What happens to unclaimed accounts?
The government maintains custody of all unclaimed balances of $500 or more until they are claimed. Unclaimed balances under $500 are kept for 20 years (10 years from the date of the last owner transaction at the Canadian bank, plus an additional 10 years held by the government). Consequently, in the case of balances under $500, a claim must be made no later than December 31 of an account’s last year (the year of the last transaction date + 20 years). The oldest balance dates back to 1900!
