Ottawa to force banks to identify carbon rebate by name in direct deposits [Financial Post (Toronto, Ontario, Canada)]
Canadian Imperial Bank of Commerce (CM)
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Source: Financial Post
You can save this article by registering for free here . Or sign-in if you have an account. OTTAWA — Canadian banks that refuse to identify the carbon rebate by name when doing direct deposits are forcing the government to change the law to make them do it, says Environment Minister Steven Guilbeault Guilbeault is taking the stand after Tuesday's federal budget promised to amend the Financial Administration Act so government payments accepted for deposit at Canadian banks will carry whatever title the government wants. Article content Article content “The fact that they haven't been doing it now for many years led us to take this position,” Guilbeault said. His department has been battling with banks for almost two years over how carbon rebates are labelled when they are deposited directly into bank accounts. The first rebate deposits in 2022 were labelled very generically — “federal payment” and “EFT Canada,” for example — which meant recipients had no idea why they we
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