How nuts am I?
Setting up CRA Direct Deposit for business accounts used to be a matter of a couple of clicks from the bank account…a client asked me about this and can’t find a way to do so. I’m stuck because I already have it (not that I ever get anything, LOL.).
I took a look through my banking and don’t see it…and don’t even see anything for individuals, other than a PDF form.
The only way I can see is if the client has MyBA access and can set it up directly (they don’t).
Am I nuts?
I had a look in my online banking for my account and I can add CRA direct deposit quite easily. This is with Credit Union. I can’t comment on any other banks
Are these two different topics?
One is asking about direct deposit from CRA. That’s done through CRA, nothing to do with your bank. On my T1, I entered my banking info (bank #, branch #, account#) and any refunds (tax, GST/HST credits, climate action credits) are directly deposited to that account. Same with my corporate account. When I first started receiving my CPP & OAS, i gave instructions to have those direct deposited. There is nothing to modify through your bank.
Then there are the clients who pay their vendors with direct deposit by default. Vendors supply the payor with their banking info and the payor can set up a schedule for paying vendors. This works like any other direct deposit, so the only action on my part is to supply my client with my banking info.
The other question involves receiving cash by e-transfers. I enabled auto-deposit within my bank app (TD in my case) and e-transfers go directly to the account specified during setup. My clients are then able to pay my bills without the aggravation of a security question, whose answer I have to guess. My only input is to set up my bank for auto deposit.
You can no longer update bank info via the T1, nor can any rep do it. Client has to log into their CRA account or call the CRA to do it themselves.
Correct, they either have to call or do it via their CRA account. Some banks may offer it in their account settings but success varies.
CRA really really wants to push everyone online but oh boy it’s not working out on the ground level and we’re finding a large pushback from the newly 18 group that want nothing to do with more apps and more online stuff and they want paper and physical media.
Well, I’m glad to know I’m not nuts (…at least not entirely….).
Given that the client uses TD, I searched for anyting on TD…but they don’t seem to have an easy way. When I set mine up it took about 15 seconds. Sigh.
For clarity:
Strictly CRA Direct Deposit to client bank account (individual or personal).
As @AlbertaEFileT said, no changes possible any more from the T1 (as that is instigated by either us or the taxpayer, but without verification…so…scammers).
Vendors and payments are a business or personal, not a tax, issue, as is AutoDeposit, used by Interac.
LOL…after forcing us to do everything online, now CRA wants…..paper.
They get funnier every time they change something.
We have created form letters to send to CRA as they are hypocritical with wanting everytthing online then flip/flopping and expecting us to receive paper. NOA’s are assumed to be received if mailed by CRA. No other method counts and will assess you if not received. So here you go CRA. All our correcpondence is by mail. We are fortunate enough to be close to a CRA office with a drop box. We document every letter.