UNCLAIMED ACCOUNTS BANK OF CANADA

What’s not included in $532M in Unclaimed Accounts at the Bank of Canada

$532 Million in Unclaimed accounts held by the Bank of Canada is a very BIG balance

It’s a very BIG balance & yet it doesn’t include a lot of other financial assets that you might think are included like:

  • Bank balances from Non-Federally regulated financial institutions like Credit Unions
  • Bank balances not held in Canadian Currency like accounts held in USD (strange?)
  • Bank balances that have had no activity for 1-9 years or more (must be 10+ years)
  • Safety deposit boxes (We’re still trying to find out what happens to unclaimed safety deposit boxes)
  • Gold/Silver Certificates
  • RRSP accounts or Retirement savings accounts
  • Prepaid funeral contracts
  • Stock, Dividends, Securities or Life insurance polices/claims
  • Unclaimed amounts held by other institutions or organizations like prepaid funeral contracts or utility deposits

Wouldn’t it be nice to look in 1-2 places like residents of the US are able to do? That’s one of the many benefits of having Unclaimed property legislation in place.