What if you cannot access your online account? No problem. You can call the CRA directly. A representative can check for uncashed cheques over the phone. You will need to answer some security questions to prove your identity.
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Uncashed cheques are not the only type of forgotten money. The Bank of Canada also holds unclaimed bank balances — old savings accounts, forgotten investments, and uncashed bank drafts that have been inactive for many years. You can search their online registry for free to see if any old accounts belong to you.
The main reason cheques go uncashed is simple: people move without updating their address. A cheque gets mailed to an old home and never reaches the right person. Others lose the cheque or never realise it was sent.
Once you have claimed what is yours, set up direct deposit with the CRA. That way, every future payment goes straight into your bank account. No paper cheques to lose, no missed mail, no forgotten money.
Tell your family and friends about this. A few minutes of checking could put real cash back in their pockets.
