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Who doesn’t like found money? Here’s how to find out if the CRA owes you money in “uncashed cheques”.
You may have seen some stories lately on social media about how some taxpayers are finding hundreds of dollars they didn’t know the government owed them.
Sounds too good to be true, but it isn’t – there really is about 7.6 million such cheques, worth around $1 billion. And now, a new feature on the Canada Revenue Agency’s My Account portal lets taxpayers know whether they have uncashed cheques.
Why Would CRA Owe You?
If you have unclaimed cheques, Canada Revenue Agency (CRA) automatically owes you money that you never knew about. Here are some reasons as to why they may be owing you money;
You moved and didn’t update your address
Moving and not updating your address, the CRA is the primary reason for why CRA could owe you money. If you have changed addresses over the years and you don’t recall notifing the CRA, be sure to check to see if that money is waiting for you!
Lost, stolen or destroyed cheques
If you have received a cheque from the CRA in the past and you lost it, had it stolen or just plain forgot to cash it, the CRA might still owe you. It doesn’t matter how long ago the cheque was issued either, CRA cheques do not become stale-dated and they never expire.
How to Find Out If They Owe You
Does the CRA owe you money? Here is how to find out:
- Log in to your account through “My Account” portal . If you don’t have an account with the CRA already, you will have to create one.
- Select the option of “Related Services” at the right side of your browser
- Select the option named “uncashed cheques” at the bottom of that list.
Once you are there, you can be able to check if you have any cheques that were left uncashed for the last six months or so.
Does the CRA owe you money? Check for yourself! If they do, they give you the option of having paper cheques sent to your email or receiving the cash through direct deposit. Note that if you have any unclaimed cheques, if you owe the CRA for back taxes, they will pay themselves first.
Sometimes life happens and we need a little support to figure it all out. Visit our blog at Pay2Day for more helpful tips on saving money and other interesting stuff.