The federal government is phasing out cheques as a method of payment in an eco-friendly, $17.4-million-a-year cost-cutting move that will see Canadian businesses benefit greatly. Businesses wanting to get paid faster and receive payments such as tax refunds, rebates and accounts receivable quickly, securely and without the hassle of waiting for cheques to arrive in the mail, can sign up for direct deposit by contacting the department they do business.
Of the 272 million or so payments currently issued to all Canadians for things such as GST/HST rebates, tax refunds, Child Tax Benefit and Canada Pension Plan, 80% are issued electronically. Ottawa hopes to convert the remaining 20% before the deadline of April 2016.
