How to Set Up Direct Deposit with the CRA (Step-by-Step Guide)

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Direct deposit is a secure and convenient way to receive payments from the Canada Revenue Agency directly into your bank account.

Instead of waiting for a cheque in the mail, your tax refunds and government benefits are deposited automatically—faster and more reliably.

Some key benefits include:

• Faster access to your tax refunds and benefit payments
• Increased security (no risk of lost or stolen cheques)
• Convenient and automatic deposits into your bank account

What Payments Can You Receive by Direct Deposit?

Once registered, you can receive:

• Income tax refunds
• GST/HST credits
• Canada Child Benefit (CCB)
• Canada Workers Benefit (CWB)
• Other federal and provincial payments

Requirements to Set Up Direct Deposit

Before you begin, make sure you have:

• A Canadian bank account
• Your Social Insurance Number (SIN)
• Your date of birth
• Your most recent tax return (recommended)

You must also have already filed at least one tax return.

How to Set Up Direct Deposit (2 Easy Ways)

Option 1: Through CRA MyAccount (Recommended)

1. Log in to your CRA MyAccount
2. Click on Profile
3. Select Direct Deposit
4. Enter your banking information
5. Save your changes

Done. In most cases, it’s updated within 1 business day.

Option 2: Through Your Bank

Most Canadian banks allow you to set this up in seconds:

• Log in to your online banking
• Find “CRA Direct Deposit”
• Select your account
• Confirm

This is often the fastest and easiest option.

Important Tips to Avoid Issues

Before you move on, make sure you:

• ✔ Keep your old bank account open until your first deposit arrives
• ✔ Double-check your banking details
• ✔ Keep your CRA profile updated

Small mistakes can delay your payments—so it’s worth getting it right the first time.

 How to Find Your Banking Information

If you have a blank cheque or a void cheque, you’ll find your banking information at the bottom of the cheque.

Make sure the cheque is from the same bank account where you want to receive your direct deposit payments.

A blank cheque with the word “VOID” written across it will display the numbers at the bottom, which are explained below.

Requesting Your Banking Information

Banks also provide instructions on how to obtain a void cheque:

• RBC: https://www.rbcroyalbank.com/ways-to-bank/tutorials/general/view-print-void-cheque.html
• BMO: https://www.bmo.com/assets/main/personal/ways-to-bank/direct-deposit-one-pager.en.pdf
• CIBC: https://www.cibc.com/en/personal-banking/ways-to-bank/payroll-direct-deposit.html
• TD: https://www.td.com/ca/en/personal-banking/how-to/td-app/access-direct-deposit-form
• Scotiabank: https://help.scotiabank.com/article/how-do-i-get-a-void-cheque

How to Read Your Cheque

The digits at the bottom of your cheque represent the following:

1. The first set of digits is the Cheque Number – not required
2. The second set of digits (5 digits) is the Branch Number (Transit Number) – required
3. The third set of digits (3 digits) is the Institution Number – required
4. The last set of digits (variable length) is the Account Number – required

Final Thoughts

Direct deposit is one of the easiest upgrades you can make to your financial setup.

It’s faster. It’s safer. And it ensures you never miss a payment from the CRA.

👉 If you haven’t set it up yet, now is the time.

Need Help?

If you want us to handle this for you or guide you step-by-step:

👉 Book a free consultation: https://calendly.com/d/cvs3-qq3-ymk/free-consultation-w-toro-accounting