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.