Unclaimed Balances
It's hard to believe, but people forget about funds that they have on deposit in banks, trust companies and loan companies. They also forget to notify banks, brokers, and others when they have a change of address, or a change of name due to marriage, divorce, etc.
Financial institutions must report the amounts of unclaimed balances at December 31 of each year. These amounts are then reported in the Canada Gazette. Check the latest edition of unclaimed balances in the Gazette, to see if you can recover some forgotten money.
When funds held by financial institution have seen no activity for over 10 years, and the rightful owners cannot be found, the funds are transferred to the Bank of Canada. The Bank of Canada provides a searchable database of these unclaimed amounts.
In order to avoid any of your assets becoming part of the massive unclaimed property amounts, it is important to:
- keep good records of;
- bank and savings accounts
- investment/brokerage accounts
- stock certificates, if held personally
- any deposits paid, such as utility or telephone deposits
- insurance contracts
- deposit or cash all checks as soon as possible after receipt
- keep a list of accounts that would have to be notified of a change of address. This list is also invaluable to the executor of your estate, so make sure they have access to it.
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notify everyone on the list promptly if you change your address, or if for some reason your name changes.