If you make payments to the Canada Revenue Agency (CRA) by wire transfer, you will need to update the CRA's banking information.
The CRA recently changed its banking institution for accepting wire transfer transactions from Desjardins to the Bank of Nova Scotia. This applies to most tax payments and remittances, including Income Tax, Goods and Services Tax/ Harmonized Sales Tax (GST/HST), Underused Housing Tax (UHT), Luxury Tax, and Excise Duty and Tax.
Taxpayers who make payments by wire transfer should update their records with the new banking information and use it for future wire transfer payments to the CRA, or risk payment processing errors or delays. Details can be found on the CRA's website Pay at a foreign bank or credit union through wire transfer - Payments to the CRA - Canada.ca.
It is our understanding that any wire transfers made to the previous provider (Desjardins) up to Nov. 30, 2024, will be accepted and redirected, but transfers made after that date may be rejected. Taxpayers should verify the new bank information with the CRA's official communications or website to avoid any potential fraud or mistakes.
The information in this publication is current as of Nov. 14, 2024.
This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO Canada LLP to discuss these matters in the context of your particular circumstances. BDO Canada LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.