The federal government deposited about $26 million in the incorrect bank accounts

Key takeaways: 

• Percentage of payments completing up in the incorrect accounts increased nattily compared with prior years.
• Misdirected federal government payments drove problems for numerous Canadians, critics state.

26 million dollars into incorrect bank accounts the previous year: 

The federal government deposited almost $26 million into the incorrect bank accounts during the previous fiscal year — and almost $10 million of it may be headed for good.

According to figures tabled in the House of Commons, the government sent 22,170 immediate deposits to the incorrect bank accounts between April 1, 2020, and March 31, 2021. In the last fiscal year, it deposited 9,619 payments worth a whole $6.6 million into the incorrect accounts.

The number of cases registered during the 2020-2021 fiscal year is the most elevated since at least 2012. The full amount paid into the incorrect accounts — $25.9 million — is much taller than the figure registered for the prior year and is the second-largest yearly payment of misdirected money registered since at least 2009.

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While the government was capable to retrieve $7.1 million in misdirected payments the previous year, another lost $10.2 million is listed in government documents as “not anticipated to be recovered.” The government states it expects to track down and retrieve another $8.6 million in future years. Source – cbc.ca

The biggest single payment misdirected the previous year — for $3.5 million — was retrieved by the federal government.

With billions of dollars in federal government immediate deposit amounts of all sorts being made per year, a small percentage of them inevitably end up in the incorrect places. But for those staying on money from Ottawa, misdirected amounts can induce headaches and difficulty.