Canadians affected financially by the COVID-19 pandemic will be able to apply for the Canada Emergency Response Benefit (CERB) starting April 6, 2020. Ahead of registrations for the emergency fund, which will offer $2,000 per month for four months, banks in Canada are encouraging customers to register for Canada Revenue Agency’s (CRA) direct deposit.
Banks today announced Canadians can visit their financial institution’s website on instructions to register for CRA direct deposit, or update their account information. Once registered for direct deposit, payments from the federal government will be automatically deposited into your bank account and cheques no longer sent in the mail.
“Banks in Canada are working closely with government to get emergency benefits flowing to Canadians in their time of need,” said Neil Parmenter, President and CEO, Canadian Bankers Association, in a statement. “People that are experiencing financial hardship due to COVID-19 are encouraged to use CRA’s direct deposit solution to access funds faster and more directly.”
The Canadian Bankers Association represents BMO, CIBC, National Bank, RBC, Scotiabank and TD.
According to the federal government, direct deposit is the fastest way to get paid. “Once you apply, you can expect to get your payment in 3 business days if you have signed up for direct deposit, and approximately 10 business days if you haven’t signed up for direct deposit.”
CERB applications start online and on the phone on April 6, 2020.