Go green with paperless tax refunds this year
(NC) The federal government is once again offering Canadians faster and greener tax refunds this year through its paperless direct deposit program.
Direct deposit, which allows Canadians to have their tax refunds and other federal payments deposited into their bank accounts, makes a lot of sense environmentally; after all, it will save more than 32,000 trees a year, lowers printing and production costs and reduces greenhouse gases caused by the transportation of cheques across Canada.
The cost to produce a cheque is approximately 83 cents while a direct deposit payment costs about 11 cents. One thing to note, however, is that cheques will only be issued under exceptional circumstances, for example when Canadians do not have access to a financial institution because they live in a remote location.
Ottawa issues more than 300 million payments annually for everything from tax refunds to old age security; more than 80 percent of recipients have already signed up for direct deposit. The federal government is phasing out federal government cheques by April 2016. The initiative is expected to save the Canadian government approximately $17.4M per year starting in 2014.
You can find more information about how to enrol for direct deposit at www.directdeposit.gc.ca.
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