Canadians Hold $2B in Unclaimed Federal Cheques from Last 4 Years
In a surprising revelation, Canadians have not cashed approximately $2 billion in federal cheques issued over the last four years. This figure reflects the total amount of unpaid cheques sent out by various government departments.
Unclaimed Federal Cheques: A Closer Look
Recent records presented to Parliament indicate that the government mailed out around 3.9 million paper cheques within this timeframe. Noteworthy among these are the funds associated with the Canada Carbon Rebate and the Canada Child Benefit.
Canada Carbon Rebate
- Total uncashed funds: $141 million
- Purpose: To help offset carbon pricing costs
- Cancellation: The rebate program was ceased last year, yet cheques do not have an expiration date.
Canada Child Benefit
- Total uncashed funds: $42.8 million
- Purpose: A tax-free monthly payment assisting families with child-rearing expenses.
The federal government has a preference for direct deposit payments. However, it still dispatches certain benefits via mail, leading to this substantial amount of unclaimed funds.
Why Are Canadians Leaving Money on the Table?
Many Canadians may not be aware of these uncashed cheques, or they may have misplaced them. This highlights the importance of being informed about government benefits and timely cashing of cheques.
As the situation currently stands, there remains substantial money that Canadians can still claim, representing a significant opportunity that should not be overlooked.
