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CRA holding 8.9 million uncashed cheques: The right way to examine when you have one


Jamie Golombek: Searching for some additional money this summer season? Chances are you’ll must look no additional than the CRA’s web site

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Searching for some additional money this summer season? Chances are you’ll must look no additional than the Canada Income Company’s web site.

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On Monday, the federal government revealed it has roughly $1.4-billion value of cheques which have gone uncashed through the years. As of Could 2022, there have been an estimated 8.9 million uncashed cheques with the CRA.

Chances are you’ll marvel how is that this attainable? And what can I do to get my cash?

Annually, the CRA points thousands and thousands of funds within the type of tax refunds and varied authorities advantages. Most of those funds are issued by way of direct deposit, however some are nonetheless issued by cheque. Over time, a few of these cheques stay uncashed for quite a lot of causes, such because the taxpayer misplacing them or, maybe, the cheque was by no means delivered to its recipient on account of a change of handle.

Starting this month, the CRA will begin notifying, by way of e-mail, some recipients of the Canada baby profit and its associated provincial/territorial applications, GST/HST credit score and Alberta Power Tax Refund recipients of any uncashed cheques they could have.

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The typical quantity per uncashed cheque is $158. Roughly 25,000 e-notifications will probably be issued in August and one other 25,000 in November, adopted by one other 25,000 in Could 2023.

Because the CRA first launched this initiative again in 2020, it stated roughly two million uncashed cheques, valued at a complete of $802 million, had been cashed by Canadians between Feb. 10, 2020, and Could 31, 2022.

To see in the event you’ve bought any uncashed cheques ready for you, merely log into the CRA’s My Account the place you’ll be capable of see when you have any uncashed cheques relationship again so far as 1998.

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As soon as logged in, you’ll see an choice beneath “associated companies” entitled “uncashed cheques.” As authorities cheques by no means expire or turn out to be stale dated, the CRA can not void the unique cheque and reissue a brand new one except you request it. The upcoming e-notifications are supposed to encourage taxpayers to money any cheques they could have of their possession.

“This cash belongs to Canadians and we wish to assist them reclaim these funds,” Breanne Stephenson, a CRA spokesperson, stated.

After all, to make sure you by no means miss one other fee from the CRA, it’s greatest to join direct deposit in order that your authorities tax refunds and profit funds are instantly deposited into your checking account. This will also be simply finished by My Account.

Taxpayers who aren’t presently signed up for My Account or electronic mail notifications can discover out if they’ve any uncashed cheques by calling 1-800-959-8281.

Jamie Golombek, CPA, CA, CFP, CLU, TEP, is the managing director, Tax & Property Planning with CIBC Personal Wealth in Toronto. [email protected]

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