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Filing your taxes as a family can be a lot more complicated than as an individual. There are many more family tax credits and benefits you can qualify for. Unfortunately, when you file taxes as a family, you might miss out on credits and other benefits that you didn’t know you were eligible for. This is unfortunate considering how much extra unclaimed money in Canada you could have claimed. Luckily, you can recover the funds you may have lost by not filing your taxes or claiming those benefits.

Here are some ways to find unclaimed money in Canada with your income tax return this year.

How To Recover Unclaimed Money In Canada From The CRA

Although the Canada Revenue Agency (CRA) manages Canada’s tax system, filing your income taxes is all up to you. So, if you’re not accustomed to all the tax jargon you might be missing out on unclaimed money in Canada from the CRA. To recover your unclaimed money consider taking these steps:   

Check For Unclaimed Cheques

Every year, the CRA disperses millions of tax refunds and benefit payments across the country, by cheque or direct deposit. However, the CRA says that more than $1 billion in cheques have gone uncashed by Canadian taxpayers throughout the years due to changes of address, and other common reasons that prevent the delivery of payment.

If you have unclaimed cheques from the CRA, you can easily claim your uncashed cheques by:

  • Logging into (or signing up for) CRA My Account
  • Choosing “Uncashed Cheques” on the My Account “Overview” page
  • If you have any unclaimed money, you simply have to complete and submit the online form that’s displayed in your My Account. 

To avoid missing out on any uncashed cheques, simply apply for direct deposit. This will ensure all cheques are directly deposited into your bank account.  

Check For Missing Credits And Benefits

If you don’t have a CRA My Account, you can always look back at your old tax returns to see if you’ve missed any credits or benefits that you were actually eligible for. A good tax accountant or consultant should be able to help you find missing tax benefits too.    

Use Family Tax Recovery

Family Tax Recovery is a team of accountants that specializes in tax returns, tax filings, and tax reviews. They perform in-depth analyses of past tax returns and use tax codes to track down missed credits and benefits that eligible taxpayers haven’t claimed.

Unlike most other tax firms in Canada, Family Tax Recovery starts the refund process for free. They only charge fees after they find unclaimed tax money and are certain that it’s been delivered to your bank account or received as a CRA credit. Once you officially get your refund or CRA credit, Family Tax Recovery will take a 33% share of any money they’ve recovered as a fee for their service.

How Does It Work?

Using Family Tax Recovery is pretty simple. Just go to their website and follow their instructions:

  • Provide Your Contact Info – To apply, you must give them personal details like your name, phone number(s), address and Social Insurance Number (SIN).   
  • Fill Out A Refund Request Form – Next, you’ll need to fill out their “refund maximization” form. Generally, tax refunds are larger for married couples with children who have been filing their tax returns for the past 10 years.     
  • Sign The Authorization Form – Once your SIN and refund have been validated, you’ll get access to your Personal Page, which will have any updates to your file.  
  • Get A Refund Specialist – After you sign up, Family Tax Recovery assigns you a tax refund expert. Most reviews lead to tax refunds of a few hundred to a few thousand dollars.

Unclaimed Money In Canada: Types Of Family Tax Credits You May Have Missed

If you’re part of a Canadian household, you may qualify for the tax benefits below. Keep in mind that other conditions could apply, so contact the CRA for more information: 

Canada Child Benefit

This non-taxable CRA benefit helps eligible families cover the cost of raising children under 18. Children with disabilities will receive an extra amount for the Child Disability Benefit. It’s paid once a child is registered (just after birth) and stops when they turn 18. Spouses/common-law partners must file their tax returns together to get the CBB yearly.    

Child Medical Expenses

If you’re a Canadian, you can claim medical expenses that you’ve paid for. The max amount you can claim is the lesser of these two amounts:  3% of your net income or $2,479. 

Childcare Expense Deduction

If you pay a babysitter or other specialist to care for your child while you go to school or work, you can deduct those expenses from your gross income. Annual limits vary based on your child’s age and, if they have an approved disability, they may get a higher limit. You can also claim advertising or placement agency fees related to finding a specialist.    

Provincial Child Fitness Tax Credits

Most provinces and territories have now cancelled their fitness tax credits and children’s art amounts. Currently, there are only three exceptions in Canada:   

  • Quebec – Eligible Quebec residents are allowed to claim the Tax Credit For Children’s Activity, which gives the receiver up to $500 in related fees paid per child, with an additional $500 for each child suffering from a disability or infirmity.   
  • Manitoba – The Manitoba fitness amount covers up to $500 in eligible fees per family member. The children’s art amount pays up to $500 in fees for children under 16 who are enrolled in an art program, with an extra $500 for disabled children.
  • Yukon – Yukon residents can get the same children’s art amount as Manitobans, as well as the Yukon children’s fitness tax credit, which pays up to $1,000 in fees per child under 16, with an additional supplement of $500 for disabled children.      

RESP

A Registered Education Savings Plan lets you save for your child’s future by entering a contract with a bank, insurer, or another subscriber. Once you name at least one child as a beneficiary, the CRA registers the contract as an RESP, then sets the contribution limit and available grants for each child. Contributions are not deductible because you make them after paying income taxes. When the RESP matures, the funds go to your child.            

Canada Caregiver Amount

If you or your spouse/common-law partner has a child with a disability or infirmity, you can claim the Canada Caregiver Amount on their behalf, for as many children as you have. If you’re a single parent in a shared custody agreement, only the parent who claims the Eligible Dependent Amount can claim the Canada Caregiver Amount for the same child.  

Children’s Special Allowances (CSA)

The children’s special allowances program gives payments to agencies/institutions (federal, provincial, and territorial) that provide childcare, such as children’s aid societies. CSA payments occur monthly and are equal to the Canada Child Benefit (CCB), plus the Child Disability Benefit (CDB), if the child qualifies for the Disability Tax Credit (DTC).        

How To Find Benefits You’re Eligible For?

If you’d like to know which tax perks your household is eligible for, you can use the child and family calculator on the Government of Canada website. Remember, the accuracy of the calculator’s results may vary based on the information you provide. Additionally, the CRA will never contact you by text or instant message, so watch out for scams.   

Did You Claim All Your Unclaimed Money In Canada?

If you’re part of an eligible Canadian household you may be able to access a whole range of tax credits, deductions, and benefits in your name or those of your spouse/common-law partner and children. In fact, there are plenty of ways to find unclaimed money from the CRA. You can use services like the Family Tax Recovery, your CRA My Account, or your own research. There are many ways you can find unclaimed money in Canada.

Unclaimed Money In Canada FAQs

Can I deduct childcare expenses?

You can only deduct childcare expenses if you’re the parent who has the lower net income (including zero income) or who is the sole person supporting a child under 16. If so, you can deduct payments toward nursery schools, day camps, and other caregivers. More conditions could apply if you fell into these categories prior to those deductions:
  • You or your spouse went to school
  • Your spouse has or had a disability
  • You were separated

Can I get disability benefits for my child?

If you meet certain conditions, you’re able to claim tax credits for eligible dependents on your income tax return. If your dependent has a disability, you can claim the amount for:
  • Infirm dependants who are 18 or older
  • The caregiver amount  
  • The disability amount transferred from a dependent  

Are there deductions for education-related expenses for my child?

Yes. If you’re the parent or grandparent of a student (or the parent/grandparent of their spouse), it may be possible for them to transfer all or part of the student tax deduction amount to you. Student tax deductions include moving expenses and childcare costs.

Can my child receive the GST/HST tax credit?

Yes. If you have applied for the Canada Child Tax Benefit (CCTB) on behalf of your child or children, the CRA will automatically include an additional GST/HST credit with yours.  
Bryan Daly avatar on Loans Canada
Bryan Daly

Bryan is a graduate of Dawson College and Concordia University. He has been writing for Loans Canada for five years, covering all things related to personal finance, and aims to pursue the craft of professional writing for many years to come. In his spare time, he maintains a passion for editing, writing screenplays, staying fit, and travelling the world in search of the coolest sights our planet has to offer.

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