OTTAWA, March 12, 2020 /CNW/ - Do you have an uncashed tax cheque waiting for you? Check our new feature in My Account to find out.
There are approximately $1 billion in cheques that have gone uncashed. This money belongs to Canadians and we're making it easy for them to get the money intended for them.
As of May 2019, approximately 5 million Canadians had an estimated 7.6 million uncashed cheques with the Canada Revenue Agency (CRA), dating back to 1998.
In order to reunite taxpayers with their long lost funds, we piloted a new uncashed cheque feature in My Account in early February. It lets taxpayers know if they have an uncashed cheque waiting for them, and lets them request it be reissued.
The money comes from the millions of payments we issue each year in the form of refunds, benefits, and credits. Over time, some payments remain uncashed for reasons such as a taxpayer losing their cheque or if they move before it gets to them.
We encourage Canadians to verify whether they have any uncashed cheques. To prevent future cheques from going uncashed, sign-up for direct deposit and always ensure you update your address if you move. Being signed up for direct deposit ensures any future payments go quickly and directly into your bank account.
The uncashed cheques service in My Account is one of many new services the CRA is making available to Canadians for the 2020 tax-filing season.
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SOURCE Canada Revenue Agency
For further information: For general inquiries: Canada Revenue Agency, 1-800-959-8281; For reporters: Media Relations, Canada Revenue Agency, 613-948-8366, [email protected]