Sisi Chan

Canadians have billions in uncashed cheques, rebates – Are you one of them?

Staggering figures: Canadians have $2 billion in uncashed cheques according to government data. The uncashed cheques represent financial resources in a time where the cost of living in Canada is escalating.

• 4 million uncashed cheques exist, including:
• $141 million from the Canada Carbon Rebate
• $118 million from GST/HST tax credits
• Nearly $43 million from Canada Child Benefit uncashed cheques
• $392 million in uncashed paper cheques for T1 refunds
• Over $25 million in uncashed GST rebates.

The trend: Despite government preference for direct deposit of funds, many Canadians still receive cheques via mail. Proposals for alternate methods, like prepaid cards, have been poorly received. The administrative cost to issue a paper cheque is $1.84.

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