Verified November 2, 2026 against the Bank Act, the Financial Consumer Agency of Canada and the Bank of Canada Unclaimed Properties Office.
Short answer: If a Canadian bank account, GIC, bank draft or certified cheque sits untouched for 10 years, the bank must send the money to the Bank of Canada. You can search for it free at the Unclaimed Properties Office search page using a last name, business name or account number. If you find a match, you submit an online claim request, receive a claim form by email, send two pieces of ID plus proof the money is yours, and wait. The Bank of Canada says the average claim takes about 120 days and there is no fee to claim.
Most people picture unclaimed money as a lottery story. The reality is quieter. It is the savings account you opened at 19 and forgot when you moved, the bank draft a client never cashed, or the small GIC a parent bought and never mentioned before they passed away. Across Canada, those forgotten balances add up to a large number, and a lot of it belongs to people who have no idea it exists.
This guide walks through how the system works, how to search properly, what the claim form will ask for, and how to handle the harder cases: estates, businesses and joint accounts. Everything here comes from the Bank Act, federal consumer guidance and the Bank of Canada’s own published figures.
What counts as an unclaimed balance
Under section 438 of the federal Bank Act, a balance becomes unclaimed when nothing has happened on it for 10 years. That covers two broad groups.
- Deposits. Chequing and savings accounts with no transaction and no statement requested or acknowledged by the owner for 10 years. For a fixed-term deposit such as a GIC or term deposit, the 10 years start on the day the term ended, not the day you bought it.
- Bank-issued instruments. Cheques, drafts and bills of exchange issued, certified or accepted by a bank in Canada that nobody has cashed for 10 years after the date of issue, certification, acceptance or maturity, whichever is later. In everyday terms, that means uncashed bank drafts and certified cheques.
The regime applies to federally regulated institutions, which means Canada’s banks and federally regulated trust and loan companies. Accounts at provincially regulated credit unions and caisses fall under provincial rules instead, which we cover further down.
Balances in foreign currency are converted to Canadian dollars before they are sent to the Bank of Canada, so an old U.S. dollar account will show up as a Canadian dollar amount.
How money ends up at the Bank of Canada
Banks do not quietly hand your money over. The Bank Act sets a notice schedule, and the Financial Consumer Agency of Canada (FCAC) summarises it for consumers. Your bank must contact you in writing at the last address it has on file after 2, 5 and 9 years of inactivity. Section 439 says those notices go out in January following each period, by mail and by electronic means where the bank has an email address. The nine-year notice must also say where to get information on claiming the money.
If nobody responds, the bank pays the balance to the Bank of Canada by December 31 of the tenth year. The Unclaimed Properties Office says transfers arrive each year between mid-November and December.
The practical lesson: the notices go to the address your bank has on file. If you moved in the last decade and did not update every old account, the letters probably went to someone else’s mailbox. That is why people who change homes often are among the most likely to have money waiting. Our GTA moving checklist includes updating every financial account for exactly this reason.
How much is out there
The Bank of Canada reports that it held $1.60 billion in unclaimed bank balances across 3.6 million separate balances as at December 31, 2025. Dividing one by the other gives an average of roughly $444, but that average hides a wide spread. A 2018 Finance Canada consultation paper found that balances under $100 made up about 70 per cent of everything the Bank held at the time, which means a small number of large balances carry much of the total.
The Bank is returning more money than it used to. A Bank of Canada spokesperson told the National Post in July 2026 that $83.3 million had been returned to owners over the previous five years, and that annual payouts grew from $15.2 million in 2021 to $20 million in 2025, a 32 per cent increase. In 2025 alone, the Bank reports 1,937 paid claims.
| Measure | Figure | Source and date |
|---|---|---|
| Total value held | $1.60 billion | Bank of Canada, as at Dec. 31, 2025 |
| Number of balances | 3.6 million | Bank of Canada, as at Dec. 31, 2025 |
| Paid to owners in 2025 | $20.0 million, 1,937 claims | Bank of Canada, 2025 |
| Paid to owners, past five years | $83.3 million | Bank of Canada spokesperson, July 2026 |
| Annual payouts, 2021 vs 2025 | $15.2 million vs $20 million | Bank of Canada spokesperson, July 2026 |
| Share of balances under $100 | About 70% | Finance Canada consultation paper, 2018 |
How to search the right way
The search is free and does not require an account. Go to the Bank of Canada’s How to search page and open the search tool. You can search by:
- Last name for individuals, optionally narrowed with a city and province.
- Business name for companies, partnerships, charities and clubs.
- Account number if you have an old statement, passbook or cheque.
A match typically shows the amount, the type of property (for example a deposit account or a draft), the last four digits of the account, the bank that reported it, and the date it was transferred. Balances under $2.00 are not shown in the online search.
Search tips that find more money
- Try every surname you have used. Maiden names, married names, hyphenated versions and names without accents. Bank records are only as good as the spelling someone typed decades ago.
- Search without the city first. Records carry the address the bank had at the time. If you lived in Scarborough in 2008 and Oakville now, a filter for Oakville will hide the match.
- Search for relatives. Parents, grandparents and spouses who have passed away are some of the most common sources of unclaimed money, because nobody knew the account existed.
- Search old business names. Sole proprietors and small companies often leave behind uncashed customer drafts or a dormant business account after a rebrand or closure.
- Repeat the search once a year. New balances arrive every November and December, so a search that came up empty this year can show a match next year.
Before it reaches the Bank of Canada: if an account has been inactive for less than 10 years, the money is still at your bank. Call or visit the bank directly with ID. Any transaction or statement request resets the clock.
How to claim, step by step
- Find your match. Run the search and note every result that could be yours, including the reporting bank and the transfer date.
- Submit an online claim request. Start the claim from the search result. You will be asked who you are and how you are connected to the money: owner, representative, estate or business.
- Watch your inbox. The Unclaimed Properties Office says the claim form arrives by email within about an hour. The form lists the documents your specific claim needs. The office notes that some requirements may not appear on the form and it may ask for more during review.
- Send your documents. Upload them through the secure portal. If the claim is worth more than $5,000, the documents must be mailed to the Unclaimed Properties Office in Ottawa instead. You have 12 months from the date of the claim form email. After that, the request is closed and you would have to start again.
- Wait for review. The office says the average processing time is about 120 days, depending on the time of year, how complex the claim is and how complete your package was. You can check progress on the claim status page.
The Bank of Canada says claims go through rigorous verification and those that do not meet the requirements are denied. The most common cause of delay is a package that is missing something, so it pays to send everything the form asks for in one go.
Documents you will need
Every claimant has to prove two things: who they are, and that the money belongs to them or to the person or business they represent.
| What you are proving | What usually works |
|---|---|
| Your identity | Two pieces of ID. At least one must have a photo and at least one must show your current address. |
| Ownership of a bank account | A passbook or bank statement showing the account number, a void cheque, or a letter from the bank. |
| Ownership of a deposit or GIC | An investment statement, a GIC certificate, a term deposit copy, a deposit receipt, or another statement that ties you to the deposit. |
| Ownership of a draft or certified cheque | The original instrument, or a copy that shows the instrument number. |
| A link to an old address | Useful when the record shows an address you no longer live at. Old tax notices, utility bills or leases can help connect you to it. |
| Someone acting for you | A signed Third-Party Authorization Form, unless the person is appointed by power of attorney, court order or letter of probate. |
Documents must be in English or French. Anything in another language needs a translation by a certified translator, certified by a notary public. Claiming is free, but you may pay for things like notarizing documents or ordering a replacement record. Check the claim form before you pay for anything, since not every claim needs notarized copies.
No paperwork from decades ago? That is common. Start with the reporting bank shown in the search result. Banks can often confirm historical account details, and a letter from the bank is listed as acceptable proof.
Claiming for an estate, a business or someone else
The Unclaimed Properties Office accepts claims from these people:
| Claimant | What to expect |
|---|---|
| The living account owner | ID plus proof of ownership. The simplest kind of claim. |
| An authorized representative of a living owner | For example, an attorney under a power of attorney, or the Public Guardian and Trustee. Expect to provide the appointing document. |
| Executor, administrator or liquidator of an estate with a will | Proof of death and proof of your authority to act for the estate, as listed on the claim form. |
| Heir or beneficiary of an estate with no will | Proof of death and of your relationship and entitlement. The form will say what applies. |
| Signing officer of a business or corporation | Proof the business is entitled to the funds and that you have signing authority. |
| A lawyer or other third party | A signed Third-Party Authorization Form from the claimant. |
Estates in Ontario
For GTA families, unclaimed balances often surface while settling a parent’s estate. A few practical points:
- Search the deceased person’s name at every address they lived at, not only their last one. Older balances carry older addresses.
- In Ontario, an executor’s authority is usually shown with a Certificate of Appointment of Estate Trustee, the court document many people still call probate. Keep certified copies handy, because banks, the Bank of Canada and land registry offices may each want one.
- Money found after the estate is closed still belongs to the estate. The executor may need to reopen the accounting and distribute it to beneficiaries under the will.
- If a home is part of the estate, an unclaimed balance will not change the sale process, but it does belong in the estate inventory. Executors working out what a family home is worth can start with a free home evaluation.
This guide is general information, not legal or tax advice. Estate questions, especially where there is no will or where beneficiaries disagree, are worth a call to an Ontario estates lawyer.
Joint accounts and businesses
For a joint account, the claim form will set out what each owner needs to provide, and a surviving joint owner will usually need to show proof of the other owner’s death. For businesses, the claim goes through a signing officer. If the company was dissolved, the ownership question gets more complex, and it may be worth getting advice before you file.
Interest, deadlines and what happens after 30 or 100 years
| Rule | Detail |
|---|---|
| Balance under $1,000 | Held by the Bank of Canada for 30 years |
| Balance of $1,000 or more | Held by the Bank of Canada for 100 years |
| After the holding period | Transferred to the Receiver General for Canada |
| Interest | Paid only on balances that were in an interest-bearing savings account when transferred, and only for the first 10 years of custody |
| Interest rate | Set by the Minister of Finance. Finance Canada’s 2018 consultation paper put it at 1.5% at that time. |
| Other balances | Chequing balances, drafts, certified cheques and other instruments earn no interest while held |
So the money does not grow much while it sits in Ottawa, and for small balances the clock is real. A $400 savings balance from 2005 that moved to the Bank of Canada in 2015 will only be held until about 2045. The sooner you claim, the less you rely on interest that may never have been paid.
Fees, finders and scams
The Bank of Canada says the Unclaimed Properties Office does not charge a fee for processing a claim. Searching is free too. That matters because the subject attracts two kinds of unwanted attention.
Red flags:
- A call, text or email saying you have unclaimed money and asking for your banking details, SIN or a fee to release it. The Unclaimed Properties Office says it does not request fund transfers or collect personal or financial information by email or phone.
- A “finder” or “recovery” company offering to locate your money for a percentage. You can do the same search yourself for free in a few minutes.
- A website that looks official but is not on the
bankofcanada.cadomain. Type the address yourself or go through the FCAC page.
If you are unsure whether a letter is genuine, contact the Unclaimed Properties Office directly at 1-833-876-2267 (1-613-782-7911 from outside North America), Monday to Friday, 9 a.m. to 5 p.m. Eastern. The office does not offer in-person service or accept hand-delivered documents. Mail goes to Bank of Canada Unclaimed Properties Office, 234 Wellington Street, Ottawa, Ontario K1A 0G9. Do not send personal information by email.
Money the Bank of Canada does not hold
The Bank of Canada search only covers balances from federally regulated banks and trust and loan companies. If you come up empty, the money may be somewhere else.
| Where | What it covers |
|---|---|
| Your old bank directly | Accounts inactive for less than 10 years, which have not moved yet |
| Credit unions and caisses | Governed by provincial rules. Contact the credit union or its successor after a merger. |
| Revenu Québec | Unclaimed property in Quebec |
| BC Unclaimed Property Society | Unclaimed property in British Columbia |
| Alberta unclaimed property | Unclaimed property in Alberta |
| New Brunswick Funds Finder | Unclaimed property in New Brunswick |
Ontario does not run a general provincial unclaimed property registry like Quebec or British Columbia, so for most Toronto and GTA residents the Bank of Canada search and direct contact with old institutions are the main routes. The Bank of Canada search also does not cover Canada Savings Bonds or registered plans such as RSPs and RIFs, so contact the issuer or plan administrator for those.
Found money you did not know about? Many people put it toward something they had been planning anyway, like a down payment fund. If buying in the GTA is on your list, start with our home buying hub, and see how the latest Bank of Canada rate decision affects mortgage costs. If property taxes are part of your budget, our guide to GTA property tax due dates and payment plans explains how to spread payments over the year.
Frequently asked questions
Is it free to search for and claim unclaimed money from the Bank of Canada?
Yes. The search is free and the Bank of Canada says its Unclaimed Properties Office does not charge a fee for processing a claim. You may have small costs of your own, such as notarizing documents, if your claim needs them.
How long does a Bank of Canada unclaimed balance claim take?
The Unclaimed Properties Office says the average processing time is about 120 days. It depends on the time of year, how complex the claim is and whether the package was complete when you sent it.
How long does the Bank of Canada keep unclaimed money?
Balances under $1,000 are held for 30 years and balances of $1,000 or more for 100 years. After that, the money is transferred to the Receiver General for Canada.
Can I claim money for a parent who has passed away?
Yes, if you are the executor, administrator or liquidator of an estate with a will, or an heir or beneficiary of an estate with no will. The claim form will list the proof of death and proof of authority or entitlement the office needs.
Does unclaimed money earn interest at the Bank of Canada?
Only balances that were in an interest-bearing savings account when transferred earn interest, and only for the first 10 years the Bank holds them, at a rate set by the Minister of Finance. Other deposits and instruments earn no interest.
Why can I not find a small balance in the search?
Balances under $2.00 are not shown in the online search. Also try other spellings of your name, former names and searching without a city filter.
Sources
- Bank of Canada Unclaimed Properties Office, How to search, How to claim unclaimed property, Our unclaimed properties and Claim status
- Justice Laws Website, Bank Act, section 438 and section 439 (current to September 30, 2026)
- Financial Consumer Agency of Canada, Unclaimed bank balances
- Department of Finance Canada, Modernization of the Unclaimed Balances Regime (archived consultation, 2018)
- National Post via Yahoo News Canada, How to find out if you are owed some of the $2.5 billion in unclaimed Canadian accounts (July 8, 2026), for Bank of Canada payout figures
- WealthNorth, Unclaimed bank balances (updated October 2026), summarising Bank of Canada figures as at December 31, 2025
Images: downtown Ottawa photo from the Local Toronto media library. Timeline and process diagrams are original illustrations by Local Toronto.
This article is general information and not legal, tax or financial advice.
Local Toronto, HomeLife Landmark Realty Inc., Brokerage.