Our unclaimed properties
An unclaimed bank balance is an account, deposit or negotiable instrument held or issued by a federally regulated bank or trust company issued in Canadian or foreign currency. Foreign denominated accounts are held by the Unclaimed Properties Office as of December 2023.
These balances are considered unclaimed properties and transferred to the Unclaimed Properties Office when:
- they have been inactive for 10 years with the financial institution or trust company, and
- the owner cannot be contacted, or the owner has been contacted but no action was taken on their part to reclaim their funds.
These properties are transferred to the Unclaimed Properties Office once a year between mid-November and December.
Types of bank balances
Here are the types of bank balances that are held or not by the Unclaimed Properties Office (UPO).
HELD BY UPO
Accounts
- Chequing accounts
- Savings accounts
Deposits
- Positive credit card balances
- Term deposits
- Guaranteed Investment Certificates (GICs)
- Deposit receipts
Negotiable instruments
- Bank drafts
- Certified cheques
- Money orders
- Official cheques
- Traveller’s cheques
NOT HELD BY UPO
- Registered Retirement Savings Plan (RRSP) and Registered Retirement Income Fund (RRIF) accounts (except for The Canada RSP and the Canada RIF plans)
- Tax-Free Savings (TFSA) accounts
- Life insurance policies
- Non-federally regulated credit union and caisses populaires balances
- Balances at utilities and other companies
- Gold or silver certificates
- Safety deposit boxes
- Stocks (equity shares) and dividends — Contact the province’s securities commission (e.g. the Ontario Securities Commission).
- Land and livestock
- Gift certificates
Other organizations within your province may also hold unclaimed properties and may be able to help find assets, such as the Office of the Superintendent of Bankruptcy Canada which holds some unclaimed property stemming from bankruptcies. The provinces of Quebec, Alberta and British Columbia also have searchable unclaimed property registries for properties held under provincial jurisdiction. See Resources for Claimants.
Fees and interest
- The Unclaimed Properties Office does not charge a fee for processing a claim.
- There may be costs associated with proving entitlement to the funds, such as the notarization of claim documents.
- Interest is paid for the first 10 years of custody on balances that were held in interest-bearing savings accounts.
- All other deposits and instruments earn no interest.
Retention period
- The Unclaimed Properties Office holds unclaimed bank balances of less than $1,000 for 30 years.
- Bank balances of $1,000 or more are held for 100 years.
- Properties that remain unclaimed at the end of the retention period are transferred to the Receiver General for Canada.
Communications
According to the Bank Act and other federal legislation, federally-regulated banks and trust companies have a legal obligation to send a written notification to balance holders after two, five and nine years of inactivity.
- Before 10 years of inactivity: When you receive a written notification from your financial institution about an unclaimed balance, contact them to retrieve your funds before they are transferred to the Unclaimed Properties Office.
- After 10 years of inactivity: If you believe you have an unclaimed balance that has been transferred to the Unclaimed Properties Office, you must submit a claim request. Balance holders are not automatically notified when funds are transferred to the Bank of Canada.