Unclaimed Assets (Property) - Canada

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Unclaimed Assets / Balances

 

Financially – you may be richer…

 

What is an unclaimed asset or balance?

 

Unclaimed asset or balance is usually personal property on which the owner has taken no-action for some time and/or has not responded to the holder’s requests to express an interest in the asset (property) in question. A holder could be a public or private organization that holds personal property that belongs to someone else.

 

Further – as per Canadian definition, an “unclaimed asset or balance” is a Canadian-dollar (CAD) deposit (a form of property: currency or official bank notes) or negotiable instrument issued or held by a federally regulated bank or trust company that has been transferred to the Bank of Canada after it has been inactive for a period of ten (10) years.

 

The US and EU appears to have somewhat similar and some different sets of rules and regulations in respect to unclaimed assets or balances when compared to Canada. The Asians and Far East have also different set of rules and regulations, which is not part of this article.

 

My research here focuses on Canadians and I will discuss the basics below. It is believed that this article is the most complete and comprehensive on the subject of unclaimed assets/balances in Canada, and will be updated as new information becomes available. I hope it helps you out and wish you the best of luck.

 

Nearly $10 billion CAD is available as unclaimed funds or balances (assets) in Canada. The Bank of Canada holds approximately $5 billion of these unclaimed funds and over $4.5 billion dollars is in the form of holdings from and under the private sector as well as the provincial governments and other public and private trust firms such as insurance, financials, law firms and so on.

 

There are a number of reasons why this keeps happening. Some people tend to forget about their money in a bank account, some have secret bank accounts, some deceased, some move, some buy shares and stocks in a company and lose track of papers, and so on and on.

 

Most provinces and terrorizes in Canada do not have legislation in place to re-connect people with their money. Only a few provinces in Canada such as Alberta, British Columbia, and Quebec have legislation in place to deal with public and private unclaimed assets and balances.

 

For example, currently the province of Quebec – Revenue Quebec has about $300,000,000.00 waiting to be found and collected. Ontario, Prince Edward Island and other provinces had started a similar program for unclaimed assets, but it was scrapped for a number of reasons.

 

You should check to see if you have (money) unclaimed assets/balances in your name, or under your business if any. As indicated above, all unclaimed balances from bank accounts is to be transferred to the Bank of Canada as Canadian laws and acts state. The Bank of Canada has extensive information and publications on financial and banking laws, rules, and regulations that may help you with additional information if you wish to research this subject further.

 

In the case of Bank of Canada, they hold unclaimed balances of less than $1,000.00 for thirty (30) years, once they have been inactive for ten (10) years at the financial institutions. Balances of $1,000.00 or more will be held for one-hundred (100) years once they are transferred to the Bank of Canada.

 

 

Note: Please DO-STAY-AWAY from some websites that require you to pay money in order to search these databases. Not only because of your privacy and safety’s importance, but also you do not need to pay anything for something that may be yours already. Most and all of the information in respect to the unclaimed assets and balances are available online free of charge. You could search and recover your unclaimed balances or assets for $0.

 

Further, there are a number of both legit and non-legitimate Canadian and US companies that help individuals and businesses recover their unclaimed assets for a fee. The fee usually ranges from 10% to 40% + of the total of unclaimed asset or balance. I highly recommend that you start your own research using the links provided on this website. Please note that canadasmallbusiness.ca is 100% free and there is no charge or any fee for anything on this website.

 

 

What types of unclaimed balances are held at the Bank of Canada and other service providers?

 

Unclaimed bank balances held at the Bank of Canada and other unclaimed assets entities or service providers are usually Canadian-dollar accounts, deposits and negotiable instruments issued by federally regulated banks or trust companies. However, some unclaimed assets or balances are in USD and other forms of assets as well. For more information, please visit the appropriate links and information on this website. Any and all information on canadasmallbusiness.ca is 100% free with no strings attached. So, please feel free to browse, search and click anywhere you like.

 

 

Types of unclaimed assets / balances:

 

  • Bank drafts
  • Bonds
  • Business and business holding assets
  • Chequing accounts
  • Credit card balances
  • Dissolved corporations
  • Expired notes and contracts
  • Financial assets
  • Inheritance
  • Insurance products and funds
  • Term deposits
  • General bank accounts and deposits
  • Guaranteed investment certificates – GICs
  • Depository receipts
  • Certified cheques
  • Money orders
  • Mutual funds
  • Official cheques
  • Other property (properties)
  • Prepaid funeral deposits
  • Savings accounts
  • Shares and stocks
  • Secured credit/debit accounts
  • Traveller’s cheques
  • Unclaimed successions
  • Etc

 

 

For additional information on bank of Canada, click search unclaimed assets/balances. For further details, please visit Bank of Canadaunclaimed balances website below. to read more and search unclaimed balances.

 

 

BY MAIL:

Bank of Canada | Unclaimed Balances
234 Laurier Avenue West
Ottawa, Ontario,
K1A 0G9

 

Note:Include the name and address of the claimant/balance holder with your request if you are contacting the Bank of Canada for unclaimed balances. Or you may search the database yourself, please see links below.

 

BY PHONE, FAX AND EMAIL:

 

 

 

ONLINE SEARCH – FEDERAL GOVERNMENT:

 

 

ONLINE SEARCH – PROVINCIAL/PROVINCES:

  • Alberta unclaimed assets and balances
  • British Columbia unclaimed assets and balances
  • Manitoba unclaimed assets and balances
  • New Brunswick unclaimed assets and balances
  • Newfoundland and Labrador unclaimed assets and balances
  • Nova Scotia unclaimed assets and balances
  • Northwest Territories unclaimed assets and balances
  • Nunavut unclaimed assets and balances
  • Ontario unclaimed assets and balances
  • Prince Edward Island unclaimed assets and balances
  • Quebec unclaimed assets and balances
  • Saskatchewan unclaimed assets and balances
  • Yukon unclaimed assets and balances

 

 

ONLINE SEARCH – PROVINCIAL:

 


Unclaimed Assets / Balances – Canada | Canadasmallbusiness.ca