Possibly something downstream from your track, like the master or a bus, has the interleave set to mono. From help:
SONAR has a Mono/Stereo button in each track module in the Track Inspector and Console view. The buttons in the track modules force each track to play in either stereo or mono, but preserve the tracks’ pan positions in the stereo mix.
The Mono/Stereo button in each track forces the track’s audio signal to enter any patched plug-ins as either mono or stereo, whether or not the tracks are mono or stereo. This allows you to use either mono effects on a stereo track or stereo effects on a mono track.
To use a track’s Stereo/Mono button Note: You may lose important stereo data by using mono effects with stereo tracks because your stereo tracks are summed to mono in order to pass through the effect. If you never want your stereo data to be summed to mono, select stereo.
1. Open the Track Inspector or Console view.
2. In the track you want to force to either mono or stereo for processing effects, click the Stereo/Mono button to the desired position.
Note: It is not possible to set a track’s Stereo/Mono button to Stereo if a mono plug-in is the first effect in the track’s FX Rack.