CRA Direct Deposit for Business

CRA Direct Deposit for Business

To help employers keep and re-hire workers amidst the challenges posed by the COVID-19 pandemic, the Government of Canada has implemented the Canada Emergency Wage Subsidy (CEWS). The Canada Revenue Agency (CRA) is administering the CEWS on behalf of the Government.

The CRA requires employers to register for direct deposit in order to receive the benefit straight into their business payroll account. With only one-third of Canadian companies currently registered for CRA direct deposit, the CRA estimates it would need to send approximately 4.5 million cheques over the next four weeks, which is unsustainable. To ensure fast and secure payments, employers can now register business payroll accounts for direct deposit with the CRA through Vision Credit Union.

Not sure how to enroll for CRA Direct Deposits for your business in your online banking? Check out our How-To Video that will walk you through the process.


When can I access the CRA direct deposit for business service through Vision? Expand/Collapse

We are now in a position to offer the CRA direct deposit for businesses enrolment. Through this service, your business can simply and securely submit your direct deposit enrolment information to the CRA.

Please note: Applications for the CEWS benefit must be made directly through the CRA. Once you are approved for the CEWS benefit, registering for the CRA direct deposit for businesses service helps ensure your CEWS payment from CRA is quickly and securely deposited into your business payroll account.

Who is eligible to enroll for CRA direct deposit for businesses? Expand/Collapse

To be eligible to enrol in CRA direct deposit for businesses, you must have a business account with Vision Credit Union that was opened on or before March 1, 2020. You must have a valid 15-digit business number and a Payroll account (RP). In addition, the legal name of your business on file with us and your business owner details must match what the CRA has on file, or the direct deposit enrolment may not be successfully processed by CRA. To avoid any discrepancies which could result in rejection by the CRA, the owner of the business can complete the direct deposit registration and can fill in the optional fields for SIN # and date of birth (DOB) as these fields give CRA other criteria to do matching against.

The following links provide further detail on eligibility:

https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy/cews-frequently-asked-questions.html#h_2

https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy/cews-who-apply.html

What information will I have to provide when I sign up for CRA direct deposit for businesses through Vision? Expand/Collapse

Enrolment is completed using (where available) existing customer information on file at Vision including: business name, owner name, 15-digit business number, SIN, and bank account information. Customer identity is verified without the customer having to log into the MyCRA website or contact the CRA directly.

What happens if the enrolment fails? Expand/Collapse

You can attempt to enrol again in direct deposit with Vision or via the CRA My Business Account.

What happens if the Business Number is not correctly formatted? Expand/Collapse

Our enrolment form will not allow for invalid characters to be inputted into the field. The format will be required only to allow nine (9) numbers, the letters Rr or Pp, then four (4) subsequent numbers.

ie. 123456789RP0001 or NNNNNNNNNrpNNNN

If an invalid character is entered, an error message will be displayed.

To avoid any discrepancies, which could result in rejection by the CRA, the owner of the business can complete the direct deposit registration and can fill in the optional fields for SIN # and DOB as these fields give CRA other criteria to do matching against.

What if I don't see the updated bank account information for my business after 48 hours? Expand/Collapse

Contact the CRA at 1-800-959-5525.

How will the deposit show up in my account? Expand/Collapse

The deposits show as being made by the Receiver General. The description on your statement will read Federal Payment FED.

What CRA business payments are captured in the direct deposit enrolment through Vision? Expand/Collapse

Our CRA direct deposit for businesses enrolment feature will currently enable direct deposits in support of CEWS, which will be paid into your business payroll account. It will not apply to direct deposit requests for the corporation income tax refund and GST sales tax refund at this time.

Can I have the payments go into my USD account? Expand/Collapse

No, the payments are paid in CAD and must be directed to a CAD account.

When can I apply for the Canada Emergency Wage Subsidy (CEWS)? Expand/Collapse

Starting April 27, 2020, eligible clients will be able to apply for CEWS through the Government of Canada. The CRA will collect applications throughout this week. As of May 4, the CRA will process applications through its automated verification system. As such, employers can apply at a time that's convenient for them. All claims that are approved through the CRA automated verification process will be sent for payment on May 5, so that payments being made through direct deposit should begin to appear in employers' accounts as of May 7.

What about businesses who are unable to bank online or through an app? Expand/Collapse

The CRA can still use cheques for CRA business payments. For any questions related to your CEWS payments, please contact the CRA directly at 1-800-959-5525.

Does enroling for direct deposit for my business automatically sign me up for the Canada Emergency Wage Subsidy (CEWS)? Expand/Collapse

No, this sign up is only for choosing your method of receiving your CEWS payments.

I'm already signed up for direct deposit with the Canada Revenue Agency for my payroll account (RP). Do I need to enrol again? Expand/Collapse

No, you do not need to sign up again. The CRA will use the account information that you have already provided for your direct deposit payments. You will, however, need to apply separately for the CEWS payment.

I've already signed up for CRA direct deposit with another bank/financial institution. If I sign up again, will it update what I have on file with the CRA? Expand/Collapse

Yes. The most recent enrolment you complete will become the account on file with the CRA. Direct deposits for CEWS payments will only be made into one payroll account (RP), at one financial institution.

How will I receive my payment if it is $25 million or more? Expand/Collapse

If you are expecting a payment of $25 million or more, you will have to get your payment through the large value transfer system (LVTS). To do this, you have to be enroled in direct deposit on your payroll account and be registered for the LVTS. If you are not already set up for LVTS, begin the registration process.
 

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