What is CRA direct deposit? Canada’s tax agency offers CRA direct deposit to deposit funds directly into your bank account or credit union account. The benefits for you: CRA direct deposit is fast, reliable and secure. It’s also a big time-saver—no more paper cheques to deposit (or chase down, if they get lost in the mail). Most Canadian taxpayers already use CRA direct deposit. If you don’t, read on for details of how to set it up. Which payments can I receive with CRA direct deposit?