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CRA Announces Cheque Phase Out by April 2016 

Canadian Tax Adviser

 

February 10, 2014

 

Bernice Marien
Ottawa, Tax

 

The CRA has announced it will stop using cheques by April 2016 and is encouraging businesses to sign up for direct deposit. Even if a business rarely receives refunds, switching to direct deposit may be worthwhile if the business is eligible for corporation instalment overpayments; hiring credit for small businesses; goods and services GST/HST refunds or rebates and CPP and EI overpayments, according to the CRA release.

For more information, contact your KPMG adviser.

 

 

 

 

 

Information is current to February 10, 2014. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

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