2016-12-01 00:00:00TaxesEnglishLearn where to find your business's bank transit number on a cheque, what it is, and why you need it in order to make and receive wire...https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/03/Client-and-male-bank-employee-discuss-transit-numbers-sitting-at-office-desk.jpghttps://quickbooks.intuit.com/ca/resources/taxes/what-is-a-transit-number/What Is a Transit Number?

What Is a Transit Number?

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A transit number is a series of numbers used to identify your specific bank branch. The five-digit numerical code is the first series of numbers listed along the bottom of your cheque. After the transit number, the three-digit financial institution number and the account number are listed. The account number is typically five to 12 digits long.

Small business owners need a transit number, financial institution number and account number to wire a tax payment to the Canada Revenue Agency. You need to provide the CRA with the same information to have a refund directly deposited into your bank account.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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