Discover CRA Unclaimed Money: There Could Be a Cheque Waiting for You

Do you ever wonder if there’s money with your name on it? It’s more than you think. Many Canadians don’t know they have unclaimed cheques from the CRA just waiting to be claimed. It could be a tax refund, GST/HST credit or a benefit payment that slipped through the cracks. This will help you find out if you have unclaimed money from the CRA, why it happens and how to get what’s yours.

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What Is CRA Unclaimed Money?

CRA unclaimed money is money that the Canada Revenue Agency has sent to taxpayers but for some reason the cheques were never cashed or deposited. This could be:

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Tax Refunds

Sometimes a CRA cheque is issued but never reaches the taxpayer or gets lost or forgotten. These refunds can add up over time and be a nice surprise if you find one.

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GST/HST Credits

The CRA sends out quarterly credit payments to eligible Canadians but sometimes these can go unclaimed if the cheques aren’t cashed. This is especially common if you’ve recently moved or changed your banking info.

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Canada Child Benefit (CCB) Payments

Families with kids might have unclaimed benefit payments if the CRA sent cheques that weren’t cashed. Since these benefits are so important it’s important to stay on top of your payments.

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Other Benefits

Other benefits such as the Disability Tax Credit or the Working Income Tax Benefit might also be unclaimed. These benefits are often overlooked especially if you’re not regularly checking your CRA My Account.

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The Alberta Energy Tax Refund is another type of benefit that could be unclaimed. The Climate Action Incentive Payment is also a benefit that might be unclaimed especially in provinces where people may not be aware of this federal program to help with the financial impact of federal pollution pricing.

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Why Does Unclaimed Money Happen?

You might be wondering how you could forget a CRA cheque. There are several reasons why unclaimed money happens:

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Address Changes

One of the most common is moving without updating your address with the CRA. If the CRA doesn’t have your current address they may send cheques to your old address where they could get lost or returned to the CRA. A simple oversight like this can add up to unclaimed money without you even knowing.

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Bank Account Changes

If you’ve changed banks or account info and haven’t updated the CRA, direct deposits may fail and cheques will be sent instead. If these cheques aren’t cashed the money remains unclaimed. Make sure your banking info is always up to date to prevent this from happening.

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Misplaced or Forgotten Cheques

It’s easier than you think to misplace a cheque. You might set it aside and forget about it or it could get lost in the paperwork. Sometimes people think they’ve already cashed the cheque when they haven’t. This happens a lot during tax season when you’re dealing with multiple documents.

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Returned Cheques

Cheques sent to the wrong address or returned for any other reason may not be reissued. The CRA will hold onto these funds until you claim them. If you don’t take action this money could be unclaimed forever.

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Lack of Awareness

Many people simply aren’t aware they’re owed money. They might think if they didn’t get a payment they weren’t entitled to it in the first place. Knowing unclaimed money is a thing is the first step to making sure you don’t miss out.

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How to Check for Unclaimed CRA Money

The good news is it’s easy to check if you have unclaimed money with the CRA. Here’s how:

 

Sign In to Your CRA My Account

First step is to sign in to your online CRA account. This online portal gives you access to all your tax and benefit info including uncashed cheques. It’s a one stop shop for all your CRA activities.

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Register for CRA My Account

If you don’t already have a CRA My Account you can register for one on the CRA’s website. After creating your login credentials you’ll receive a CRA security code by mail within 10 business days which is required to access all services on the CRA’s online platform. You’ll need some basic info to set up your account including your Social Insurance Number (SIN), date of birth and postal code. Once registered you’ll have access to a ton of info to help you manage your taxes better. And as part of the registration process you’ll also set up direct deposit registration which means timely payments and a way to manage your payments more efficiently.

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Uncashed Cheques

Once you’re logged in look for the section called “Uncashed Cheques” to view uncashed cheques. This section is part of the CRA’s uncashed cheque tracking tool and will show you if the CRA issued cheques to you that haven’t been cashed. It’s a quick process and could be a nice surprise.

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Contact the CRA

If you’re not comfortable using the online portal or have issues you can contact the CRA directly by phone. The CRA agents can look up your account and tell you if there are unclaimed cheques in your name. Good if you prefer to talk to someone.

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Be Prepared

Have your personal info ready when you call as the CRA will need to verify your identity before giving you any info. This includes your SIN, date of birth and the details of the uncashed cheques you’re inquiring about.

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Watch for CRA Mail

Sometimes the CRA will send you a letter or notification if they have unclaimed money in your name. Make sure to open any mail from the CRA and follow the instructions to claim your money. If you ignore these notifications you could miss out on money that’s yours.

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How to Claim Your Unclaimed CRA Cheques

So you found out the CRA owes you money. What’s next? Here’s how to claim your unclaimed cheques:

 

Reissue the Cheque

If you find you have government cheques that are uncashed you can request the CRA to reissue the payment for those uncashed cheques. This can be done directly through the CRA My Account or by contacting the CRA. It’s a quick process but act fast to avoid further delays.

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Reissue Cheques Online

In your CRA My Account you may have the option to request a reissue of the cheque online. This is the quickest and easiest way if you’re already comfortable with the online portal.

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Reissue Cheques by Phone

If you’re doing it by phone the CRA agent will walk you through the process which will involve verifying your identity and providing any updated info to reissue the cheque. Good if you’re not comfortable with the online system.

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Direct Deposit

To not miss out on future payments set up direct deposit with the CRA. This way any refunds or benefit payments will go directly into your bank account so you don’t have to worry about losing or forgetting a cheque. It’s a simple step that will save you a lot of headaches in the long run. Also make sure to keep your credit payments account up to date to ensure direct deposits happen on time.

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How to Set Up Direct Deposit

You can set up direct deposit through your CRA My Account or by providing your bank info to the CRA over the phone. This is a safe and quick way to get your payments.

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Keep Your Info Up to Date

Make sure your contact and bank info is always up to date with the CRA. This includes your address, phone number and banking info. Keeping this info current will prevent future cheques from going uncashed. Review and update your info regularly to stay on top of your finances.

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What to Do if the Cheque Is Old or Lost

What if the uncashed cheque is several years old or you can’t find it? Here’s what you need to know:

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Reissue for Old Cheques

Even if the cheque is several years old the CRA can still reissue it. The federal government has issued millions of uncashed cheques for benefits and tax credits. There’s no time limit on when you can claim uncashed cheques so it’s worth checking even if you think it’s been too long. There’s flexibility so you won’t lose out no matter how long ago it was. Notably 2 million uncashed cheques worth $802 million have been redeemed since the CRA launched their tracking tool.

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Report a Lost Cheque

If you’ve lost a cheque you can report it to the CRA. They will cancel the old cheque and issue a new one. This will take some time so it’s a good idea to request a reissue as soon as you realize the cheque is missing. The sooner you act the less delay you’ll have in getting your money.

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CRA Unclaimed Money Myths

There are many myths about CRA unclaimed money. Let’s bust some of them:

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Myth: “If I Haven’t Got a Cheque I Must Not Be Entitled to Anything.”

Many people assume if they haven’t got a cheque they weren’t owed anything in the first place. But what if the cheque was sent to the wrong address, lost in the mail or just plain overlooked? Knowing unclaimed money exists is the first step to getting what’s yours. Managing your tax affairs through the CRA My Account is key to not missing out on unclaimed money.

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Myth: “Unclaimed Money Expires After a Certain Time.”

There’s a common myth that unclaimed money from the CRA disappears after a certain time. In reality there’s no time limit on uncashed cheques. You can claim them at any time. So even if you find a cheque from years ago you’re still entitled to the money.

Myth: “The CRA Will Reissue Unclaimed Cheques.”

Some people think the CRA will reissue unclaimed cheques. But they won’t unless you ask. You need to take action to get your money. Being proactive is key so you don’t miss out.

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Check Regularly for Unclaimed Money

Make checking for unclaimed money from the CRA through your online account a habit. Here’s why:

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Don’t Miss Out on Future Payments

By checking your CRA My Account and keeping your info up to date you’ll avoid missing out on future payments. This includes tax refunds, benefits and other payments the CRA issues. Stay informed and don’t miss out.

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Knowing you have unclaimed money will give you a better understanding of your financial situation. It’s always good to know what’s available to you especially if you’re budgeting or planning for the future. This awareness will help you make better financial decisions.

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Avoid CRA Problems

Keep your contact and banking info up to date with the CRA and you’ll avoid problems down the road. If the CRA has the right info they won’t send cheques to the wrong address or have direct deposits fail. Regular updates will ensure smooth transactions with the CRA.

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How We Can Help You

At Tax Warriors in Toronto we help our clients stay on top of their tax and financial affairs including finding unclaimed money from the CRA. Here’s how we can help you:

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Check for Unclaimed Money

We can help you go through the CRA My Account to see if you have any unclaimed cheques. If you’re not sure how to do it yourself we’ll guide you through the process. Our expertise will make sure you don’t miss out on any unclaimed funds.

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Reclaim Uncashed Cheques

If you find you have unclaimed money we can help you request a reissue of the cheques and make the process smooth. Our experience with CRA procedures will speed up the process and reduce any stress.

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Set up Direct Deposit

To make sure you don’t miss out on future payments we can help you set up direct deposit with the CRA. This way you’ll get your refunds and benefits directly in your bank account and not lose a cheque. Direct deposit is a safe and convenient option we recommend.

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Keep Your Info Up to Date

We’ll work with you to make sure all your contact and banking info is up to date with the CRA. This proactive approach will prevent problems and ensure you get all the payments you’re entitled to. Keeping on top of this info is key to managing your finances.

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Don’t Leave Money on the Table

It’s easy to miss a CRA cheque especially if you’ve moved, changed banks or just plain forgot about it. But with a little effort you can check for unclaimed money and get what’s yours. By being informed, keeping your info up to date and working with a tax professional like Tax Warriors you won’t miss out.

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​Contact Tax Warriors in Toronto if you need help with unclaimed CRA money or any other tax matters. We’ll keep you informed and make taxes easy.

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