Every year, millions of dollars in Canada go unclaimed. Whether it’s forgotten bank accounts, uncashed cheques, or inactive credit balances, these funds are eventually transferred to the Bank of Canada, where they await their rightful owners.
If you suspect you might have money waiting for you, or you’re simply curious, this guide will walk you through the process of checking for unclaimed balances in Canada.
What Are Unclaimed Balances?
Unclaimed balances refer to funds that have been left inactive for a long period. In Canada, if an account has had no owner activity for 10 years, and the financial institution has been unable to contact the account holder, the balance is classified as “unclaimed.” These funds are then transferred to the custody of the Bank of Canada.
The Bank of Canada retains balances under $1,000 for 30 years and balances of $1,000 or more for 100 years. During this period, the rightful owners or their heirs can claim the money by proving ownership.
Who Might Have Unclaimed Balances?
You might have unclaimed money if:
- You moved and forgot to update your banking information.
- You switched financial institutions and left an old account behind.
- You inherited money but were unaware of it.
- You misplaced or forgot about a deposit or a cheque.
- You held a certified cheque or a bank draft that was never cashed.
Given how common these situations are, it’s worthwhile for every Canadian to check the official registry periodically.
How to Check for Unclaimed Balances
The Bank of Canada has made it easy to search for unclaimed balances through their online database. Here’s a step-by-step guide:
Step 1: Visit the Official Website
Go to the Bank of Canada’s Unclaimed Balances Registry at unclaimedproperties.bankofcanada.ca. This is the official and secure site to search for unclaimed funds.
Step 2: Enter Your Information
On the search page, you’ll need to input:
- Last name or business name
- First name (optional but helpful)
- City (optional)
- Province (optional)
The more details you provide, the easier it will be to find a match.
Step 3: Review the Results
The system will display a list of matches based on the information you entered. Each listing shows the name, last known address, and the amount category (not the exact amount, but a range).
Step 4: Submit a Claim
If you find a balance that matches you, click on it and follow the instructions to submit a claim. You will need to provide identification and supporting documents to prove your ownership. Examples include:
- Government-issued photo ID
- Proof of address from when the account was active
- Documents linking you to the account (e.g., bank statements, old account records)
Claims can be submitted online or by mailing the necessary documents to the Bank of Canada.
Tips for a Successful Search
- Use Variations of Your Name: If your name might have been spelled differently, search all possible variations.
- Check Past Addresses: If you have lived in multiple cities or provinces, try searching each one.
- Search for Deceased Relatives: You may be able to claim unclaimed balances as an heir. You’ll need to provide proof of your relationship, such as a will or a death certificate.
- Be Patient: Some claims can take weeks or even months to process, depending on the complexity.
Provincial Programs for Unclaimed Property
While the Bank of Canada manages most unclaimed balances, some provinces have their own unclaimed property programs, particularly for other types of assets. Here’s a quick overview:
- British Columbia: Operates a robust unclaimed property program through BC Unclaimed.
- Alberta: Has its own program for unclaimed property, accessible at Alberta Unclaimed Property.
- Quebec: Handles unclaimed property through Revenu Québec at Revenu Quebec Unclaimed Property.
- New Brunswick: Runs a program through Funds Finder NB.
If you have lived in any of these provinces, it is also worth checking their databases separately.
Why You Should Check Regularly
Unclaimed balances can accumulate interest over time (although not always), and amounts can be larger than you expect. Moreover, it’s simply good financial housekeeping to ensure you don’t leave money behind. Checking once a year or whenever you move to a new address is a smart habit.
Final Thoughts
Searching for unclaimed balances in Canada is straightforward, free, and can sometimes lead to pleasant surprises. Whether it’s a few dollars from an old chequing account or a larger sum from an inheritance you never knew about, it costs nothing but a few minutes of your time to check.
Make it a habit to search periodically, especially after major life events like moving, changing jobs, or managing a family estate. You might just find money that’s been waiting for you all along.
