Our lives are already full. We shouldn’t have to worry about the logistics of receiving and depositing our paychecks before we can access our money.
The solution is simple: direct deposit. Read on to understand what direct deposit is, its benefits and how it works.
How does direct deposit work?
Direct deposit means that payments from your employer and the government, such as tax refunds, child allowances and Canada Pension Plan benefits, are deposited directly into your account (as the name suggests) . It’s fast, reliable and secure.
Practice? Yes. It’s a faster way to access your money. Your payments will never be delayed by mail or other delivery issues.
Reliable? Still yes. Your payments will always be deposited on time, so you’ll have access to your money when you need it.
What are the other advantages of direct deposit?
Since you no longer receive paper checks, you no longer need to go to the bank to deposit them. This gives you more time to do things you enjoy.
Since your pay is automatically deposited into your account, you won’t risk misplacing a cheque.
As you know exactly the amount and the day of your cash inflows, you do not have to wait anxiously for the receipt of your checks. It’s the same when you set up a direct deposit for your insurance benefits: you know when the funds should arrive in your account based on the estimated schedule. When you don’t have to worry about depositing your money in your bank account yourself, you can focus more on what you want to do with it.
Since the process is completely digital, direct deposit is also a simple way to be more environmentally friendly. By allowing you to reduce your paper consumption and avoid having to drive to deposit your checks at the bank, direct deposit helps you reduce your carbon footprint.
How do I sign up for direct deposit?
People usually use their checking account for depositing payroll and other payments because the number of transactions included is usually higher compared to a savings account. You will first need to check if your employer offers the direct deposit option. If so, they will usually give you a form to fill out.
If you’re a TD customer, you can get a pre-populated direct deposit form through the TD app or by logging into Easy Web online banking .
- To view your direct deposit information in the TD app, sign in and go to the Summary tab in the My Accounts section.
- From Easy Web, simply click on the account in which you want to set up a direct deposit, then select the direct deposit form (PDF) in the top right corner of the page.
Direct deposit of Government of Canada payments
Use direct deposit to avoid postal delays and access your funds as soon as they are deposited.
Canada Revenue Agency (CRA) payments: TD can help you easily sign up for direct deposit with the CRA. All you have to do is provide your consent and we’ll sort it out with the CRA.
CRA Payment Types:
- tax refund
- Goods and Services Tax (GST) / Harmonized Sales Tax (HST) Credit
- Canada Child Benefit (CCB)
- Working Income Tax Benefit (WITB)
- Ontario Trillium Benefit
Register online – you must first log in to Easy Web. If you have already set up direct deposit with the CRA, you do not need to register again.
All Other Government of Canada Payments: To set up direct deposit for other types of government payments, complete the Canada Direct Deposit Enrollment Form and mail it to the government at the address provided.
For practical information on direct deposit, go to Easy Web .
Other types of government payments:
- Canada Pension Plan
- old age security
- Employment insurance benefits
Direct deposit in a nutshell
With work, your social life and everything else, your life is already full.
Being able to access your hard-earned cash when you need it should be the least of your worries. This is the main advantage of direct deposit.
In addition to being easy, reliable, secure and environmentally friendly, setting up a direct deposit saves you time.
Simplify your life by signing up for direct deposit so you can focus on what really matters.