CRA Direct Deposit Information: How to Update Your Details

Keeping your direct deposit information up to date with the Canada Revenue Agency (CRA) is essential for receiving timely payments, including tax refunds and benefits. However, recent changes to CRA’s process mean individuals and representatives need to be aware of new limitations and procedures.

How Individuals Can Update Direct Deposit Information

As of now, individuals can update or register their direct deposit details through two main channels:

• CRA’s Online Portal: Accessible via My Account, this is the most direct and secure method.

• Your Financial Institution: Many banks and credit unions offer the ability to update CRA direct deposit information directly through their online banking platforms.

Alternatively, individuals may still submit a paper form by mail. However, CRA has noted that processing times for mailed requests can take up to three months.

⚠️ Important: CRA does not allow direct deposit updates via phone calls.

Limitations for Representatives

If you’re a tax preparer or representative, it’s important to note:

• EFILE submissions can no longer be used to update direct deposit information.

• Online client access through CRA’s Represent a Client portal does not allow changes—unless the representative is a legal representative, which is relatively rare.

Why These Changes?

CRA has implemented these restrictions in response to evolving security threats and fraud attempts. By limiting the ways direct deposit information can be changed, CRA aims to better protect Canadians from identity theft and financial fraud.

The preceding information is for educational purposes only. As it is impossible to include all situations, circumstances and exceptions in a newsletter such as this, a further review should be done by a qualified professional.

No individual or organization involved in either the preparation or distribution of this letter accepts any contractual, tortious, or any other form of liability for its contents.