Deposit account for federal corporations
Corporations Canada maintains deposit accounts for clients who often use services that require pre-payment, such as obtaining document copies or filing articles. The main benefit of having a deposit account is that you do not need to make remittances for each order since the services are paid out directly from a deposit account. It should be noted that no interest is paid on funds deposited.
You can use deposit accounts for paper-based transactions which require a fee payment, provided that you send a letter with a detailed request.
Opening an account
Contact Corporations Canada to enquire about opening an account. You will have to make an initial minimum payment, payable to the Receiver General for Canada. The first payment should cover the month’s anticipated transactions. Payment made by credit card or cheque can be submitted to:
c/o Senior Revenue Clerk
235 Queen Street
Your request should indicate the name, the full mailing address and the telephone number of the contact person for the deposit account.
Using a deposit account
Priority will not be given to deposit account holders over clients who submit their requests by letter or other means. All requests are dealt with in order of date received, which is indicated on the request, and according to Corporations Canada’s service standards.
You will receive a unique deposit account number that must be quoted on all cheques and correspondence relating to the deposit account.
Before requesting services, you must ensure that the account balance covers the payment in full. This will ensure a timely processing of the order.
You must deposit funds in your account as often as required. To do so, you must send to Corporations Canada a cheque to the order of the Receiver General for Canada, or pay by credit card and indicate clearly that it is a payment to be credited to your deposit account. You are advised to ensure that the amount of each remittance is sufficient to cover all requests for services that you intend to make over the course of the next month.
Corporations Canada will follow up on your overdrawn accounts on a weekly basis. Following the first notice, you have five business days to update the account. After this period, services are no longer provided until the account indicates a balance with sufficient funds to cover fees for requested services.
Each month, Corporations Canada sends deposit account holders a statement of transactions processed during the previous month. An account statement is generated only if transactions have been posted to the account during the billing period. If you want to correct errors in your account, you must send an adjustment request to Corporations Canada within 30 days of the date indicated on your statement of transactions.
At your request, Corporations Canada will close the deposit account and refund the balance. When an account is inactive for more than six months Corporations Canada will inform you and, unless otherwise indicated, will close the account and refund the balance.
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