The Canada Revenue Agency (CRA) owes money to thousands of Canadians, according to financial expert Christopher Liew. Unclaimed refunds, benefits, and credits are sitting idle, waiting for taxpayers to claim them. Here's how to check if you're owed money.
Why the CRA Owes Money
Every year, millions of dollars in tax refunds and benefit payments go unclaimed. This can happen when taxpayers move without updating their address, have uncashed cheques, or miss filing deadlines. The CRA also holds funds for individuals who have overpaid taxes or are entitled to credits like the GST/HST credit or Canada Child Benefit.
How to Check for Unclaimed Funds
To find out if the CRA owes you money, follow these steps:
- Log into My Account: Access the CRA's online portal using your credentials. Check the 'Refunds and Benefits' section for any outstanding payments.
- Review Your Notice of Assessment: This document shows your tax balance and any refunds due.
- Call the CRA: If you can't access online, call the CRA's individual enquiries line at 1-800-959-8281.
- Check for Uncashed Cheques: The CRA may have issued cheques that were never cashed. You can request a reissue through My Account.
Common Reasons for Unclaimed Money
Unclaimed funds often result from:
- Moving without updating your address with the CRA.
- Not filing a tax return for a year when you were entitled to a refund.
- Errors in tax filings that led to overpayment.
- Benefits like the Canada Child Benefit or GST credit that were not claimed.
What to Do If You're Owed Money
If you discover the CRA owes you money, act quickly. Log into My Account to update your direct deposit information or request a cheque. Ensure your address is current to avoid future issues. If you haven't filed taxes for previous years, file them to claim any refunds or benefits you're entitled to.
Don't leave your money with the government. Take a few minutes to check your CRA account today.
