It’s Tax Time! – Be sure to update/verify your direct deposit info!
What happens if it’s not correct? Well it will try to deposit into your old account, then once it bounces back, the CRA will wipe your old Direct Deposit info from the their website, however, there is no indication from the CRA that the deposit has failed.
How do you know all this? Well, I tried updating it last year, but it appears not to have held. I had submitted my taxes as normal, using Genutax, and was promptly told a deposit date. The date goes by – nothing. I know sometimes there’s a delay, but by day 3, I started to get worried. I called the CRA, who advised me of the situation, updated my information, but this now adds an extra 10-15 days before I see the deposit.