What changed

Unclaimed balances

• (1)

  Where (a) a deposit has been made in Canada that is payable in Canada in Canadian currency and in respect of which no transaction has taken place and no statement of account has been requested or acknowledged by the creditor during a period of ten10 years (i) in the case of a deposit made for a fixed period, from the day on which the fixed period terminated, and (ii) in the case of any other deposit, from the day on which the last transaction took place or a statement of account was last requested or acknowledged by the creditor, whichever is later, or (b) a cheque, draft or bill of exchange (including any suchof instrumentthose instruments drawn by one branch of a bank on another branch of theits bankbranches but not including such an instrument issued in payment of a dividend on the capital of a bank) payable in Canada in Canadian currency has been issued, certified or accepted by a bank in Canada and no payment has been made in respect thereofof it for a period of ten10 years after the date of issue, certification, acceptance or maturity, whichever is later,

• (a)

  a deposit has been made in Canada that is payable in Canada in Canadian currency and in respect of which no transaction has taken place and no statement of account has been requested or acknowledged by the creditor during a period of ten10 years (i) in the case of a deposit made for a fixed period, from the day on which the fixed period terminated, and (ii) in the case of any other deposit, from the day on which the last transaction took place or a statement of account was last requested or acknowledged by the creditor, whichever is later, or

• (b)

  a cheque, draft or bill of exchange (including any suchof instrumentthose instruments drawn by one branch of a bank on another branch of theits bankbranches but not including such an instrument issued in payment of a dividend on the capital of a bank) payable in Canada in Canadian currency has been issued, certified or accepted by a bank in Canada and no payment has been made in respect thereofof it for a period of ten10 years after the date of issue, certification, acceptance or maturity, whichever is later,

• (1.1)

  added on 2023-08-04

  If a deposit referred to in paragraph (1)(a) or an instrument referred to in paragraph (1)(b) is not in Canadian currency, then, before paying to the Bank of Canada the amount required by subsection (1), the bank shall convert the amount of the deposit or instrument to Canadian currency at a rate of exchange determined in accordance with rules prescribed under subsection 26.03(2) of the Canada Deposit Insurance Corporation Act.

• (2)

  A bank shall, on making a payment under subsection (1), provide the Bank of Canada, for each deposit or instrument in respect of which the payment is made, with the following information current as of the day the payment is made, in so far as it is known to the bank: (a) in the case of a deposit, (i) the name of the depositor in whose name the deposit is held, as well as their date of birth and Social Insurance Number, if they are a natural person, (ii) the recorded address of the depositor, (iii) the outstanding amount of the deposit, and (iv) the branch of the bank at which the last transaction took place in respect of the deposit, and the date of that last transaction; and (b) in the case of an instrument, (i) the name of the person to whom or at whose request the instrument was issued, certified or accepted, as well as their date of birth and Social Insurance Number, if they are a natural person, (ii) the recorded address of that person, (iii) the name of the payee of the instrument, (iv) the amount and date of the instrument, (v) the name of the place where the instrument was payable, and (vi) the branch of the bank at which the instrument was issued, certified or accepted.

• (a)

  in the case of a deposit, (i) the name of the depositor in whose name the deposit is held, as well as their date of birth and Social Insurance Number, if they are a natural person, (ii) the recorded address of the depositor, (iii) the outstanding amount of the deposit, and (iv) the branch of the bank at which the last transaction took place in respect of the deposit, and the date of that last transaction; and

• (i)

  the name of the depositor in whose name the deposit is held, as well as their date of birth and Social Insurance Number, if they are a natural person,

• (b)

  in the case of an instrument, (i) the name of the person to whom or at whose request the instrument was issued, certified or accepted, as well as their date of birth and Social Insurance Number, if they are a natural person, (ii) the recorded address of that person, (iii) the name of the payee of the instrument, (iv) the amount and date of the instrument, (v) the name of the place where the instrument was payable, and (vi) the branch of the bank at which the instrument was issued, certified or accepted.

• (i)

  the name of the person to whom or at whose request the instrument was issued, certified or accepted, as well as their date of birth and Social Insurance Number, if they are a natural person,

• (2.1)

  A bank shall, on written request by the Bank of Canada, provide the Bank of Canada with copies of signature cards and signing authorities relating to any deposit or instrument in respect of which it has made a payment under subsection (1). If it does not have any with respect to a deposit or instrument to which the request relates, it shall so inform the Bank of Canada.

Notice of unpaid amount

• (1)

  A bank shall send, by mail and by electronic means, to each person, in so far as is known to the bank, (a) to whom a deposit referred to in paragraph 438(1)(a) is payable, or (b) to each person to whom or at whose request an instrument referred to in paragraph 438(1)(b) was issued, certified or accepted, at their recorded address and electronic address in so far as they are known to the bank, a notice stating that the deposit or instrument remains unpaid.

• (a)

  deleted on 2023-08-04

  to whom a deposit referred to in paragraph 438(1)(a) is payable, or

• (b)

  deleted on 2023-08-04

  to whom or at whose request an instrument referred to in paragraph 438(1)(b) was issued, certified or accepted,

Unclaimed balances

• (1)

  Where (a) a deposit has been made in Canada that is payable in Canada in Canadian currency and in respect of which no transaction has taken place and no statement of account has been requested or acknowledged by the creditor during a period of ten10 years (i) from the day on which the fixed period terminated, in the case of a deposit made for a fixed period, and (ii) from the day on which the last transaction took place or a statement of account was last requested or acknowledged by the creditor, whichever is later, in the case of any other deposit, or (b) a cheque, draft or bill of exchange (including any of those instruments drawn by one branch of an authorized foreign bank on another of its branches but not including onean instrument issued in payment of a dividend on the capital of an authorized foreign bank) payable in Canada in Canadian currency has been issued, certified or accepted by an authorized foreign bank in Canada and no payment has been made in respect of it for a period of ten10 years after the date of issue, certification, acceptance or maturity, whichever is later,

• (a)

  a deposit has been made in Canada that is payable in Canada in Canadian currency and in respect of which no transaction has taken place and no statement of account has been requested or acknowledged by the creditor during a period of ten10 years (i) from the day on which the fixed period terminated, in the case of a deposit made for a fixed period, and (ii) from the day on which the last transaction took place or a statement of account was last requested or acknowledged by the creditor, whichever is later, in the case of any other deposit, or

• (b)

  a cheque, draft or bill of exchange (including any of those instruments drawn by one branch of an authorized foreign bank on another of its branches but not including onean instrument issued in payment of a dividend on the capital of an authorized foreign bank) payable in Canada in Canadian currency has been issued, certified or accepted by an authorized foreign bank in Canada and no payment has been made in respect of it for a period of ten10 years after the date of issue, certification, acceptance or maturity, whichever is later,

• (1.1)

  added on 2023-08-04

  If a deposit referred to in paragraph (1)(a) or an instrument referred to in paragraph (1)(b) is not in Canadian currency, then, before paying to the Bank of Canada the amount required by subsection (1), the authorized foreign bank shall convert the amount of the deposit or instrument to Canadian currency at a rate of exchange determined in accordance with rules prescribed under subsection 26.03(2) of the Canada Deposit Insurance Corporation Act.

• (2)

  An authorized foreign bank shall, on making a payment under subsection (1), provide the Bank of Canada, for each deposit or instrument in respect of which the payment is made, with the following information current as of the day the payment is made, in so far as it is known to the authorized foreign bank: (a) in the case of a deposit, (i) the name of the depositor in whose name the deposit is held, as well as their date of birth and Social Insurance Number, if they are a natural person, (ii) the recorded address of the depositor, (iii) the outstanding amount of the deposit, and (iv) the branch of the authorized foreign bank at which the last transaction took place in respect of the deposit, and the date of that last transaction; and (b) in the case of an instrument, (i) the name of the person to whom or at whose request the instrument was issued, certified or accepted, as well as their date of birth and Social Insurance Number, if they are a natural person, (ii) the recorded address of that person, (iii) the name of the payee of the instrument, (iv) the amount and date of the instrument, (v) the name of the place where the instrument was payable, and (vi) the branch of the authorized foreign bank at which the instrument was issued, certified or accepted.

• (a)

  in the case of a deposit, (i) the name of the depositor in whose name the deposit is held, as well as their date of birth and Social Insurance Number, if they are a natural person, (ii) the recorded address of the depositor, (iii) the outstanding amount of the deposit, and (iv) the branch of the authorized foreign bank at which the last transaction took place in respect of the deposit, and the date of that last transaction; and

• (i)

  the name of the depositor in whose name the deposit is held, as well as their date of birth and Social Insurance Number, if they are a natural person,

• (b)

  in the case of an instrument, (i) the name of the person to whom or at whose request the instrument was issued, certified or accepted, as well as their date of birth and Social Insurance Number, if they are a natural person, (ii) the recorded address of that person, (iii) the name of the payee of the instrument, (iv) the amount and date of the instrument, (v) the name of the place where the instrument was payable, and (vi) the branch of the authorized foreign bank at which the instrument was issued, certified or accepted.

• (i)

  the name of the person to whom or at whose request the instrument was issued, certified or accepted, as well as their date of birth and Social Insurance Number, if they are a natural person,

• (2.1)

  An authorized foreign bank shall, on written request by the Bank of Canada, provide the Bank of Canada with copies of signature cards and signing authorities relating to any deposit or instrument in respect of which it has made a payment under subsection (1). If it does not have any with respect to a deposit or instrument to which the request relates, it shall so inform the Bank of Canada.

Notice of unpaid amount

• (1)

  An authorized foreign bank shall send, by mail and by electronic means, to each person (a) to whom a deposit referred to in paragraph 557(1)(a) is payable, or (b) to each person to whom or at whose request an instrument referred to in paragraph 557(1)(b) was issued, certified or accepted, at their recorded address and electronic address in so far as they are known to the authorized foreign bank, a notice stating that the deposit or instrument remains unpaid.

• (a)

  deleted on 2023-08-04

  to whom a deposit referred to in paragraph 557(1)(a) is payable, or

• (b)

  deleted on 2023-08-04

  to whom or at whose request an instrument referred to in paragraph 557(1)(b) was issued, certified or accepted,