Personal Finance

Set up Direct Deposit AFTER cra assessment- will it be deposited?

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  • Jul 8th, 2020 7:23 pm
[OP]
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Set up Direct Deposit AFTER cra assessment- will it be deposited?

I was assessed for a refund on April 20th. I went into my CRA account and there was no bank set up for direct deposit so I set that up just today - 3 days after.

Will it get deposited? I went under "uncashed cheques" and nothing shows there so I assume that means a cheque isnt coming.
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No, it will take CRA at least 3 weeks to set it up on their side, you will receive a cheque by mail for now.

Your return might not yet finalize that why no uncashed cheque showing.
Last edited by cgtlky on Apr 23rd, 2020 12:46 pm, edited 1 time in total.
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hystat wrote: I was assessed for a refund on April 20th. I went into my CRA account and there was no bank set up for direct deposit so I set that up just today - 3 days after.

Will it get deposited? I went under "uncashed cheques" and nothing shows there so I assume that means a cheque isnt coming.
high chances it wont. I did that few years back. Got check in mail. You will get same.
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hystat wrote: I was assessed for a refund on April 20th. I went into my CRA account and there was no bank set up for direct deposit so I set that up just today - 3 days after.

Will it get deposited? I went under "uncashed cheques" and nothing shows there so I assume that means a cheque isnt coming.
Good question, but no, per above. If you use the new financial institution auto-deposit, the setup takes only a few days. If you set up via CRA My Account, generally a couple weeks to a month. If you set up via paper-based direct deposit form, 30-60 days, including mailing time.

To be safe, always set up CRA direct deposit via CRA My Account 30 days before you expect to receive your refund. :)

Cheers,
Doug
[OP]
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Ok - I just did the setup request thing on my CIBC online banking too - we'll see. Thanks.
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hystat wrote: Ok - I just did the setup request thing on my CIBC online banking too - we'll see. Thanks.
You can't have both. You can only have your CRA income tax, GST/HST, and CERB/CESB payments direct deposited to one account.

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Doug
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dmehus wrote: Good question, but no, per above. If you use the new financial institution auto-deposit, the setup takes only a few days. If you set up via CRA My Account, generally a couple weeks to a month. If you set up via paper-based direct deposit form, 30-60 days, including mailing time.

To be safe, always set up CRA direct deposit via CRA My Account 30 days before you expect to receive your refund. :)

Cheers,
Doug
This. I would also say applies to change of address.
I dont care about Ethics, morals, rules or laws. I will apologies only when I get caught.
I try not to apologies but sometimes do it. not because its right thing but it benefits me.
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callernamet wrote: This. I would also say applies to change of address.
Thanks. Yeah, I suspect that also applies to a change of address as well, unless you've maybe done it online through CRA My Account? Netfile should produce an error if that doesn't work.

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Doug
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How many days does it take for CRA to start direct deposit to an updated(changed/new) bank account if you change the banking info in cra myaccount online ??
It takes more than a week ?
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dmehus wrote: Thanks. Yeah, I suspect that also applies to a change of address as well, unless you've maybe done it online through CRA My Account? Netfile should produce an error if that doesn't work.

Cheers,
Doug
What kind of error would you expect? Actually, Netfile won’t give you an error because it doesn’t compare the address on your tax file to the address on CRA’s computer record. The address you put on your tax return is not even sent to CRA. CRA would send mail & cheque to the address on its file. So if you moved and didn’t update address on time, everything would go to your old address.
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ml88888888 wrote: What kind of error would you expect? Actually, Netfile won’t give you an error because it doesn’t compare the address on your tax file to the address on CRA’s computer record. The address you put on your tax return is not even sent to CRA. CRA would send mail & cheque to the address on its file. So if you moved and didn’t update address on time, everything would go to your old address.
Yes, I realize that the income tax software doesn't update one's address, but honestly I didn't know what the behaviour was, so assumed the Netfile record submitted was pulled from the income tax return prepared. Where the Netfile record differs from the CRA record, I assumed there'd be an error. But if that's not the case, then the point of CRA saying you cannot use Netfile if your address has changed is useless, at best, and misleading, at worst. In effect, it doesn't matter, except that your NOA will likely go to your old address. If you've opted into CRA online mail, this is mooted entirely.

Cheers,
Doug
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Anyone have an answer
Can we have a separate account for Income Tax refund and GST/HST Credit and a different one for CCB. I think yes

Plus what does this mean? :
For tax refunds and credits
You may only receive your income tax refund and your goods and services tax (GST) or harmonized sales tax (HST) credits in the same bank account that you used when enroling for direct deposit.
Does this mean the refund and GST can only go in 1 account?
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Unknown18281 wrote: Anyone have an answer
Can we have a separate account for Income Tax refund and GST/HST Credit and a different one for CCB. I think yes

Plus what does this mean? :
For tax refunds and credits
You may only receive your income tax refund and your goods and services tax (GST) or harmonized sales tax (HST) credits in the same bank account that you used when enroling for direct deposit.
Does this mean the refund and GST can only go in 1 account?
Yes. It takes at least 3 weeks for CRA to update their file if you change account, you might ended receiving a cheque in case you suddenly update your bank account information.
Last edited by cgtlky on Jul 8th, 2020 2:35 pm, edited 1 time in total.
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Unknown18281 wrote: Anyone have an answer
Can we have a separate account for Income Tax refund and GST/HST Credit and a different one for CCB. I think yes

Plus what does this mean? :
For tax refunds and credits
You may only receive your income tax refund and your goods and services tax (GST) or harmonized sales tax (HST) credits in the same bank account that you used when enroling for direct deposit.
Does this mean the refund and GST can only go in 1 account?
Income tax refund, CWB and GST/HST credit payment in the same acct.
Canada Child Benefit (CCB) payment can be different acct.
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Whats with all the financial institutions asking every1 to set up CRA direct deposit anyway?? I always had it set up that way since it was first available (decade ago, could be longer...).
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Jul 6, 2019
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What if I sign up through the bank?
Will IT refund, GST/HSTC , and CCB all switch to direct deposit or will IT refund only switch

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