How to get your Christmas shopping money faster
(NC)—Signing up to receive your federal employment insurance, child tax benefit or other federal benefits electronically will go a long way in giving you the cash you need for Christmas shopping this year. Electronic payments are faster, more secure and more reliable than paper cheques and carry virtually no risk of getting lost or misplaced.
Now that the federal government is phasing out cheques in favour of direct deposit, all Canadians will have to be registered by 2016 so why wait? All you have to do is fill in a form at your local bank or financial instutition or online at www.directdeposit.gc.ca. You can also have a form mailed to you by calling 1-800-O-Canada.
The federal government makes more than 275 million payments a year to individual Canadians and businesses. The move towards direct deposit is part of a $17.4 million measure announced in the 2012 budget to save money on printing and postage costs. Cheques cost 82 cents to produce while direct deposit costs only 13 cents.
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