Overview
The Bank of Canada holds hundreds of millions of dollars in unclaimed property — forgotten bank accounts, GICs, uncashed cheques, insurance payouts, and investment balances. Under the Bank Act, financial institutions must transfer balances that have been inactive for 10 years to the Bank of Canada, which holds them indefinitely until a valid claimant comes forward. The process is free, there is no deadline to claim, and it takes about 15 minutes to search.
How to Search
Federal database (Bank of Canada)
Search at unclaimedproperties.bankofcanada.ca — the official free federal database. Search your name, any previous names (maiden name, name changes), and deceased family members’ names.
Accounts held here: bank deposits, trust company balances, credit union balances transferred under federal jurisdiction.
Provincial registries (search separately)
Several provinces run their own unclaimed property registries for insurance proceeds, utility deposits, and other provincial-jurisdiction property:
| Province | Registry |
|---|---|
| British Columbia | BCUnclaimed.ca |
| Alberta | Alberta Unclaimed Property |
| Quebec | Revenu Québec — Biens non réclamés |
| Ontario / other provinces | Ontario has no separate registry — federally held; other provinces vary |
Insurance company searches
Life insurance proceeds that were never collected can be searched through the OmbudService for Life & Health Insurance (OLHI) at olhi.ca, or by contacting the insurer directly with the deceased’s policy information.
What Most People Don’t Know
- The 10-year dormancy period means old accounts show up later. An account you opened in your 20s and forgot about may not appear in the database until you’re in your 30s or 40s.
- It is completely free. Never pay a third-party “finder” service — the search and claim process is entirely free through official government websites.
- Heirs can claim on behalf of estates. If a family member recently passed, search their name. Property can be claimed by a legal heir with appropriate documentation (death certificate, proof of relationship, grant of administration or probate if required).
- Credit unions are included. Federal credit unions transfer dormant balances under the same rules as banks.
How to File a Claim
Once you find a match on the Bank of Canada database:
- Click the claim link on the result
- Provide identity verification (government-issued ID, SIN confirmation)
- Submit documentation linking you to the account (old address, institution, account number if known)
- Claims are typically processed within 6–8 weeks
Frequently Asked Questions
How long does it take to receive money after filing a claim with the Bank of Canada?
Due to high claim volumes, the Bank of Canada’s processing time is approximately 6 to 8 months from submission to payment. You can check your claim status online using the Claim ID provided on your claim form or in any correspondence from the Unclaimed Balances office.
Can I search for unclaimed property belonging to a deceased family member?
Yes. Heirs and estate representatives can search and claim on behalf of a deceased person. You will need to provide documentation including a death certificate, proof of your relationship to the deceased, and depending on the amount, a grant of probate or letters of administration from the estate.
Is it safe to use a third-party “finder” service to search for and claim my unclaimed property?
No — never pay a third-party service. The Bank of Canada’s search tool and claim process are completely free, and provincial registries (BC Unclaimed, Alberta UCPR, Revenu Québec) are also free. Third-party finders charge a percentage of any recovered funds for a service you can do yourself in 15 minutes at no cost.
Why might my name appear in the database under a different account than I expected?
The database includes all dormant accounts transferred to the Bank of Canada after 10 years of inactivity, so an account you forgot about in your 20s may only appear years later. The entry will show the name as it appeared on the original account — search maiden names, previous legal names, and any name variants you have used.
Does the Bank of Canada database include Canada Savings Bonds or RRSPs?
No. The Bank of Canada’s unclaimed balances database does not include Canada Savings Bonds, Canada Premium Bonds, Canada RSPs, Canada RIFs, or Government of Canada bonds. For those products, contact the Bank of Canada directly or the issuing institution.
Legal Basis
- Bank Act (S.C. 1991, c. 46), Part XIII — Requires federally regulated financial institutions to transfer dormant balances to the Bank of Canada after 10 years.
- Provincial unclaimed property legislation — e.g., Unclaimed Property Act (British Columbia), Unclaimed Personal Property and Vested Property Act (Alberta).