The fastest way to deposit a tax refund cheque

You can deposit your tax refund cheque at any branch of the bank or credit union where you hold an account, or through your bank's mobile app if it offers mobile cheque deposit. Most banks also let you mail the cheque to a deposit address they provide. The cheque itself is just like any other cheque — the Canada Revenue Agency (CRA) issues it, and your bank treats it the same way they treat cheques from anyone else.

If you do not yet have a bank account, you will need to open one before you can deposit the cheque. The cheque will not expire when ready, but the longer you wait, the more risk there is that it could be lost or damaged. Most banks will hold a deposited cheque for a few business days before the money appears in your account — this is normal and not a problem.

Key Takeaways

  • You can deposit a tax refund cheque in person at your bank or credit union branch, by mail, or through a mobile app if your bank offers that service.
  • The cheque will take three to five business days to clear after you deposit it, depending on your bank and how you deposit it.
  • If you do not have a bank account yet, you will need to open one — many banks offer accounts with no monthly fee for people new to banking.
  • The cheque itself does not expire right away, but you should deposit it within a reasonable time to avoid loss or damage.
  • If your cheque is lost, stolen, or damaged, you can contact the CRA to request a replacement.

Depositing in person at a bank or credit union branch

Walk into any branch of your bank or credit union during business hours with your cheque and a piece of government-issued photo ID — a driver's license, passport, or provincial ID card. Tell the teller you want to deposit the cheque. They will ask which account you want the money to go into if you have more than one.

The teller will write down the cheque details, give you a receipt, and the money will appear in your account within three to five business days. You do not need to do anything else. If you are not sure which branch is closest to you, search your bank's website or call their customer service line.

Depositing by mail

If you cannot get to a branch, you can mail the cheque to your bank. Call your bank's customer service number or log into your online account to find the mailing address for deposits — each bank has a specific address they use for this. Write your account number on the back of the cheque, in the area below where you would normally sign.

Put the cheque in an envelope with a note that includes your name, account number, and the amount of the cheque. Mail it to the address your bank gave you. The cheque will take several days to arrive, then another three to five business days to clear after the bank receives it. Keep a copy of the cheque or take a photo of it before you mail it, in case you need proof later.

Depositing through a mobile app

Many banks now let you deposit a cheque using your phone. Open your bank's app, look for a "deposit" or "mobile cheque deposit" option, and follow the steps. You will usually need to take a photo of the front and back of the cheque. The app will tell you if the photo is clear enough.

After you submit the photos, the app will confirm that the deposit went through and give you a reference number. The money will still take three to five business days to appear in your account. Once the deposit is confirmed in the app, you can safely destroy the physical cheque or keep it in a safe place for your records.

What happens after you deposit the cheque

The three to five business days it takes for the money to appear is called the clearing period. During this time, your bank is verifying that the cheque is real and that the CRA's account has enough money to cover it. You will see the deposit show up in your account as "pending" before it becomes available to spend.

Once the clearing period is over, the money is yours to use. You do not need to do anything — it will automatically move from pending to available. If you need the money urgently, some banks offer early access to cheque deposits for customers with good account history, but this is not may provide.

If you do not have a bank account yet

If you have never had a bank account, or if you have been away from banking for a while, you will need to open one before you can deposit the cheque. Most banks offer basic accounts with no monthly fee. You will need a piece of government-issued photo ID and proof of your current address — a utility bill, lease, or recent letter from a government agency usually works.

Go to a branch of any major bank or credit union, tell them you want to open a chequing account, and they will walk you through the process. It usually takes 15 to 30 minutes. Once the account is open, you can deposit your cheque right away using any of the methods above. If you are nervous about going in person, many banks let you start the account opening process online and then finish it at a branch.

If your cheque is lost, stolen, or damaged

If the cheque goes missing before you deposit it, or if it gets damaged so badly that a bank will not accept it, contact the CRA. You can reach them at 1-800-959-5525 (for individuals) or through your CRA My Account online portal. Tell them what happened and they will issue a replacement cheque, which will be mailed to the address on file.

A replacement cheque usually arrives within two to three weeks. If you are moving, update your address with the CRA before you request the replacement so it goes to the right place. Keep the reference number the CRA gives you when you report the lost or damaged cheque — you may need it if you have questions later.

Frequently Asked Questions

How long does it take for the money to show up in my account?

Most banks show the deposit as pending within one business day, but the money will not be available to spend for three to five business days. This is the clearing period. Some banks are faster, but three to five days is standard.

Can I deposit the cheque at a different bank than the one I use?

No. You can only deposit a cheque into an account you own. If you want to use a different bank, you would need to open an account there first, then deposit the cheque into that account.

What if the cheque is made out to the wrong name?

Contact the CRA right away. If the cheque has your name spelled wrong or is made out to a former name you no longer use, the CRA can issue a corrected cheque. Call 1-800-959-5525 with your details and they will help you sort it out.

Do I need to endorse the back of the cheque?

Most banks do not require you to sign the back of a tax refund cheque anymore, but it does not hurt to do so. If you are depositing by mail, write your account number on the back instead of signing it — this helps the bank route the money to the right place.

What if I want to cash the cheque instead of depositing it?

You can cash a tax refund cheque at any bank branch, even if you do not have an account there. Bring your photo ID and the cheque. The teller will give you cash, though some banks may charge a small fee if you are not a customer. Depositing is usually free, so that is the better choice if you want to keep the money safe.