial institution websites to get your Canada Revenue Agency payments by direct deposit!

This includes a number of types of payments such as:

  • Canada Emergency Response Benefit (CERB)
  • Canada Emergency Wage Subsidy (CEWS)
  • Canada Recovery Benefit (CRB)
  • Canada Recovery Caregiving Benefit (CRCB)
  • Canada Recovery Sickness Benefit (CRSB)
  • Canada Pension Plan (CPP) or Old Age Security (OAS)
  • Income Tax Refunds or Canada Workers Benefit (CWB)
  • Goods and Services Tax (GST)
  • Canada Child Benefit (CCB)
  • Employment Insurance (EI) Benefits and Leave
  • Veterans Allowance and Benefits
  • Federal Public Service Pension Plans
  • Federal Public Service Pay
  • Canadian Government Annuities
  • Student Loans
  • Apprenticeship Grants
  • Canada Premium Savings Bond and Canada Savings Bond
  • Indigenous Payments, Grants and Contributions
  • Businesses and Government Suppliers
  • & more!

To learn more, or get set up for direct deposit, visit https://www.tpsgc-pwgsc.gc.ca/recgen/txt/depot-deposit-eng.html.

The Government of Canada Website regularly updates their website with useful information, particularly for finance. Many people find it helpful to browse their site for financial information and useful resources! With that being said, if you ever have any questions related to your finances and are looking for expert advice personalized for YOU, please contact our team of financial advisors.

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