Friday, September 30, 2022
HomeFinanceCRA holding 8.9 million uncashed cheques: Learn how to test when you've...

CRA holding 8.9 million uncashed cheques: Learn how to test when you’ve got one

Jamie Golombek: In search of some further money this summer time? You might have to look no additional than the CRA’s web site

Article content material

In search of some further money this summer time? You might have to look no additional than the Canada Income Company’s web site.

Article content material

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

You might marvel how is that this potential? And what can I do to get my cash?

Every year, the CRA points hundreds of thousands of funds within the type of tax refunds and numerous authorities advantages. Most of those funds are issued through direct deposit, however some are nonetheless issued by cheque. Over time, a few of these cheques stay uncashed for a wide range of causes, such because the taxpayer misplacing them or, maybe, the cheque was by no means delivered to its recipient because of a change of tackle.

Starting this month, the CRA will begin notifying, through e-mail, some recipients of the Canada little one profit and its associated provincial/territorial packages, GST/HST credit score and Alberta Vitality Tax Refund recipients of any uncashed cheques they could have.

Article content material

The common 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 mentioned 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 when you’ve obtained any uncashed cheques ready for you, merely log into the CRA’s My Account the place you’ll have the ability to see when you’ve got any uncashed cheques relationship again so far as 1998.

Article content material

As soon as logged in, you’ll see an choice below “associated providers” entitled “uncashed cheques.” As authorities cheques by no means expire or turn into stale dated, the CRA can’t 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, mentioned.

In fact, to make sure you by no means miss one other fee from the CRA, it’s finest to join direct deposit in order that your authorities tax refunds and profit funds are immediately deposited into your checking account. This can be simply achieved by My Account.

Taxpayers who are usually not at present 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 Non-public Wealth in Toronto.


 When you like this story, join the FP Investor E-newsletter.




Please enter your comment!
Please enter your name here

Most Popular

Recent Comments