Saskatchewan to participate in federal debt recovery program

Saskatchewan is joining a Canada Revenue Agency initiative to help recover outstanding debts.

In a media release Monday, the Financial and Consumer Affairs Authority (FCAA) announced it would participate in the CRA’s Individual Refund Offset Program. The FCAA will be able to address debts owed to the Crown through a person’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,” Dean Murrison, the executive director of the FCAA’s Securities Division, said in the release. “This will be a valuable mechanism to strengthen investor confidence in Saskatchewan.”

Under the program – which launched this month – the FCAA tells the CRA of the amount of a person’s outstanding debt. Tax refunds or eligible credits payable to the person then may be transferred to the FCAA to cover the 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,” the release added. “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.”