Could the Bank of Canada be holding on to some of your money? There’s an easy way to find out and claim it.
The Unclaimed Properties Office (UPO) is an organization that helps Canadians access assets held by the Bank of Canada. These assets can include unclaimed bank balances, Canada Savings bonds, and amounts from Retirement Savings Plans (RSP) and retirement income funds (RIF).
The UPO states that its goal is to reunite “rightful owners with their forgotten funds.”
Kikinunchi/Shutterstock
So, how can you check if the Bank of Canada has some of your money?
Visit the Unclaimed Property website here. The online search tool allows you to find unclaimed bank balances, such as accounts, deposits, or negotiable instruments.
To search, enter your last name or the name of your business. You can also include your city and province. Alternatively, you can also enter your bank account number.
Here’s what the search tool looks like:
Bank of Canada
If you do still have some money with the Bank of Canada, the result will show the following information along with your name:
- The amount you’re owed
- The property type
- The last four digits of your account
- The bank that reported the unclaimed fund
- The date of transfer
To claim your cash, you must be one of the following:
- A living account owner or the authorized representative such as power of attorney, public guardian, or trustee
- An heir or beneficiary to an estate with no will
- An executor, administrator, or liquidator for an estate with a will
- A signing officer for a business or corporation
If you’re requesting the claim on someone else’s behalf — meaning you’re a third-party representative (their lawyer, for example), you must get authorization from the primary claimant.
Unfortunately, the site does not allow you to search for Canada Savings Bonds, Canada Premium Bonds, Canada RSP, Canada RIF, or Government of Canada bonds.
“All Canada Savings Bonds and Canada Premium Bonds reached maturity and stopped earning interest,” states the UPO website. “Cash in your bond certificates by bringing them to the financial institution where you bank or invest.”
Check here for more information to see if you have unclaimed money in those departments.