Postal Strike Looming: Set Up for Direct Deposit

The Canadian Union of Postal Workers has given notice that it will begin strike activities on June 3, 2011. Talks are continuing and it is hoped that this will be settled before the strike date. However, Canadians should be prepared for a disruption in mail service if negotiations are unsuccessful.

Canada Revenue Agency encourages taxpayers to set up for direct deposit so that payments upon which we all depend will continue to arrive safely and on time. Income tax refunds, federal and provincial GST/HST tax credit payments, Working Income Tax Benefit Advance Payments, the Canada Child Tax Benefit and the Universal Child Care Benefit can be received through direct deposit to your financial institution.

Direct Deposit can be set up or changed online through My Account. Form T1 DD1 Direct Deposit Request - Individuals can be completed and mailed to your Tax Centre at any time. CRA does not accept banking information changes by phone, but they certainly can assist in completing the Direct Deposit Request form if you call them at 1-800-959-8281.

Corporations may receive corporate income tax refunds and GST/HST refunds with a valid business number. Forms T2-DD Direct Deposit Request Form for Corporations and GST469 Direct Deposit Request should be completed and forwarded to your local tax services office or tax centre.

Direct deposit is a safe, efficient way in which to receive payments. Make sure that you notify Canada Revenue Agency about any changes to your bank information or address so that your money will continue to arrive in your bank account. With a postal strike looking more certain each day, take time now to contact CRA with your direct deposit information.

ADDITIONAL EDUCATIONAL RESOURCES: Essential Tax Facts 2012 for the 2011 Tax Return

Available in November, 2011!