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We received notice this week from the Canada Revenue Agency that the Government of Canada will be encouraging businesses to use direct deposit for their payments by slowly phasing out federal government cheques by April 2016.
There are several advantages to this move, as direct deposit allows for a faster and more secure method of payment. It’s also paperless, making it better for the environment.
Many businesses already make use of direct deposit to pay their employees or partner agencies, but there are still a good deal that use cheques, and while 2016 is a considerable amount of time away it’s always good to get these things done sooner rather than later. If you haven’t yet made the switch, it’s pretty simple to set up, and once it’s up and running, making payments will be made much easier and more convenient.
For more information on this move, visit http://www.cra.gc.ca/directdeposit.