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Connect unclaimed property with their rightful owners
- Like many jurisdictions, Canada has laws that aim to connect unclaimed property with their rightful owners, and where those efforts are unsuccessful, to deliver the property to a government authority.
www.mondaq.com/canada/real-estate/1012124/canadian-primer-on-unclaimed-property-legislation
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Dec 1, 2020 · While the specific requirements vary from jurisdiction to jurisdiction, unclaimed property laws in Canada focus on four key issues: Does a business hold property that belongs to, or is owed to, someone else? If so, has the property remained unclaimed by its owner for the dormancy period specified in the legislation?
- On this page
- What are unclaimed bank balances
- How to find out if you have an unclaimed balance
•What are unclaimed bank balances
•How to find out if you have an unclaimed balance
If you don’t use certain financial products for 10 years, federally regulated financial institutions will consider the balance to be unclaimed. They must transfer unclaimed balances to the Bank of Canada.
This only applies to products that hold Canadian money. They don't have to transfer foreign currency products, like U.S dollar savings accounts, to the Bank of Canada. Check with your financial institution for information on how to get unclaimed money in a foreign currency.
Your financial institution must try to contact you before transferring an unclaimed balance to the Bank of Canada. They must do so in writing. They will try to contact you at the last address on file after the following times have gone by:
•2 years of inactivity
•5 years of inactivity
•9 years of inactivity
Your institution will send notices in January after each period of inactivity mentioned above. For example, you have a bank account that has been unused for 2 years as of July. They will send you your first notice in January of the following year.
The notice after 9 years of inactivity tells you that they'll transfer your balance to the Bank of Canada. Your balance will be sent in January of the next year. They'll do so if you don’t contact them or don't use the product by the end of the year. This notice will also tell you how to claim the balance once they transfer it.
Aug 1, 2023 · What is unclaimed property in Canada? Unclaimed property includes chequing accounts, estates, credit balances and various other types of funds that are managed by a federally regulated...
- Hannah Logan
- CAN-legal@nerdwallet.com
The Unclaimed Properties Office (UPO) provides Canadians with information and tools to access unclaimed properties held by the Bank of Canada, including unclaimed bank balances, Canada Savings Bonds and Government of Canada bonds, The Canada RSP and The Canada RIF.
Sep 29, 2023 · Last updated on September 29, 2023. The Office of the Comptroller General (OCG) is responsible for the legislation of the Unclaimed Property Program as authorized by the Unclaimed Property Act. Examples of unclaimed property: Unpaid wages. Forgotten deposits in credit unions. Court trust funds. Other sources.
Sep 28, 2024 · Find out if you have unclaimed money by going to the Bank of Canada website and doing a search using the Unclaimed Properties Office portal. As with many Canadians, you may have unclaimed money sitting in a bank account or the Canada Revenue Agency (CRA) without your knowledge.
Jul 12, 2020 · If you have ever lived in B.C., Alberta or Quebec, you can dig for forgotten money by searching online databases provided by unclaimed property programs in each of the three provinces. The ...
