We just found out some important information that we wanted to share with our readers in Canada….
Did you know…
Starting April 1st, 2016 the federal government will no longer issue physical paper cheques for OAS, CPP & GST/HST opting instead to provide payments in a direct deposit format for all recipients. While it will be easier for people who cannot get to the bank regularly to receive payments in this way, cost is also a factor as it costs in the range of 83 cents per paper cheque vs. 11 cents for a direct deposit.
Currently approximately 90% of all Canadian seniors already receive their pension cheques through direct deposit. The goal is to get the rest ‘on board’ in the next two years.
You do not need a computer or the internet to start receiving your pension payments through direct deposit. You may obtain the correct forms at your bank or financial institution and once they are processed your funds will be automatically deposited into your bank account on time always.