Like the U.S, Canada is experiencing unclaimed money problems of extreme proportions. As of the last report, over 780,000 bank accounts worth $227 million is being held by the Government of Canada. In reality, this is much less compared to the United States, but it might just be the tip of the iceberg.
The basic rules of escheatment for unclaimed Canadian property are: 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 their money.