Millions Of Canadians Are Owed Money From Uncashed Cheques & Some Date Back To The '90s
There's an easy way to check if you're owed money.💰
A Government of Canada building.
Did you know that the Canada Revenue Agency (CRA) has over $1 billion in uncashed cheques — and you could be owed money from as far back as the 1990s?
Last year, the CRA confirmed that it had an estimated 8.9 million uncashed cheques belonging to Canadians from across the country.
In an attempt to "make sure this money ends up where it belongs," the agency has been issuing e-notifications to those who may be owed payments via the uncashed cheques.
As many as 50,000 e-notifications were sent to taxpayers between August and November last year, with a further 25,000 expected to be issued in May 2023.
Among those being contacted are recipients of the Canada Child Benefit (CCB) and related provincial/territorial programs, recipients of the GST/HST Credit and those who get payments related to the Alberta Energy Tax Refund (AETR).
\u201cYou may get an email notification from us about uncashed cheques. \ud83d\udcb0Just sign in to My Account to see if you have any to claim. Remember, we\u2019ll never send you a link to a payment in an email. Get detailed instructions here \u27a1\ufe0f https://t.co/nogntpXePg #CdnTax\u201d— Canada Revenue Agency (@Canada Revenue Agency) 1660658436
In a notice last year, the CRA revealed that some of the uncashed cheques date as far back as 1998, which means some people may be owed money from over 20 years ago.
It explained that as government cheques never expire, the CRA is unable to void the payments and re-issue them unless requested by the recipient.
There are many reasons why you may have an uncashed cheque that you don't know about or have forgotten about.
For example, a cheque may have been misplaced or lost years ago, or you may have missed a cheque that was mailed to an old address.
It's worth taking the time to check if you are due any money in uncashed cheques, as the CRA says the average amount owed is $158.
After a 2020 initiative began to encourage Canadians to find out whether they were owed money, two million uncashed cheques valued at $802 million have been redeemed.
How to find out if you have uncashed CRA cheques
\u201c#DYK? We launched a new feature in My Account that lets you know if you have uncashed CRA cheques! Our cheques never stale-date, so see if you have $ waiting for you! https://t.co/BIY8ebNOEF #CdnTax\u201d— Canada Revenue Agency (@Canada Revenue Agency) 1583175911
It's actually super easy to check whether you're owed any money, and you can do so regardless of whether you've received an e-notification from the CRA.
To see if you've got an uncashed cheque, log into My Account on the government website, and find the option "related services." Then, you'll find a section entitled "uncashed cheques."
Here, you'll be able to see any cheques from the CRA that have gone uncashed for six months or longer.
If you are owed money, there's an online form to complete and submit that will get you on the way to getting paid.
Do uncashed cheques expire?
No, cheques issued by the Canadian government don't expire or stale-date, which means they can sit around waiting to be cashed for many years.
The CRA is also unable to void payments and re-issue them without the permission of the recipient, so you must contact the agency about old cheques if you're having problems cashing them.
This article's cover image was used for illustrative purposes only.