Refunds over $25 million
The Canadian Payments Association (CPA) sets a maximum value of $25 million for any cheque or other paper-based payment instrument cleared through the banking system. This rule also prohibits the splitting of amounts in excess of the set limit into smaller acceptable cheques. This initiative enhances the safety and stability of the Canadian payments system.
The Canada Revenue Agency must transmit all large value refunds (more than $25 million) through the Large Value Transfer System (LVTS) as required by the CPA.
If you are expecting a large-value refund, you need to be registered for both direct deposit and for the LVTS. Call 1-800-959-5525 to begin the registration process.
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