Unclaimed Property in Canada: How to Recover Lost Money
No one just forgets about their money, right? If the Bank of Canada’s over $1.44 billion of unclaimed bank balances is any indicator, people might be more forgetful than you think.
At the end of 2024, the Bank had 3.4 million untouched accounts. The massive forgotten treasure includes both bank balances and estates, with the oldest property dating back to the mid-1800s. And bank accounts are just one type of unclaimed property in Canada
Fortunately, the Bank has a handy search tool to check if any of the unclaimed property is yours. Depending on where you live, your province may also have a registry you can check.
Here’s what to know about unclaimed property and how to find out if any of it is yours.
What is unclaimed property in Canada?
Unclaimed property includes chequing accounts, estates, credit balances and various other types of funds that are managed by a federally regulated financial institution (i.e. a bank) but have gone untouched for 10 years or more.
When accounts are inactive for that long, the bank transfers the funds to the Bank of Canada, operated by the federal government, to be overseen. Banks are required to try to get in touch with account owners before transferring the money.
Once the money goes to the Bank of Canada, accounts of less than $1,000 are held for a maximum of 30 years. Accounts of more than $1,000 are held for 100 years.
How does this happen? People may move or change jobs, and forget about bank accounts, stocks or other assets associated with their previous situation — or fail to update their contact information.
Refunds or overpayments on customer account, uncashed cheques and unredeemed savings bonds are other situations that may result in unclaimed property.
As of last year, the Bank of Canada had over $1 billion in unclaimed bank balances — which is just one type of unclaimed property. The amount has grown year over year, despite best efforts by both individual banks and the government to find owners.
How to find unclaimed property
Wondering if any of Canada’s unclaimed property is yours? There are two ways to search: federally and provincially.
Search the federal database
The Bank of Canada has a very helpful tool you can use () to find out if you have any unclaimed money. You’ll only need to enter your name, city and province. There’s no fee to search for lost funds. However, if you do have unclaimed property, you’ll be responsible for any charges incurred to return the money to you.
It’s important to also note that the database doesn’t work for certain financial instruments, such as savings bonds and registered retirement savings plans.
Search by province
The following Canadian provinces have their own searchable databases you can use in addition to the federal one:
Alberta. Residents should use the following web page to search and figure out what steps to follow if you find anything: www.alberta.ca/unclaimed-property.aspx.
British Columbia. Residents of British Columbia can visit the BC Unclaimed Property Society website (www.bcunclaimed.ca). The Society is actively trying to find rightful owners and may send you a letter inquiring as to whether you are an account holder. If you are unsure of the authenticity of a letter, you can call 604-662-3518 or 1-888-662-2877 to assess its validity.
New Brunswick. Residents can search for unclaimed property via a registry called Funds Finder. If searching your name turns up a result, they will walk you through the process to claim the funds. You can also check on the status of your claim via the website.
Quebec. Residents can visit www.revenuquebec.ca/en/unclaimed-property and select 'Find Unclaimed Property'. Note that if the amount of fees, which includes any applicable taxes, exceeds the net value of the property, it will not be listed in the registry.
🚨The provinces below do not have their own unclaimed property databases.
Manitoba.
Newfoundland and Labrador.
Nova Scotia.
Ontario.
Prince Edward Island.
Saskatchewan.
If you reside in these areas, use the Bank of Canada search tool.
How to avoid losing your property in the first place
As previously stated, property can only be considered unclaimed if the account holder is inactive for 10 years. The bank is also legally required to send out notifications about inactivity starting at the two-year mark.
To ensure your money doesn’t become unclaimed property, keep track of your finances, make sure you interact with your accounts (at least periodically) and don’t ignore any messages from your bank.
It’s also helpful to designate beneficiaries on all of your financial accounts. That way, if you were to pass away with a positive bank balance, your funds would go to someone of your choice.
Frequently asked questions
Is unclaimed property a trap?
Is unclaimed property a trap?
Unclaimed property is very real. However, scammers have also been known to use the promise of unclaimed money as a way to extort their victims. To avoid this scam, keep in mind that no legitimate financial organization will ever ask for your personal banking information before verifying a claim. If you get a call or letter and are unsure of its authenticity, call your bank, your provincial registry or the Bank of Canada.
Where can I search for unclaimed property in Ontario?
Where can I search for unclaimed property in Ontario?
Ontario does not have an unclaimed property registry at this time. If you live in Ontario and would like to check if you have unclaimed accounts, use the Bank of Canada website to do a search.
Sources
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- Bank of Canada. Our unclaimed properties. Accessed Jun 17, 2025.
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