Did you know that 79% of the 275 million federal government payments annually are done by 'direct deposit' into Canadian bank accounts?
These electronic transfers are popular for their speed and reliability and yet, there are still a surprising 58 million paper cheques that need to be processed each year. With modernization in mind, the federal government is phasing out paper cheques, an initiative to be completed by April 1, 2016.
All Canadian individuals and businesses are encouraged to enrol as soon as possible for the direct deposit service – covering everything from tax refunds to Canada Pension Plan payments. The most popular features of these electronic transfers include speed, convenience, reliability and security.
Comprehensive information about the phase-out, as well as enrolment forms (to the bank account of your choice) is available online at www.directdeposit.gc.ca.
