Unclaimed monies canada how to#
Unclaimed monies canada series#

One very nice policy that Québec has enacted: all property types are dormant for three years! Too easy! Final Thoughts

Unclaimed monies canada how to#

We will send you instructions on how to submit property remittance documents securely and remit the value of the property by direct deposit. Contact Revenu Québec for more information:Įmail us at with “Remise électronique” as the subject. Forms must be completed and either mailed or sent electronically. Québec does not use NAUPA or any other file format. Unlike in Alberta and British Columbia, all unclaimed property, regardless of value, must be reported and remitted to Revenu Québec, the tax-collecting agency of the province. The report must be submitted as an Excel spreadsheet provided by the province. FSITrack has all of the prescribed amounts coded to each property type. Amounts under these thresholds do not need to be reported. For example, the prescribed amount for a savings account is $200, while the prescribed amount for a life insurance policy is $1,000. the threshold at which the property is subject to the unclaimed property law. Any individual item of unclaimed property valued at less than $50 is also not required to be reported.ĭifferent property types have different “prescribed amounts” i.e. Also, holders whose gross annual revenue is $250,000 or less are exempt. Other businesses may file on a voluntary basis. British Columbiaīritish Columbia’s unclaimed property law only requires credit unions, debt collection agencies, real estate agencies, and companies in liquidation to file reports. The report must be submitted as an XML file that follows Alberta’s format, which is of course generated by FSITrack. The limit is higher for those companies holding tangible property, such as jewelry. In other words, if a company is large enough to be holding more than $250 in cash per customer on average, then they need to file unclaimed property reports. Several property types, including safe-deposit boxes and securities, are currently not accepted, though this may change in the future.Īlberta defines a holder as an entity that keeps or maintains tangible (excluding land) or intangible property for an owner, but limits the application of the law to those holders who keep a net aggregate amount of $250 per owner for intangible property, and $1,000 per owner for tangible property. AlbertaĪlberta has a fairly comprehensive unclaimed property law, and the dormancy periods will seem very familiar (15 years for traveller’s checks, 7 years for money orders, 5 years for a deposit, 1 year for wages).

Unclaimed monies canada series#

The country’s most populous province, Ontario, has no unclaimed property law, despite a series of halting efforts dating back to 1989. They are Alberta, British Columbia, and Quebec. For amounts over $1,000, owners and their heirs have 100 years to collect their unclaimed property.Īs of today, only three Canadian provinces have unclaimed property laws on the books. For funds under $1,000, this time period is 30 years. The Bank of Canada acts as a custodian of the funds for a given period of time, after which the money is definitively transferred to the Receiver General for Canada. Note that this does not cover credit unions, which are very popular in Canada.Īnother important difference is that while in the United States, unclaimed property is almost always held indefinitely by the states ( though there are a few exceptions), Canada has true escheat.

All unclaimed balances are to be reported directly to this central authority after ten years of inactivity. One important difference is that federally regulated banks are administered by The Bank of Canada, the country’s central bank. Understanding these differences is useful if you do business in Canada. Our neighbors to the north handle unclaimed property differently than we do here in the states, and the rule differences between provinces are stark.