Document background
The Simple Direct Deposit Form is a fundamental document used across Canadian organizations to establish electronic payment arrangements. This form is essential when setting up new payment relationships or updating existing banking information for employees, contractors, or vendors. It collects crucial banking details including transit numbers, institution numbers, and account information, while ensuring compliance with Canadian banking regulations and privacy laws such as PIPEDA. The document serves as both an information collection tool and a formal authorization mechanism, allowing the payer to process direct deposits to the payee's specified bank account. This form is particularly relevant in the current digital banking environment, where electronic payments have become the standard method for disbursing regular payments such as salaries, expense reimbursements, and vendor payments.
