Frequently Asked Questions

What is a direct deposit payment? Expand/Collapse

Direct deposit is a secure electronic transfer of funds deposited directly into your account at Diamond North Credit Union. Direct deposit replaces the need to issue payments by paper cheque.

Who is eligible to enroll in the direct deposit service through financial institutions? Expand/Collapse

Canadian taxpayers. If an individual has never filed a tax return with the CRA, they are not eligible to sign up for the CRA direct deposit service through their financial institution.

Why is direct deposit enrollment only available to individuals and not businesses? Expand/Collapse

The direct deposit service is strictly for individuals using their SIN to register.

The CRA has confirmed that the that Canada Emergency Response Benefit only supports SIN-based payouts and are not applicable to loans currently being provided for small businesses with a Business Number.

Small businesses with a Business Number will be able to update their Direct Deposit information through their business portal. Payments Canada will circulate CRA’s link to ‘my business’ account where business can sign up.

Why should I sign up for direct deposit? Expand/Collapse

Direct deposit allows you to access your money faster and is more convenient as your payment will not be delayed due to unforeseen circumstances such as bad weather. It is reliable and your payment will always be deposited on time in your account.

For those eligible for the Canada Emergency Response Benefit, we encourage you to sign up for direct deposit with us as soon as possible to receive your benefit payments on time.

Will I still receive cheques if I sign up for direct deposit? Expand/Collapse

No. Once you are enrolled for direct deposit, you will receive CRA payments such as benefits, credits and refunds directly to your account.

What payments can I receive through direct deposit? Expand/Collapse

If you are eligible, you can receive your Canada Emergency Response Benefit payments directly to your bank account.

You can also receive payments such as your income tax refund, benefits and credits such as the Canada child benefit (CCB), the goods and services tax/harmonized sales tax (GST/HST) credit, Canada workers benefit (CWB), and provincial and territorial payments such as the Ontario Trillium Benefit (OTB).

Is it safe to sign up for direct deposit? Expand/Collapse

In order to offer this direct deposit enrollment service, Diamond North Credit Union signed an extensive Terms of Use Agreement with the CRA which obliges us to use consent and privacy statements with all our members who enroll in CRA direct deposit. By signing these consent and privacy statements you will acknowledge and agree that:

  • To facilitate your direct deposit enrollment with the CRA:
  •  The CRA requires your name, bank account information, date of birth and social insurance number (SIN).
  • Diamond North Credit Union will provide to the CRA your name and bank account information as set out above, as well as the date of birth and SIN that we have on file for you.
  • Once the CRA has completed your direct deposit enrollment, the Receiver General will deposit any amounts to be paid to you by the CRA.

The Government of Canada considers privacy and security of utmost importance in the issuance of payments. Any information you provide to the Government of Canada when you enrol for direct deposit is protected under the Government of Canada Privacy Act and as described in Receiver General Payments (Personal Information Bank PWGSC PCU 712).

How do I register for direct deposit through Diamond North Credit Union? Expand/Collapse

Log into MemberDirect Online Banking where you can access a form which will simply and securely transmit your details to CRA.

How long will it take to process my direct deposit enrollment or update through Diamond North Credit Union? Expand/Collapse

Once you provide consent for your banking information to be shared with the CRA, your direct deposit information will be updated by Diamond North Credit Union the following day. The CRA aims to process your direct deposit enrollment or information updates in one or two business days. Given the current environment, you may experience longer than usual processing times once the CRA receives your information from Diamond North Credit Union.

What information do I have to provide to Diamond North Credit Union to sign up? Expand/Collapse

Diamond North Credit Union will provide to the CRA your name and bank account information, as well as the date of birth and SIN that we have on file for you.

How will I know that my direct deposit information has been updated? Expand/Collapse

If you are fully registered for CRA’s My Account, you can verify your direct deposit information through this online self-service portal.

How do I know that I have received my direct deposit payment from the CRA? Expand/Collapse

You can verify that the payment has been received by checking your banking statement on the account you used to sign up for direct deposit. Your payment amount will be deposited directly into the account.

You can also confirm that the payment was sent by the CRA by logging into CRA’s My Account.

Fraud Prevention Expand/Collapse

The CRA or Diamond North Credit Union will never send you an email, text or Interac e-transfer to a link asking for your personal information to receive your benefit payment or refund. These are scams and taxpayers should never respond to these fraudulent communications or click on any of the links provided. If you submit multiple requests to update your direct deposit information, the most recent enrollment you complete will become the account on file with the CRA. Direct deposits will only be made into one account, at one financial institution.
 

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