Direct Deposit & Pre-Authorized Payments

Direct deposit is the safe and secure electronic transfer of funds into your accounts at IC Savings, which replaces the need to issue payments by paper cheque. Use this convenient service to regularly receive your pay, insurance and benefit payments or government deposits such as tax returns and pension or disability payments.

Canada Revenue Agency Direct Deposit Enrolment

Sign up for direct deposit to ensure that your benefit payments arrive sooner. We encourage you to use direct deposit to avoid delays and to receive your payments faster.

Receive these CRA payments through direct deposit:

  • Income tax refund

  • Canada child benefit

  • Goods and services tax/harmonized sales tax (GST/HST) credit

  • Canada workers benefit

  • Related provincial and territorial payments

  • The new Canada Emergency Response Benefit

Keep in mind that:

  • if you have never filed a tax return with the CRA, you are not eligible to sign up for this service.

  • the direct deposit service is strictly for individuals using their social insurance number to register. Small businesses with a Business Number (BN) will be able to update their direct deposit information through their business portal.

  • if you submit multiple requests to update your direct deposit information, the most recent enrolment you complete will become the account on file with the CRA. 

  • direct deposits will only be made into one account, at one financial institution.

Three easy ways to enrol

  1. Contact your home branch team so that we can help you sign up for this service, or update your direct deposit information with the Canada Revenue Agency (CRA).

  2. You can sign up by logging onto online banking. Once logged on, head to 'Account Services' (in the left nav) and you will see the option, ‘Set up CRA Deposit’, as well as the related online form.

  3. Or, if you prefer, head to the CRA website to sign up directly.

Fraud prevention

The CRA or our credit union will never send you to a link, whether through an email or text, that asks for your personal information to receive your benefit payment or refund. These are scams and taxpayers should never respond to these fraudulent communications or click on any of the links provided.

Frequently Asked Questions