On August 21, the Financial and Consumer Affairs Authority (FCAA) announced its participation in the Canada 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."
The government release states that 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.
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