With tax filing season upon us, many Canadians are anxiously waiting for their refunds to arrive. For those Canadians who have yet to sign up for direct deposit, the wait will be that much longer and could involve blustery trips to the bank to deposit their refunds.
Direct deposit is a much easier way for Canadians to access the payments they receive from the federal government, including their tax refunds, which we all know are very much appreciated this time of the year. Even payments like Old Age Pension or Canada Child Tax Benefit can be deposited directly into people's bank accounts and the payments are secure as well.
Currently, Ottawa issues over 300 million payments each year with 57 million cheques still being printed, processed and mailed annually. The cost savings associated with direct deposit is huge and results in millions in taxpayer savings a year in printing, processing, mailing and transportation.
This tax season, the federal government is reminding Canadians that direct deposit is fast, easy, safe and convenient, not to mention environmentally-friendly. Canadians can avoid having to wait the normal mailing time to get their tax refund just by applying for direct deposit. All they have to do is provide their banking info when filing their taxes online or at their bank or financial institution.
They can also sign up in several ways, by phone, online, in-person and by mail. To find out more on how to enrol, call 1-800-593-1666 or visit www.directdeposit.gc.ca.
Just make sure you have your banking information such as branch, financial institution and account number handy. You can find this information at the bottom of any of your personal cheques attached to the account into which you would like to have your funds deposited.
The direct deposit enrolment form has recently been streamlined to make it easier for Canadians to enrol. If you need help filling in the form, your bank teller or a trusted advisor can also help you.
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