The CRA is sitting on $1.4 billion in uncashed cheques — is any of it yours?

The good news: Government-issued cheques don't expire. Unfortunately, the CRA cannot void or reissue these cheques without a request from you, the taxpayer. This means your money is still there, still yours and still claimable.

Why do so many cheques go uncashed?

The most common reasons for uncashed government cheques are the typical and mundane reasons: A moved address, a name change, a misplaced envelope. Benefit payments and tax refunds sent by mail are especially vulnerable if the CRA doesn't have your current address on file.

The CRA began proactively notifying Canadians about unclaimed payments in 2020, when it launched its My Account portal feature for uncashed cheques. Since then, about two million uncashed cheques valued at $802 million were redeemed by Canadians between February 10 and May 31, 2020 — a sign of how many people didn't know they were owed anything.

The CRA also sent email notifications to tens of thousands of taxpayers encouraging them to log in and check their CRA My Account — but you don't need to wait for a nudge.

How to check in 2 minutes

If you're registered for the CRA My Account portal, checking for uncashed cheques takes less than two minutes:

1. Log in at My Account on canada.ca
2. Navigate to the "Related services" section
3. Click "Uncashed cheques"
4. If a cheque is listed, complete the duplicate payment request form online — or mail it to the Sudbury Tax Centre

Not registered for CRA My Account? You can call the CRA directly at 1-800-959-8281 to ask about uncashed payments. If you use a tax representative, they can also check on your behalf through the CRA's Represent a Client service.

What happens after you claim

If you're already signed up for direct deposit through the CRA, your reissued payment will arrive directly in your bank account. If not, a replacement cheque will be mailed to the address on file — which makes keeping your address current on your CRA account critical.

Keep in mind that uncashed cheques don't earn interest and won't increase with inflation. So, a cheque from 2005 is worth the same nominal amount today as it was then. The key, now, is to cash it sooner rather than later.

There's also an important offset rule. If you currently owe money to the CRA — for example, from unpaid taxes in a previous year — the agency will automatically apply your uncashed cheque to that outstanding balance rather than paying it out to you directly.

What to do with the money once you have it

A windfall of $158 — or more — is a good prompt to shore up your finances. Consider using the cash to help bolster these priorities, in order:

Pay high-interest debt first

Credit card balances at 19% to 22% interest cost you more than almost any investment will earn you. Even a small payment makes a meaningful difference.