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What is an unclaimed balance or asset?

April 26, 2017ASSET Balance unclaimed

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What is an unclaimed balance or asset?

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Any money deposited in a Canadian bank that has had no activity for 10 years or more is declared unclaimed. This includes deposits in the form of savings accounts, bank drafts, certified cheques, deposit receipts, money orders or travelers cheques. The Canadian Government maintains the balances and acts as a custodian on the owners behalf until they return to claim there money.