CRA Direct Deposit Enrolment for Businesses
The CRA requires employers to register for direct deposit in order to receive the benefit straight into their business payroll account. To ensure fast and secure payments, employers can now register business payroll accounts for direct deposit with the CRA through their financial institution.
Kindred is now offering members who have a business account, that was opened on or before March 1, 2020, the ability to simply and securely transmit your direct deposit enrolment information to the CRA when you log into Online Banking. You will then be able to receive the CEWS payments through direct deposit into your business payroll account.
If you expect to receive at least one of the following payments for your business from the Canada Revenue Agency, you can sign up for direct deposit:
- corporate income tax refund
- goods and services tax/harmonized sales tax refund
- refund of excise tax or other levies
- refund of payroll deductions
- Canada Emergency Wage Subsidy (CEWS)*
Important Information
- To be eligible to enroll in CRA direct deposit for businesses, you must have a valid 15-digit business number and a Payroll account (RP). In addition, the legal name of the 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 DOB as these fields give CRA other criteria to do matching against.
- Enrolling for CRA Direct Deposit for businesses does not register you for CEWS. You will need to apply separately through the Government of Canada’s application process. If you are approved for CEWS, registering for CRA direct deposit for businesses through us will help you receive their funds faster.
FAQs
- Log into Online Banking
- Select Account Services from the left side menu
- Click the "Set Up CRA Direct Deposit for Businesses" link where you can access a form which will simply and securely transmit your details to the CRA.
To be eligible to enroll in CRA direct deposit for businesses, you must have a business account with Kindred 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 the 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 DOB as these fields give CRA other criteria to do matching against.
The following links from the Canadian Government provide further detail on eligibility:
Enrolment is completed using (where available) existing customer information on-file at the FI including: business name, owner name, 15-digit business number, SIN, and bank account info. Customer identity is verified without the customer having to log into the MyCRA website or contact the CRA directly.
You can attempt to enroll again in direct deposit with Kindred or via the CRA My Business Account.
The enrollment form will not allow for invalid characters to be inputted into the field. The format will be required only to allow 9 numbers, the letters Rr or Pp, and then 4 subsequent numbers. I.e. : 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.
Please phone the CRA at 1.800.959.5525.
The CRA direct deposit for businesses enrollment 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.
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.
No, you do not need to re-enroll. The Canada Revenue Agency 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.
Yes. The most recent enrollment you complete will become the account on file with the Canada Revenue Agency. Direct deposits for CEWS payments will only be made into one payroll account (RP), at one financial institution.
