You probably think you know how much money you have. But if the Bank of Canada’s over 1.8 billion dollars of unclaimed property is any indicator, that might not be the case. As of 2022, the bank had 2.5 million untouched accounts. The massive forgotten treasure includes both bank balances and estates, with the oldest property dating back to the mid-1800s.
Fortunately, the bank has a handy search tool to check if any of the unclaimed property is yours. Depending on where you live, your province may also have a registry you can check.
Here’s what to know about unclaimed property and how to find out if you have any:
Unclaimed property includes chequing accounts, estates, credit balances and various other types of funds that are managed by a federally regulated financial institution (i.e. a bank) but have gone untouched for 10 years or more. When accounts are inactive for that long, the bank transfers the funds to the Bank of Canada, operated by the federal government, to be overseen. Banks are required to try to get in touch with account owners before transferring the money.
Once the money goes to the Bank of Canada, accounts of less than $1,000 are held for a maximum of 30 years. Accounts of more than $1,000 are held for 100 years.
As of last year, the Bank of Canada had nearly two billion dollars worth of unclaimed property. The amount has grown year over year, despite best efforts by both individual banks and the government to find owners.
Wondering if any of Canada’s unclaimed property is yours? There are two ways to search: federally and provincially.
The Bank of Canada has a very helpful tool you can use (www.unclaimedproperties.bankofcanada.ca) to find out if you have any unclaimed money. You’ll only need to enter your name, city and province. There’s no fee to search for lost funds. However, if you do have unclaimed property, you’ll be responsible for any charges incurred to return the money to you.
It’s important to also note that the database doesn’t work for certain financial instruments, such as savings bonds and registered retirement savings plans.
The following Canadian provinces have their own searchable databases you can use in addition to the federal one:
The provinces below do not have databases. If you reside in one of these areas, you should rely solely on the Bank of Canada search tool:
As previously stated, property can only be considered unclaimed if the account holder is inactive for 10 years. The bank is also legally required to send out notifications about inactivity starting at the two-year mark. So, to ensure your money doesn’t become unclaimed property, keep track of your finances, make sure you interact with your accounts (at least periodically) and don’t ignore any mail from your bank.
It’s also helpful to designate beneficiaries on all of your financial accounts. That way, if you were to pass away with a positive bank balance, your funds would go to someone of your choice.
