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Free Money The Government Won’t Tell You About In 2022

September 25, 2022 Andrew AdolphAudits

You could have free money in a vault somewhere. I’m going to tell you how to claim it.

Free money the government won't tell you about in 2022

Do you think the CRA would tell you about the money they owe you?

9/10, they won’t!

And before you chastise me, this is coming from a former CRA auditor, so trust me when I say I’m telling the truth. The reason they don’t tell you is that you are the only one who can claim this free money. And if you don’t, they get to keep it!

Now, if you do have free money lying around, it’s not too late to get it.

How do I know?

Because you’re reading this. That means you’re alive, and the only way this money can go back to the government is when you die. So let me tell you why you might be entitled to some free money and how to claim it.

 Three Reasons You Could have Free Money

The most common reasons people have free money they don’t know about are:

  1. Uncashed GST Credit checks
  2. Uncashed Tax refund cheques
  3. BC Climate Action Tax Credit

GST Credit Checks

The GST credit is designed to help people with lower incomes to assist with the necessities of life. It is based on your income, a number of children, and whether someone is claiming the disability tax credit. The rebate amount is divided into four amounts, paid every 3 months. You must file a tax return to claim the credit.

Recently, the government announced an increase to the rebate amount in response to the inflation dilemma. For the July 2022 through June 2023 benefit year, eligible people can receive up to:

  • $467 for singles without children;
  • $612 for married or common-law partners;
  • $612 for single parents; plus;
  • $161 for each child under the age of 19.

If you haven’t been claiming this every year, you might have thousands of dollars out there somewhere waiting for you, but must file your tax returns to get at it.

Tax Refunds

Tax refunds occur when an individual pays more tax than they owe. Some people never file taxes, many because they can’t really afford to. But for the people who HAVE filed tax returns, it is possible a tax refund you had coming to you and didn’t know it but the cheque didn’t get to you. Even if your cheque was stolen, the government still has the original with your name on it!

 How to Claim Your Free Money

Now that your free money is out there waiting for you, I’m going to teach you how to claim it. The first thing you must do is sign up for a CRA My Account for individuals. Click here to sign up. Signup is fairly easy if you have numbers from your most recent tax return. In some cases, you will have to wait for CRA to mail you a password.

Once you get past the passwords and the two-factor authorization, you will get the overview screen. Scan down the right side, and you will see “Uncashed Cheques”.

Click on Uncashed cheques and follow the instructions. It is that simple! There is a form, but most of it is filled in. You must sign the form, and you need a witness to do so as well.

 The Bottom Line

Who knew getting money back from the government was so easy? Never filed a tax return and wonder if you have money owing to you? For additional information or a free consultation, you can contact us at 604-204-6173 or email me at andrew@gatewaytax.ca. Don’t forget to check out my blog for additional tax-related resources.

 

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Andrew Adolph

Andrew Adolph is a CPA and former CRA auditor with 25 Years of experience. He helps businesses to not par any more in sales taxs than the law says they must and acts as an advocate for you if you are being audited, so you can fous on your business.