RBC advisory to clients regarding Government Payments

Information submitted by Esterhazy RBC

An Important Change is coming in 2016 to the way Canadians will receive some payments from the Federal Government.

Effective April 2016, the Federal Government will stop issuing paper based cheques.  This means that people must set up direct deposit prior to April 2016, with the Federal Government, to receive their payments after April 2016.

Currently the processing time, once direct deposit forms have been submitted, is 4 – 6 months.  We are encouraging our clients to set up direct deposit now, and not wait till 2016, to ensure there is no disruption in service.

The following Federal Government cheques will be impacted by this change.

  • Income Tax Refunds
  • Old Age Security
  • Canada Pension Cheques
  • GST/HST Credit
  • Canada Child Tax Benefits

Direct Deposit forms are available at your local RBC branch.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s