CRA Direct Deposit Enrollment

In light of the COVID-19 crisis and the introduction of the Canada Emergency Response Benefit, the Canada Revenue Agency (CRA) wants to make it easier for Canadians to sign up for its direct deposit service or change their existing account information by creating an enrollment process that can be accessed through financial institutions.

 

We can now offer this enrollment service to you, giving you the ability to simply and securely transmit your direct deposit enrollment information to the CRA when you log onto our online banking. You will then be able to receive the following CRA payments through direct deposit: the new Canada Emergency Response Benefit, income tax refund, Canada child benefit, goods and services tax/harmonized sales tax (GST/HST) credit, Canada workers benefit and related provincial and territorial payments. You only need to register once to receive any type of refund or payment.

NOTE: If you have already registered for direct deposit with the CRA, you do NOT need to register again. Doing so will overwrite your existing registration settings.

  • Log into your Edam CU online banking (this feature is only available through our desktop version and not through the mobile app)

    • From the left hand menu, select 'Account Services'

    • From the submenu, select 'Set Up CRA Direct Deposit'

    • Read the Payment Information and click 'Next'

    • Select the account you would like the funds to be deposited into

    • Enter your Social Insurance Number and/or Birthdate, if requested

    • Check off your authorization to let Edam Credit Union share your banking information with the CRA for the purpose of establishing or changing direct deposit.

    • Read Privacy statement (optional)

    • Click 'Next'

    • Review the information

    • Click 'Submit'

If you are fully registered for CRA’s My Account, you can verify your direct deposit enrollment in 1-2 business days.

**Note:       The direct deposit service is strictly for individuals using their SIN to register.

The CRA has confirmed that the that Canada Emergency Response Benefit only supports SIN-based payouts and are not applicable to loans currently being provided for small businesses with a Business Number.

Small businesses with a Business Number will be able to update their Direct Deposit information through their business portal. Payments Canada will circulate CRA’s link to ‘my business’ account where business can sign up.

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