Set up CRA direct deposit for your business

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 Banking for 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.

To deregister, sign on to CRA My Business Account or contact the CRA at 1-800-959-8281Opens your phone app.