Unclaimed Bank Balances Canada 2026 — How to Claim Your Money

Updated March 2026 · 10 min read

Hundreds of millions of dollars sit in unclaimed bank accounts in Canada — money that belongs to Canadians who have lost track of old accounts, moved, or forgotten about inactive balances. The Bank of Canada holds these funds indefinitely and returns them to the rightful owner upon claim. Here's how to find and claim unclaimed money that might be yours.

How the Unclaimed Balances System Works in Canada

Under the Bank Act, federally regulated banks must:

1. After 2 years of inactivity, classify an account as dormant and notify the account holder.
2. After 10 years of no transactions and no contact from the account holder, transfer the balance to the Bank of Canada.
3. The Bank of Canada holds these funds indefinitely — there is no deadline to claim them.

The Bank of Canada maintains a public searchable database of all unclaimed balances transferred from federally regulated banks. Balances under $1,000 from more than 100 years ago may be forfeited to the federal government under separate legislation, but most funds are fully claimable indefinitely.

How Much Money Is Unclaimed in Canada?

As of recent Bank of Canada reports, over $1 billion in unclaimed balances is held on behalf of Canadians. The average unclaimed balance is relatively small (under $500 in many cases), but accounts with thousands of dollars are not uncommon. Forgotten GICs, old employer payroll accounts, and estate accounts where heirs were unaware of the asset are common sources.

How to Search for Unclaimed Bank Balances in Canada

Step 1: Go to the Bank of Canada Website

Visit bankofcanada.ca/unclaimed-balances (search "Bank of Canada unclaimed balances" in your browser).

Step 2: Search by Name

Enter your first and last name (or the name of a deceased relative whose estate you're settling). The search returns a list of potential matches including the financial institution name and a partial account identifier.

Step 3: Identify a Match

If you find a match — your name plus an institution you recognize — note the claim reference number and institution name displayed in the search results.

Step 4: Contact the Financial Institution

Despite the Bank of Canada holding the funds, you claim them through the original financial institution (e.g., TD, RBC, Scotiabank). Contact that bank's customer service with:

• The claim reference number from the Bank of Canada search
• Government-issued photo ID
• Any documentation linking you to the account (old statements, proof of address)

Step 5: Bank Processes Your Claim

The bank verifies your identity and claim, then requests the funds from the Bank of Canada. Processing time is typically 4–12 weeks. Funds are returned to you by cheque or direct deposit.

Claiming on Behalf of a Deceased Person's Estate

If you're an executor or beneficiary of an estate and discover unclaimed balances belonging to a deceased person, the claim process requires:

• Death certificate
• Probated will (or letters of administration if no will)
• Proof of your appointment as executor or administrator
• Your own government-issued ID

Consult an estate lawyer if the amount is significant or the documentation is incomplete.

Provincial Unclaimed Property vs Bank of Canada

Bank deposits (chequing, savings, GICs, term deposits) at federally regulated banks go to the Bank of Canada. However, other types of unclaimed property may be held at the provincial level:

Preventing Your Balance From Becoming Unclaimed

To prevent your account from going dormant and eventually being transferred to the Bank of Canada:

• Make at least one transaction (deposit, withdrawal, or transfer) on any account every 12–18 months
• Keep your address and contact information current with all financial institutions
• Respond to dormancy notices from your bank
• Close accounts you no longer need rather than abandoning them
• Tell your family about all accounts you hold so that in the event of your death, they can locate and claim all assets

Dormancy Rules at Provincial Credit Unions

Credit unions are provincially regulated and follow provincial unclaimed property legislation rather than the Bank Act. Dormancy timelines and claim procedures vary by province. In Ontario, credit union unclaimed deposits go to the Financial Services Regulatory Authority (FSRA). In BC, they go to BC Unclaimed Property Society. Check your province's unclaimed property registry if you're looking for old credit union accounts.

Old RRSPs and TFSAs — Can They Become Unclaimed?

Registered accounts (RRSPs, TFSAs, RRIFs) can also become dormant and eventually be transferred to the Bank of Canada or provincial authorities. However, because these accounts have registered beneficiaries and required distributions (for RRIFs), they're somewhat less likely to be abandoned than non-registered accounts. If you suspect a deceased family member had registered accounts, contact their bank and the Bank of Canada search tool.

Frequently Asked Questions

Is there a deadline to claim unclaimed bank balances from the Bank of Canada?

No. The Bank of Canada holds funds indefinitely. Balances transferred to the Bank of Canada before 100 years ago may be subject to forfeiture provisions in older legislation, but most balances are claimable at any time.

Will I receive interest on my unclaimed balance?

The Bank of Canada does not pay additional interest on unclaimed balances after they're transferred. You receive the balance as of the date it was transferred, plus any interest accrued before transfer.

Can I search for someone else's unclaimed balance?

The search is public — you can search any name. However, claiming requires proof of entitlement (you are the account holder or authorized estate representative). You cannot claim funds on behalf of living persons without their explicit authorization.