Does the CRA Owe You Money?

In today’s video, we’re delving into an unusual topic – finding out if the Canada Revenue Agency (CRA) owes you money and exploring key details for retirement planning. Yes, you read that right; the CRA might owe you money! So, let’s embark on this journey and see what we can uncover to enhance your retirement preparations.


Your Individual CIA Account

You can access your individual CRA account here. Once logged in you’ll find tabs along the left-hand side. However, look for the “Overview” section. Our focus starts with checking for unclaimed cash checks. Some individuals discover they have unclaimed funds, like old GST checks, which can be deposited into your bank account by filling out a generated PDF form. So, don’t overlook this tab; the CRA may indeed owe you money. Several people in our office were pleasantly surprised to find they were owed funds, so it’s worth exploring.


Examining Tax Returns and Benefits

Another essential section is your tax returns, where you can review past filings for any errors or discrepancies. Additionally, the “Benefits and Credits” tab details future payments from the CRA. For instance, you can see if you’re set to receive a climate action incentive payment or outstanding GST checks. Your savings and pension plans, such as RRSP and TFSA room, are also accessible from this platform. These elements can provide valuable insights into your financial future.


My Service Canada Account

Our second destination is your My Service Canada account, where you can access your CPP and OAS numbers. The focus here is on planning for your retirement. You can apply for various benefits like survivor’s pensions, disability benefits, and death benefits or manage your old age security and guaranteed income supplement. The contributions tab helps you track your CPP contributions, offering insights into your potential benefits and retirement income.

We hope you’ve enjoyed this exploration of government websites and the information they offer for retirement planning. Unclaimed funds and potential benefits are valuable discoveries. Who knows, the CRA might owe you money!


A Personalized Approach to Retirement Planning

To take control of your retirement finances and optimize your tax savings, click here to access our retirement withdrawal questionnaire. It takes just five minutes, you’ll receive a personalized video from me with strategies tailored to your unique situation.

Marc Sabourin is a Winnipeg-based Financial Advisor and Retirement Specialist with Harbourfront Wealth Management. His specialty is working with pre-retirees and retirees who are looking for retirement, investment, & tax advice. 

Disclaimer: The views expressed are those of Marc Sabourin, Certified Financial Planner, and Investment Advisor, and not necessarily those of Harbourfront Wealth Management Inc., a member of the Canadian Investor Protection Fund

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