COVID-19: FAQ Concerning Unclaimed Property

Last updated: October 5, 2020

Administration of unclaimed property

Is Revenu Québec still accepting unclaimed property?

Revenu Québec's unclaimed property activities have resumed and are being performed by employees working remotely.

The 10-year limit for recovering amounts less than $500 from the Minister of Finance has been temporarily suspended until the health emergency is lifted (Order 2020-4251 dated March 15, 2020).

What is happening with the administration of unclaimed successions?

Activities related to the administration and liquidation of unclaimed successions have resumed and are being performed by employees working remotely.

Claiming financial assets

I submitted a claim for an unclaimed financial asset. Will processing take longer than usual?

The processing of claims for financial assets and unclaimed successions has resumed and is being performed by employees working remotely.

Remitting financial assets

Are there any relief measures for holders of unclaimed financial assets who must make their annual remittance?

Yes. The deadline by which a holder must remit unclaimed property to the Minister of Revenue has been extended to August 31, 2020, where the property became unclaimed in the period from December 17, 2019, to May 30, 2020. The deadline is normally the end of the first quarter following the fiscal period in which the property became unclaimed. No interest or penalty will apply to such property if it is remitted to the Minister before September 1, 2020. The extension does not apply to remittances made after the August 31, 2020, deadline.

Audits

What is happening with audits of financial asset holders?

Audit activities are resuming gradually and will be back to normal by October 5, 2020. Audit procedures have been adapted.

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