REGINA — The Financial and Consumer Affairs Authority (FCAA) is announcing its participation in the Canadian Revenue Agency's (CRA) Individual Refund Offset Program. The program allows the FCAA to recover outstanding debts owed to the Crown through an individual's tax refunds and other benefits.
"Participating in the CRA's Individual Refund Offset Program will increase the FCAA's ability to collect outstanding debts," Executive Director of the Securities Division with the FCAA Dean Murrison said. "This will be a valuable mechanism to strengthen investor confidence in Saskatchewan."
To collect a debt, the FCAA will inform the CRA of the outstanding amount to be recovered. Once a debtor's account is identified, any tax refund or eligible credit payable to that individual may be transferred to the FCAA to cover their outstanding debt.
An individual will be informed if their tax monies have been allocated for the program on their Notice of Assessment or Reassessment, or via a statement on their CRA account. This information will include the amount transferred, the program it was transferred to and how the program can be contacted if an individual has further questions.
The program launched in August 2023.
You can no longer count on social media to deliver important news to you. Keep your news a touch away by bookmarking SASKTODAY.ca's homepage at this link.
Here's why you should bookmark your favourites.
Subscribe to SASKTODAY.ca newsletter to get our daily news to your inbox.
