“Uncovering the Mystery of Unclaimed CRA Checks: How to Find Out If You’re Owed Money

Did you know that the Canada Revenue Agency (CRA) has over $1 billion in uncashed checks — and you may have been owed money since the 1990s?

Last year, the CRA confirmed that it had an estimated 8.9 million uncashed checks from Canadians across the country.

In an attempt to “make sure that money goes where it belongs,” the agency has issued electronic notifications to those who may be owed payments for the bounced checks.

Up to 50,000 electronic notifications were sent to taxpayers between August and November last year, with another 25,000 expected to be issued in May 2023.

Among those who will be contacted are recipients of Canada Child Benefit (CCB) and related provincial/territorial programs, GST/HST credit recipients and those receiving payments related to the Alberta Energy Tax Refund (AETR).

\u201cYou may receive an email notification from us about bounced checks. \ud83d\udcb0Simply log into My Account to see if you can claim. Remember that we will never email you a link to a payment. For detailed instructions click here \u27a1\ufe0f #CdnTax\u201d

— Canadian Revenue Agency (@Canada Revenue Agency)
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In a statement last year, CRA revealed that some of the uncashed checks date back to 1998, meaning some individuals may be owed money from more than 20 years ago.

Because government checks never expire, the CRA is unable to void and reissue payments unless the recipient requests it.

There are many reasons you might have an uncashed check that you are unaware of or have forgotten.

For example, a check may have been misplaced or lost years ago, or you may have missed a check that was sent to an old address.

It’s worth taking the time to see if you’re owed money in bad checks, as the CRA says the average amount owed is $158.

After an initiative began in 2020 to encourage Canadians to find out if they were owed money, two million unpaid checks worth $802 million were cashed.

How to find out if you have uncashed CRA checks

\u201c#DYK? We’ve introduced a new feature in My Account that lets you know if you have any uncashed CRA checks! Our checks never expire, so see if $ are waiting for you! #CdnTax\u201d

— Canadian Revenue Agency (@Canada Revenue Agency)
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It’s actually super easy to check if you’re owed money, and you can do it regardless of whether you’ve received an e-notification from the CRA.

To see if you have an uncashed check, log into “My Account” on the government website and look for the “Related Services” option. Then you will find a section titled “Uncashed Checks”.

Here you can see all CRA checks that have not been cashed for six months or more.

If you are owed money, you will need to fill out and submit an online form that will put you on the path to withdrawal.

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Do uncashed checks expire?

No, checks issued by the Canadian government do not expire or are expired, meaning they can wait many years to be cleared.

The CRA is also unable to void and reissue payments without the recipient’s consent, so you must contact the agency regarding old checks if you are having trouble cashing.

The cover image of this article was used for illustration purposes only.

Source: www.narcity.com