To help you prepare for the upcoming program, we have compiled a list of useful links. Please use the most current version of any form for all discounting transactions.
For information about electronic filing, please see our EFILE for electronic filers Web page.
- Form RC75, Application and Agreement to Obtain a Discounter Code and form RC115, Discounter Direct Deposit Enrolment Request are now available on our discounters Web site as PDF fillable forms.
- When you are remitting a payment by cheque to CRA to pay the excess amount for a client, include a copy of the Form RC72, Notice of the Actual Amount of the Refund of Tax with the cheque. Do not write the client's name and social insurance number on the cheque.
- If you pay your clients in cash, ask them to sign and date a receipt for the amount received. All information provided on the receipt must be typed. The receipt must indicate the amount and purpose of the payment and it must be signed and dated by the client. Such a receipt is your proof of payment.
- Beginning February 11, 2008, the System for Electronic Notification of Debt (SEND) will show if a taxpayer has requested a reassessment that is currently in progress.
- Effective January 1, 2008, the goods and services tax (GST) rate will be reduced to 5% and the harmonized sales tax (HST) rate for Nova Scotia, New Brunswick and Newfoundland and Labrador will be reduced to 13%. This change will have an impact on all discounting transactions.
If the software you are using to prepare your RC71 form, Statement of Discounting Transaction, has not been updated, you will be required to manually change the GST/HST.
For further information about the calculation of the GST/HST refer to the Guide for Discounters keeping in mind the new rates of 5% for the GST and 13% for the HST.
This publication is only available on our Web site.
The Guide for Discounters (T4163) provides important information and outlines procedures relating to the Tax Rebate Discounting Act, which regulates tax discounting. We recommend that you read the revised guide before discounting any 2007 returns.
SEND, available through the EFILE, allows electronic filers to submit requests one at a time over the Internet and receive almost instantly selected information about their clients' account before filing a tax return.
We recommend that you use EFILE to file your client's tax returns. It is the fastest way to file tax returns.
You can find more information about SEND and EFILE on our Web site.
You can find most of our forms and publications, including the discounter forms on our Web site. Most forms and publications can also be ordered by calling 1-800-959-2221.
We can deposit your discounted refunds directly into your account at any financial institution in Canada. Complete Form RC115, Discounter Direct Deposit Enrolment Request, and return it to us if you want to:
- start participating in the direct deposit program; or
- change your direct deposit information that we have on file.
If you already use direct deposit and your banking information has not changed, you do not need to complete this form.
- December 10, 2007: we will start accepting SEND requests.
- January 21, 2008: we will start accepting EFILE On-Line Plus transmissions.
- February 11, 2008: we will start processing returns.
- February 2008: we anticipate receiving information on Employment Insurance and Other Benefits (T4E), Social Assistance and Worker's Compensation Benefits (T5007), and Universal Child Care Benefits (RC62). Our systems are updated and revised as we obtain and process submissions from the filers of these information slips. Once updated, SEND results will be displayed for taxpayers who were issued these information slips.
If your mailing address has changed since last year, or if it changes during the program, you must notify the Tax Filer Services Section in Ottawa immediately by telephone. You must also complete and send a new RC75 form, Application and Agreement to Obtain a Discounter Code, indicating a change at the top of the form. Send this form to the address indicated at the bottom. This will ensure that your Notices of Assessment continue to be sent to the correct address without delay.
The Canada Revenue Agency (CRA) conducts compliance programs to ensure that consumers are protected under the Tax Rebate Discounting Act (TRDA), and that tax discounters adhere to their responsibilities under the law.
The CRA seeks publicity on convictions in the case of tax discounters who commit an offence under the TRDA. It does this to maintain confidence in the integrity of the discounting system, and to increase compliance with the law through the deterrent effect of such publicity.
The CRA advises the media of cases of discounters convicted in the courts for failing to comply with the provisions of the TRDA. The information released to the media is available to the public since it is derived strictly from court records and not from confidential information held by the CRA.
If you have information about a suspected violation of the TRDA or any tax law, please contact the CRA enforcement division nearest you.
