Canadians can search for free to determine if they are owed a portion of more than $2.5 billion in unclaimed bank accounts and non-land properties, including dividends, held by federal and provincial authorities. The Bank of Canada (BoC) manages $1.6 billion of these funds, with additional amounts held by British Columbia ($222 million), Alberta ($168 million), Quebec ($515 million), and New Brunswick ($47.2 million).
How Accounts Become Unclaimed
At federally regulated institutions, accounts become unclaimed after a decade of inactivity. The BoC then holds these accounts for a specified deadline: 30 years for balances under $1,000 and 100 years for amounts exceeding $1,000. If the deadline passes, the federal government retains the balance. Banks are legally required to notify account holders in the second, fifth, and ninth year of inactivity.
Free Search and Claim Process
Searching and reclaiming unclaimed accounts is free through official registries. Canadians can visit the BoC’s Unclaimed Properties Office (UPO) website to search by name, according to Amélie Ferron-Craig, BoC media relations specialist. Provincial registries are also available in Alberta, British Columbia, New Brunswick, and Quebec, each with varying deadlines. Manitoba has no active registry despite 1988 legislation, and Ontario lacks a substantial registry.
Increasing Returns to Owners
Claims have risen in recent years. Ferron-Craig noted that over five years, $83.3 million in unclaimed bank balances was returned, with annual payouts growing from $15.2 million in 2021 to $20 million in 2025—a 32% increase. Alberta’s claims declined during the COVID-19 pandemic to $868,000 in 2023 but rebounded to $3.4 million in 2025, per the Alberta Tax and Revenue Administration. New Brunswick’s newer registry has insufficient data for trends.
Common Causes and Documentation
Accounts often go unclaimed due to address or name changes, or death. Reclaiming requires proper documentation, such as identification, with processing times varying by registry.
