Department of Finance Canada Launches Consultations on Canadians' Unclaimed Balances

June 22, 2018 – Ottawa, Ontario – Department of Finance Canada

The Government of Canada is committed to supporting a well-functioning financial services sector, and to helping Canadians achieve a safe, secure and dignified retirement.

Unclaimed balances are Canadian-dollar deposits or negotiable instruments issued or held by federally regulated banks or trust companies, which have had no owner activity in respect of the balance for at least 10 years. The Bank of Canada acts as the federal custodian of unclaimed balances and helps rightful owners claim their funds. As part of the review of the federal financial sector framework, the Government is considering potential amendments to modernize the Bank of Canada's administration of unclaimed balances.

The Department of Finance Canada is also following through on a Budget 2018 commitment to further enhance Canada's private pension policy framework by launching consultations on a regime that would address unclaimed pension balances.

The proposals outlined in the consultation paper released for comment today stem from stakeholder feedback provided during the Department of Finance Canada's second consultation on the review of the federal financial sector framework in 2017, which solicited input on whether to modernize the administration of unclaimed balances.

Interested stakeholders are invited to review the consultation paper at the link below. Written comments should be sent by August 21 via email to: FIN.Pensions-Pensions.FIN@canada.ca.

Consultation Document

• Modernization of the Unclaimed Balances Regime and Proposals for an Unclaimed Pension Balances Framework