CRA uncashed cheques are in the spotlight today, January 12. The Canada Revenue Agency says more than 10 million payments worth about $1.7–$1.8 billion remain unclaimed. Government cheques do not expire, so eligible Canadians can still collect. You can check and request reissue through My CRA Account. For investors, a wave of recovered cash could lift Q1 consumer spending and bank deposits. We break down how to claim, timelines, and what the money could mean for your budget and the market.
What the $1.7B means for Canadians
The CRA reports over 10 million outstanding payments totaling about $1.7–$1.8 billion. These include refunds and benefits that were issued but never cashed. Government cheques do not expire, so you can still claim them. A recent National Post report summarizes the scale and how to check your status here. CRA uncashed cheques are real money that can help households now.
January cash flow is tight for many families. If even a small share of CRA uncashed cheques gets reissued in Q1, we may see modest boosts to retail spending and travel bookings. Households could also use funds to reduce balances on credit cards and lines of credit. That would ease interest costs and support savings.
Unclaimed amounts can include tax refunds, GST/HST credits, climate action incentive payments, and other benefits. People miss them due to address changes, lost mail, or expired bank details. MTL Blog outlines common reasons and the CRA tools to find them here. If you have moved or changed banks, you should review CRA uncashed cheques today.
How to check and claim money owed
Sign in to My CRA Account using a sign-in partner or CRA user ID. Open the “Uncashed cheques” service to see any amounts in your name. Select each item and request a reissue, preferably by direct deposit. Confirm your banking details in “Manage direct deposit.” Save a copy of the confirmation page. Check back to track status of CRA uncashed cheques.
Have your SIN, birthdate, and current address ready. The CRA may ask about past return amounts for security. Reissues by direct deposit are typically faster than paper cheques, but allow several weeks for processing. Government cheques do not expire, so there is no penalty for claiming late. Keep your email and phone updated to avoid delays on CRA uncashed cheques.
If you lack online access, you can contact the CRA by phone to discuss reissue options. You may need to verify identity and confirm address changes. You can also update banking details and mailing address by mail or over the phone. Request direct deposit to speed payment of CRA uncashed cheques once verified.
Smart uses for a found refund
Many Canadian credit cards charge interest near the high teens or more. Using funds from CRA uncashed cheques to reduce those balances gives a quick, risk-free return equal to the interest rate. Tackle the smallest balances or the highest rates first. That lowers monthly costs and frees cash for savings and investing.
A small emergency fund helps avoid new debt when surprise bills hit. Aim to cover essential expenses for a few weeks to a few months, based on your comfort and income stability. Consider a high-interest savings account, and compare rates at your bank or credit union. Parking CRA uncashed cheques here keeps access simple and liquid.
If your budget is on track, consider adding to a TFSA or RRSP. Contributions can grow tax free or tax deferred, depending on the account. Make sure you have available room before you contribute. A lump sum from CRA uncashed cheques can accelerate long-term goals while keeping taxes lower over time.
Macro ripple effects to watch in Q1
As CRA uncashed cheques are reissued, expect some lift to discretionary spending. Categories like groceries, pharmacy, household goods, and travel could see a modest uptick. The effect depends on how much is claimed and how quickly funds land. Investors can watch retail sales data releases and earnings commentary from Canadian retailers.
Direct deposits of CRA uncashed cheques may raise demand and savings balances. That can slightly improve deposit mix and lower funding costs for banks. The impact is likely small, but it could support net interest margins at the margin. Watch monthly money supply trends and bank updates on deposit flows through Q1.
More traffic to My CRA Account coincides with tax season, so security matters. Use unique passwords, enable multi-factor sign-in, and verify you are on the official CRA site. Be cautious with email or text links that ask for personal data. Claim CRA uncashed cheques first, then keep records handy for your upcoming return.
Final Thoughts
Millions in CRA uncashed cheques are waiting for Canadians who missed refunds or benefits. The fastest path is My CRA Account: review the Uncashed cheques service, request reissue, and set direct deposit. Update your address and banking details to avoid delays. Then plan the money with intent. Pay down costly debt, rebuild a cash buffer, or add to TFSA or RRSP room. For investors, a steady flow of reissued funds could offer a small Q1 lift to retail spending and deposit balances. Act now, keep security tight, and turn a missed payment into a better financial start to 2026.
FAQs
How do I find out if I have CRA uncashed cheques?
Sign in to My CRA Account and open the “Uncashed cheques” service. You will see any amounts linked to your profile. Select items to request reissue and set direct deposit. If you cannot access online tools, contact the CRA and verify your identity to review options.
Do government cheques from the Canada Revenue Agency expire?
No. Government cheques do not expire, so you can claim old refunds and benefits at any time. You may need to confirm identity and update address or banking details. Choosing direct deposit usually speeds payment once the CRA processes your request and verifies your information.
How long does it take to receive a reissued payment?
Timelines vary. Direct deposit is typically faster than a paper cheque, but allow several weeks for processing. Delays can occur if identity checks are incomplete or your address or banking details are out of date. Keep contact details current in My CRA Account to avoid issues.
What should I do with money from CRA uncashed cheques?
Start with the basics: pay down high-interest debt, build an emergency fund, then consider TFSA or RRSP contributions if you have room. Set clear goals and timelines. Keep some liquidity for bills and upcoming tax payments, and avoid new debt that would offset the benefit.
Disclaimer:
The content shared by Meyka AI PTY LTD is solely for research and informational purposes.
Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.
