CRA: 3 Hidden Ways to Boost Your Tax Refund

The CRA offers generous tax refunds and rebates. Investing this unclaimed cash in dividend stocks could change your financial future forever. 

You’re reading a free article with opinions that may differ from The Motley Fool’s premium investing services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Canada Revenue Agency (CRA) offers a generous amount of tax refunds and rebates for those who need it most. Many of these programs are well-known. However, some tend to slip under the radar. Missing out on these hidden programs could be the equivalent of leaving thousands of dollars on the table every single year.

With that in mind, here are the top three hidden ways you can boost your CRA tax refund this year.  

CRA caregiver rebate

The Canada Caregiver Credit program is designed to support the unsung heroes of our society — family caregivers. If someone in your family (a spouse, or parent or grandparent) is dependent on you due to a physical or mental impairment, you could get a tax refund for their care. 

Depending on the dependent’s age and circumstances, you may be entitled to up to $7,140 in annual tax refunds. This amount could go a long way toward helping your family.

CRA GST/HST credit

The CRA has managed to offset the costs of living for low and middle-income families via a quarterly tax refund. The Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit could be worth hundreds of dollars in direct payments every quarter. The exact amount you receive depends on your personal circumstances. Check with a CPA to learn more. 

CRA uncashed cheques

The tax refunds mentioned above are sometimes sent via cheques. If you’ve moved or if the cheques are lost en route, you may have an unclaimed balance pending with the CRA. According to the CRA, there were 7.6 million uncashed cheques belonging to over five million Canadians that are collectively worth over $1 billion. 

The CRA now has an online portal that allows you to check if there’s any pending unclaimed tax refund in your name. 

What to do with tax refunds?

Depending on your situation, you could have a few hundred to a couple of thousand dollars in tax refunds. These refunds are designed to offset your cost of living and support your family. However, if your family’s finances are already in good shape, you could use the tax refund to bolster your financial security further. 

High-income dividend stocks, such as RBC Bank, could allow you to generate passive income from your tax refund capital. RBC stock currently offers a 4.5% dividend yield, which means a $1,000 investment could deliver $45 in recurring annual cash flow. Over time, the stock price appreciation and regular dividends could far outweigh your annual tax burden. 

RBC seems to be in a better position than most of its rivals. The bank’s exposure to the commercial debt and mortgage sector is limited, which makes its balance sheet more robust. Also, the dividend yield is higher than its five-year average. This means investors can lock-in a substantial rate right now.

Bottom line

The CRA offers generous tax refunds and rebates. While the most popular programs are well known, the lesser-known ones could deliver hundreds, if not thousands of extra dollars to your account. Investing this unclaimed cash in dividend stocks could change your financial future forever.

Should you invest $1,000 in Enbridge right now?

Before you buy stock in Enbridge, consider this:

The Motley Fool Stock Advisor Canada analyst team just identified what they believe are the Top Stocks for 2025 and Beyond for investors to buy now… and Enbridge wasn’t one of them. The Top Stocks that made the cut could potentially produce monster returns in the coming years.

Consider MercadoLibre, which we first recommended on January 8, 2014 ... if you invested $1,000 in the “eBay of Latin America” at the time of our recommendation, you’d have $21,058.57!*

Stock Advisor Canada provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month – one from Canada and one from the U.S. The Stock Advisor Canada service has outperformed the return of S&P/TSX Composite Index by 38 percentage points since 2013*.

See the Top Stocks * Returns as of 2/20/25

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Vishesh Raisinghani has no position in any of the stocks mentioned.

If You Thought Apple and Microsoft Were Big, You Need to Read This.

The steel industry produced the world's first $1 billion company in 1901, and it wasn't until 117 years later that technology giant Apple became the first-ever company to reach a $1 trillion valuation.

But what if I told you artificial intelligence (AI) is about to accelerate the pace of value creation? AI has the potential to produce several trillion-dollar companies in the future, and The Motley Fool is watching one very closely right now.

Don't fumble this potential wealth-building opportunity by navigating it alone. The Motley Fool has a proven track record of picking revolutionary growth stocks early, from Netflix to Amazon, so become a premium member today.

See the 'AI Supercycle' Stock

More on Investing

ETF chart stocks
Bank Stocks

A Canadian Bank ETF I’d Buy With $1,000 and Hold Forever

Do you want a safe portfolio with growth and income? It won't be a risky investment when you have this…

Read more »

TFSA (Tax free savings account) acronym on wooden cubes on the background of stacks of coins
Dividend Stocks

TFSA Contribution Limit for 2025 Stays at $7,000: What to Buy

Are you looking for more income from your $7,000 TFSA investment? Then consider EIF stock first and foremost.

Read more »

dividends can compound over time
Dividend Stocks

3 Dividend Champions to Earn Reliable Monthly Income

The following three monthly-paying dividend stocks could help investors earn a stable passive income.

Read more »

Canadian Red maple leaves seamless wallpaper pattern
Stocks for Beginners

TFSA: 4 Canadian Stocks to Buy and Hold Forever

Here are four top Canadian stocks TFSA investors can buy now and hold forever for strong, tax-free returns.

Read more »

Female raising hands enjoying vacation, standing on background of blue cloudless sky.
Dividend Stocks

Top Canadian Stocks to Buy for Value Investors

These Canadian stocks offer everything from long-term growth to value and even income. So, what's the hold up?

Read more »

coins jump into piggy bank
Dividend Stocks

How to Use Your TFSA to Earn $113 Per Month in Tax-Free Income

These TSX dividend stocks offer high yields and monthly payouts. These stocks can help you earn over $113 in tax-free…

Read more »

a person looks out a window into a cityscape
Dividend Stocks

Better REIT: RioCan vs Choice Properties?

If you're looking for income, the two largest REITs out there are a good place to start. But which edges…

Read more »

Silver coins fall into a piggy bank.
Dividend Stocks

Here’s the Maximum Amount Canadians Could Have in a TFSA

No matter what your contribution room, holding ETFs like iShares S&P/TSX 60 Index Fund (TSX:XIU) in a TFSA is a…

Read more »