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.