Do you have any unclaimed balances?? Maybe you think I could never misplace any money! But did you know that over a million Canadians have unclaimed balances, totalling a total of over $350 MILLION!!
Once an account in Canada sits dormant for 10 years and the bank is unable to contact the owner it gets transferred to the Bank of Canada. Balances of over $500 are kept at this bank indefinitely (or until claimed), but balances under $500 are kept there for 20 years waiting to be claimed (10 years at your bank, and 10 at the Bank of Canada), and then they become property of the government.
How do I find out if I have unclaimed balances?? Go to this site. It's free, just have to type in your name!
Now if you do find that you have some unclaimed balances, then you do need to prove that you are who you say you are by filling in some forms, and other proof that you resided at the location the original bank has on file. It will take a month or two before you receive this money.
Check it out! You should check your friends and family as well, see if they have any unclaimed balances. Would be a nice extra payday for some people.