You can deposit your tax refund directly into your Wealthsimple account by setting your Cash account as your primary direct deposit destination with the Canada Revenue Agency (CRA).
Tip: Before you change your direct deposit information with the CRA, make sure to enable direct deposit in your Cash account.
Update your direct deposit information with the CRA
Once you’ve enabled direct deposit in your Cash account, you can update your direct deposit information with the CRA.
The CRA usually updates the information within 1-2 business days, however, it could take longer. For this reason, we recommend that you update your direct deposit information as soon as possible.
Important: Changing your direct deposit information with the CRA will impact all payments you may receive from the CRA. Potential credits eligible for direct deposit include:
- Income tax refund
- Goods and services tax/harmonized sales tax credit and any similar provincial and territorial payments
- Canada child benefit and any similar provincial and territorial payments
- Canada workers benefit
- Deemed overpayment of tax
- Canada Recovery Sickness Benefit, Canada Recovery Benefit, Canada Recovery Caregiving Benefit
Make sure that you are okay with these credits going to your Cash account before updating your direct deposit information.
To update your direct deposit information with the CRA, follow these steps:
- Head to https://www.canada.ca/en/revenue-agency.html and sign in to your CRA account
- Click on Profile on the left-hand side of your screen
- Scroll down, and under Direct deposit, click Edit
- Read the information presented to you and select Start
- Enter your Branch number, Institution number, and Account number for your Wealthsimple account
- Review and submit your changes
Tip: You can find your direct deposit information in the Wealthsimple app by following these steps.
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