Direct deposit allows you to access your money faster. It’s reliable and your payment will be deposited in the account you select when you sign up.
The Canada Revenue Agency encourages individuals eligible for the Canada Emergency Wage Subsidy (CEWS) to sign up for direct deposit with a payroll account (RP) as soon as possible to receive business payments on time.
Verify that your business and direct deposit information is up to date for each of your payroll accounts.
What you need to know to sign up your business for CRA direct deposit
How do I sign in to my business account on the CRA website if I don't have user credentials?
You can use the SecureKey Concierge® Service, a partner that allows you to enter your National Bank user ID and password to access your CRA file.
A CRA representative may contact you to confirm your request.
How do I sign up for the CRA My Business Account?
To sign up to My Business Account, make sure to have the following information and documents on hand:
After signing up, you will have limited access until you receive your security code from the CRA. Once received, you will then be able to enter your code and gain full access.
What about businesses who are unable to bank online or through an app?
The CRA can still issue cheques for CRA business payments. For any questions about your CEWS payments, please contact the CRA directly at 1‑800‑959‑5525.
Does signing up for direct deposit for my business automatically sign me up for the Canada Emergency Wage Subsidy (CEWS)?
I’ve already signed up for direct deposit with another bank. If I sign up again, will it update what I have on file with the Canada Revenue Agency?
Yes. The most recent sign up you complete will become the account on file with the Canada Revenue Agency. Direct deposits for the CEWS payments will be made into a single payroll account (RP) at a single financial institution.
How will the deposit show up in my account?
The deposits will show as being made by the Receiver General. The description on your statement will read “Federal Payment FED.”
Can I change my direct deposit bank account for my business?
Yes, by following the sign-up process again and selecting a different account. The last account information you provide will be used for direct deposit for your business. You can also update your business bank account information via the CRA My Business Account.
How will I receive my payment if it is $25 million or more?
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 so, you have to be enrolled in direct deposit with your payroll account and for the LVTS.
To enroll in the LVTS, visit the government of Canada website.