Find out if the Bank of Canada owes you any unclaimed money
What you need to know:
Any deposits in a Canadian bank, such as a savings accounts, deposit receipts, money orders, travelers cheques, bank drafts, certified cheques, etc. end up with being declared unclaimed after 10 years of inactivity. Next to that, the unclaimed balances of all amounts are transferred to the Bank of Canada to act as a custodian and repository until the owners make appearance to claim for their unclaimed money.
Unclaimed balances under $500 are safeguarded for 20 years - 10 years at the original bank plus next 10 years at the accounts of the Bank of Canada.
After 20 years all assets under $500 become public funds and can't be claimed for anymore.
There is no time limit for claiming unclaimed balances of $500 or more
