You can have your tax refund deposited directly into your Wealthsimple Cash account. Follow these steps:
- Enable direct deposit in your Wealthsimple Cash account (if not already enabled)
- Find your Wealthsimple direct deposit information
- Update your direct deposit information with the CRA:
- Sign in to your CRA My Account
- Click on "Profile" in the left menu
- Scroll to "Direct deposit" and click "Edit"
- Select "Start" after reading the information
- Enter your Wealthsimple account details:
- Branch number
- Institution number
- Account number
- Review and submit your changes
Important notes:
- CRA usually updates information within 1-2 business days, but it may take longer
- Update your information as soon as possible to ensure it's processed in time
- This change affects all CRA payments, including:
- Income tax refunds
- GST/HST credits
- Canada Child Benefit
- Canada Workers Benefit
- Other federal and provincial credits
Remember:
- Ensure you're comfortable with all CRA payments going to your Cash account
- Keep your CRA and Wealthsimple account information up to date
Processing time: Allow up to 2 weeks for the CRA to process your direct deposit change
If you need assistance setting up direct deposit in your Wealthsimple account, please contact Wealthsimple support. For questions about your CRA account or payments, contact the CRA directly.
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