How unclaimed money is managed across Canada

If you are searching for unclaimed money in Canada, it is important to know that there is no single nationwide program. Instead, unclaimed property is handled differently depending on the province or the type of account involved.

Some provinces have passed laws that require organizations to report and transfer unclaimed funds. Others have no legislation at all. And if you held an account at a federally regulated bank, your funds would be sent to the Bank of Canada instead of a provincial agency.

Here is a look at how unclaimed funds are managed in different parts of Canada.

British Columbia

BC is one of only four provinces with active unclaimed property legislation. The program is managed by BC Unclaimed, a not-for-profit society designated by the Province.

Under the Unclaimed Property Act, both mandatory and voluntary holders can transfer funds to BC Unclaimed, where they remain available to be claimed at any time. If the rightful owner cannot be found, the funds are redirected to the Vancouver Foundation to support community programs across the province.

Dormancy periods range from 1 to 10 years depending on the property type.

You can search for unclaimed funds in BC here.

Bank of Canada

The Bank of Canada manages unclaimed balances from federally regulated banks and trust companies. These can include:

• Chequing and savings accounts

• Term deposits and GICs

• Bank drafts, money orders, and other official instruments

If there has been no activity on the account for 10 years, the funds are transferred to the Bank of Canada and held for:

• 30 years if the balance is under 1,000 dollars

• 100 years if the balance is 1,000 dollars or more

You can search the Bank of Canada's database here: http://bankofcanada.ca/unclaimed-balances

Alberta

Alberta has had unclaimed property legislation in place since 2008. The program is managed by the Tax and Revenue Administration.

Alberta’s register includes a wide range of property types, such as:

• Insurance policies

• Uncashed cheques and payroll

• Security holdings and dividend payments

• Dormant accounts and deposits

Dormancy periods range from 1 to 15 years, depending on the property.

You can search Alberta’s unclaimed property directory here: unclaimedproperty.alberta.ca

Quebec

Quebec’s unclaimed property program is managed by Revenu Québec and is supported by formal legislation. The program covers:

• Provincially regulated accounts, such as those held at caisses populaires and credit unions

• Safety deposit box contents

• Insurance payouts and pension benefits

• Estates and dissolved companies

Funds are considered unclaimed after 3 years of inactivity.

You can search Quebec’s register here: revenuquebec.ca/en/unclaimed-property/

New Brunswick

New Brunswick enacted its unclaimed property legislation in 2022. The program is administered by the Financial and Consumer Services Commission.

New Brunswick’s register includes unclaimed property such as:

• Credit union accounts

• Uncashed cheques

• Security deposits

• Dormant funds held by businesses or government agencies

Dormancy periods ranges from three years or ten years depending on the type of property.

You can search New Brunswick’s unclaimed property directory here: fundsfindernb.ca

Other provinces and territories

At this time, no other province or territory in Canada has formal unclaimed property legislation or a centralized program. However, some unclaimed funds may still be managed internally by insurers, public agencies, or financial service providers.

Where to start your search

If you live in British Columbia, start at bcunclaimed.ca. But if you have lived, worked, or banked in other provinces, it is worth checking federal and provincial sites as well.

Every program has its own rules and search tools, but they all share one purpose: reconnecting people with money that is rightfully theirs.