Business customers are encouraged to enroll in
direct deposit for quick and direct access to the CEWS
TORONTO, May 4, 2020 /CNW/ - Canada's banks have partnered with the
Government of Canada to expedite
access to the Canada Emergency
Wage Subsidy (CEWS) for businesses affected by COVID-19. A new
service allows eligible businesses to register their business
payroll accounts for direct deposit with the Canada Revenue Agency
(CRA) directly through their bank business portals.
Employers should visit their bank's online or mobile business
portals for information on when and how to enroll for CRA direct
deposit through their financial institution or, for those already
registered for CRA's My Business Account, update their direct
deposit account information. The launch date of each financial
institution's CRA direct deposit services will vary. Businesses
must first determine if they are eligible for the CEWS and
apply directly with the CRA. Registration to direct deposit is
only required once – if an employer is already registered with the
CRA for this service, there is no need to do so again.
Starting this week, employers signed up for direct deposit with
the CRA will be able to receive their emergency wage subsidy
quickly and securely to a Canadian business operating account at a
Canadian financial institution. Business payments made through
direct deposit should begin to appear in employers' accounts as of
May 7 and can be verified by checking
your online bank statement, or by logging into CRA's My Business
Account.
"Banks are working together with the federal government to get
the emergency wage subsidy flowing to Canadian businesses faster,
securely and more directly, rather than waiting on a physical
cheque to arrive," said Neil
Parmenter, President and CEO, Canadian Bankers Association.
"Direct deposit is a reliable and consistent way for employers to
receive the funds they need to stay strong and ready to get their
people back to work when we emerge from these challenging
times."
Employers can sign up for CRA direct deposit with their
financial institutions even after applying for the CEWS. Businesses
eligible for CEWS payment of $25
million or more, however, must receive their payment through
the large value transfer system (LVTS), not through CRA direct
deposit, and will need to apply here.
This initiative builds on the successful execution of a similar
project that facilitated access to the Canada Emergency Response Benefit (CERB).
Nearly two million Canadians have enrolled through their financial
institution for CRA direct deposit of CERB payments, which
represents roughly 82% of all payments under this program.
For more information, visit the CRA's webpages on direct
deposit and COVID-19. Canadian businesses are also encouraged
to visit their bank's website:
BMO Financial Group
CIBC
HSBC Bank Canada
Laurentian Bank of Canada
National Bank of Canada
RBC
Scotiabank
TD Bank Group
About the Canadian Bankers Association
The Canadian Bankers Association is the voice of more than 60
domestic and foreign banks that help drive Canada's economic growth and prosperity. The
CBA advocates for public policies that contribute to a sound,
thriving banking system to ensure Canadians can succeed in their
financial goals. www.cba.ca.
Canadian Bankers Association
Mathieu Labrèche
(416) 918-2777
mlabreche@cba.ca
Bank media contacts:
BMO Financial Group
Paul
Gammal
(416) 867-3996
paul.gammal@bmo.com
CIBC
Tom Wallis
(416) 980-4048
tom.wallis@cibc.com
HSBC Bank of Canada
Pascal
Dessureault
(416) 673-6997
pascal.dessureault@hsbc.ca
Laurentian Bank of Canada
Hélène Soulard
(514) 284-4500 ext. 40015
helene.soulard@blcgf.ca
National Bank of Canada
Claude
Breton
(514) 394-8644
Claude.breton@nbc.ca
RBC
AJ Goodman
(647) 286-4032
aj.goodman@rbc.com
Scotiabank
Alan
Sadeh
(437) 234-1137
alen.sadeh@scotiabank.com
TD Bank Group
Jillian
Tanouye
(647) 261-6979
Jillian.tanouye@td.com
SOURCE Canadian Bankers Association