CRA direct deposit for Business Banking clients FAQ
Registering for and deregistering from CRA direct deposits for businesses
Direct deposit is a convenient way to receive your CRA payments. Funds will be deposited directly into your eligible business account with no need for a cheque.
No. The CRA already has the information you originally submitted for direct deposit.
To be eligible:
the account you register must be a Canadian dollar chequing or savings account;
you must have been a business client with CIBC before March 1, 2020; and
you must have a CRA Payroll Account Number.
If you can’t or don’t want to set up direct deposits through CIBC Online Bankingfor Business or CIBC Mobile Banking, you can do so directly the CRA by signing on to CRA My Business Account.
If you don't set up direct deposits, the CRA will send a cheque to the address you have on file with them.
No, signing up for direct deposit does not register you for any benefits. To register for the CEWS, visit the CRA's website.
You can use a Canadian dollar chequing or savings account.
You can register each business by completing the registration form for each business. Use your business's unique CRA Payroll Account Number when you fill out the form.
No. You can only register 1 account per CRA Payroll Account Number. If you register a second account for 1 CRA Payroll Account Number, the first will be deregistered.
You will receive your Canada Emergency Wage Subsidy through the Government of Canada as direct deposit payment to your payroll account (RP).
Only the payroll account is linked to CEWS at this time. GST accounts and Corporate Income Tax accounts are not linked to CEWS and should not be entered into your business direct deposit application form with CIBC.
You may have incorrectly entered some information on the form. Refer to any on-screen messages to correct the missing or incorrect information.
If you submitted the form correctly, you'll get a message that says, “Your request to set up direct deposit has been sent.”
If you're signed up for the CRA's My Business Account service, you'll see a confirmation on your profile. If not, the CRA will send you a confirmation letter. If the request was not processed, the CRA will send you a letter.
To change your information, sign on to CIBC Online Bankingfor Business or CIBC Mobile Bankingand submit the form again. The most recent information you submitted will replace what you submitted before.
If you close your account, you'll have to deregister from CRA direct deposits or register another account. If you register another account, the information you entered before will be replaced by the latest information.
Registering accounts from other financial institutions
No. To register an account at another financial institution, contact that financial institution.
At CIBC, we take the protection of your personal information seriously. We make reasonable efforts to prevent unauthorized use, sharing, loss and theft of information. We regularly audit our security procedures and assess whether they remain effective and appropriate.
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