Bank of Canada
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How much money is held at the Bank of Canada as unclaimed balances?
At the end of December 2006, approximately 845,000 unclaimed balances, worth some $294 million, were on the Bank's books. Over 88% of these were under $500, representing 22% of the total value outstanding. The oldest balance dates back to 1900.
Services
Unclaimed Balances
What is an unclaimed balance?
An "unclaimed balance" is a Canadian-dollar deposit or negotiable instrument, issued or held by a federally regulated bank or trust company. It can be in the form of a deposit account, bank draft, certified cheque, deposit receipt, money order, GIC, term deposit, credit card balance, or traveller's cheque.
When there has been no owner activity in relation to the balance for a period of 10 years, and the owner cannot be contacted by the institution holding it, the balance is turned over to the Bank of Canada, which acts as custodian on behalf of the owner.
Searching for an unclaimed balance
Use the search form to find unclaimed balances. If you are unable to use this form, you can also contact us by email, telephone, fax, or regular mail.
Notice
Due to the passing of Bill C-37 the following rules came into effect March 29th 2007.
- The Bank of Canada will now hold unclaimed balances for thirty years, once they have been inactive for ten years at the financial institutions. Therefore, balances will now be held for a total of forty years prior to being prescribed.
- Only balances of less than $1,000 will be prescribed after the forty-year period. Previously the limit was less than $500.