FAQ-Electronic Payment to Grant Recipients
What is an electronic payment / direct deposit?
- An electronic payment is a deposit of money by a payer (eg., Ontario Creates) directly into the bank account of a payee (eg., grant recipient). Electronic payments are also called “direct deposits.”
Why is Ontario Creates implementing a direct deposit payment option?
Direct deposit offers these benefits over cheques:
- Convenience and security - since funds are transferred electronically from one bank account to another there is no time spent in the mail system, and no risk of lost cheques.
- Electronic payments are more environmentally friendly.
- Reduced program administration costs, since printing and postage costs are eliminated.
Is direct deposit secure?
- Direct deposits are processed as bank-to-bank transactions, using secure banking networks.
- Grant recipients will provide banking information to Ontario Creates via the secure Ontario Creates Online Application Portal (OAP). Ontario Creates has put protocols in place to ensure that access to banking information is limited to specific authorized staff.
How do I register for direct deposit?
- Detailed instructions are provided here.
How will I know when a payment has been made?
- A direct deposit remittance advice will be sent when payment is made.
What is the schedule for direct deposit payments?
- Direct deposits will be made on the same schedule as payments by cheque – every two weeks.
Will I be able to change my banking information?
- Grant recipients registered for direct deposit will be able to update their banking information through the OAP prior to each payment milestone. A reminder notification will be sent through the OAP.
I’ve just heard that my recent grant application was successful and I intend to sign up for direct deposit. I signed a grant agreement with Ontario Creates last year for which there will be two more milestone payments. When I register for direct deposit, will it apply to all of my grant agreements?
- Yes. Once a corporation registers for direct deposit, all payments to that entity will be made electronically, including milestone payments related to agreements signed in previous years.
My account is with a foreign bank, will I be able to receive direct deposits?
- Direct deposits can only be made to bank accounts authorized to accept deposits within Canada. If your bank is a Schedule II bank (a subsidiary of a foreign bank authorized to accept deposits within Canada), you can receive direct deposits.
I would like to have the direct deposit sent to the account of a company that is not the legal entity with which Ontario Creates contracted. Is that possible?
- No. As with payment by cheque, direct deposit of grant payments must be made to the legal entity with which Ontario Creates has contracted. An exception is made in the case of Film Fund grant recipients who have an Assignment & Direction (A&D) agreement with a bank.
I am a Film Fund grant recipient and I have an Assignment & Direction (A&D) agreement with a bank. Can the direct deposit be directed to the bank?
- Yes. Appropriate documentation is required.
Does Ontario Creates charge a fee for direct deposit?
- No, Ontario Creates does not charge a fee for direct deposits.
I have other questions, who do I contact?
- Send your questions about direct deposit to email@example.com.