(NC) More than 80 percent of Canadians who receive federal government payments have enrolled in the direct deposit program. The federal government is phasing out cheques in favour of direct deposit by 2016 so it’s a good idea to enrol in the program now to start receiving your money faster and more securely.
Here are 10 federal payments that are eligible for direct deposit:
Personal
• Old Age Security
• Canada Pension Plan
• Child Tax Benefit
• Universal Child Care Benefit
• Employment Insurance
• GST/HST credits
• Income tax refunds
Business
• Income tax refunds
• GST rebates
• Accounts payable
Not sure if direct deposit is for you? Consider these benefits from Public Works and Government Services Canada, the federal department that is administering the program:
• Direct deposit is safer and more secure than paper cheques.
• The payments cannot be lost or stolen.
• The processing time is faster and more reliable.
• There is no need to wait for the mail or visit a bank.
• Payments are deposited directly to your bank account so money is available even if you have moved or are away on business or holidays.
• Your payments will not be affected by delays in postal delivery.
• You can reduce your carbon footprint by supporting a program that will save 32,000 trees a year and reduces greenhouse gas emissions by eliminating transportation of cheques.
• As a taxpayer, you will benefit from the $17.4M a year reduction in printing and mailing costs.
Direct deposit is great for all sectors of our society including seniors, students, veterans, people with disabilities and Aboriginal people. In a country the size of Canada, with our vast geography and unreliable climate, programs such as direct deposit go a long way to making life easier for all of us. Those who live far away from banks or financial institutions may want to investigate the direct deposit program in greater detail, which you can do by visiting www.directdeposit.gc.ca or calling 1-800-O-Canada.
