Unclaimed Financial Assets

We provisionally administer financial assets considered to be unclaimed. Such financial assets are entered in the Register of unclaimed property.

Note that interest accrues as of the moment an unclaimed financial asset is liquidated, that is, converted into cash. Interest also accrues at the prescribed rate on any amount remitted to the Minister of Finance by the Minister of Revenue.

Characteristics

A financial asset is considered unclaimed where

  • no claims have been made, no transactions have been performed or no instructions have been given with respect to the asset for a period of three years;
  • the holder has not found the owner or other right-holder; and
  • one of the following situations applies:
    • the last known address of the owner or other right-holder is in Québec
    • the address of the owner or other right-holder is unknown, and the asset was acquired in Québec
    • the asset is in Québec and the owner or other right-holder is resident outside Québec in a jurisdiction where provisional administration of financial assets is not provided for by law

Notice to owners or other right-holders

Before the end of the three-year period of inactivity, holders of unclaimed financial assets must send a notice to the owners or other right-holders to inform them that the asset will be remitted to us unless they contact the holder.

Holders do not have to send a notice if the value of all unclaimed financial assets of an owner or other right-holder is less than $100, or if the holder cannot find the address of the owner or right-holder by reasonable means.

Holders must keep a list of the financial assets they have remitted to us for a period of ten years, in case they are contacted by an owner or other right-holder.

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