Millions of dollars owed to ordinary Canadians sits unclaimed in dormant bank accounts and terminated pension plans — and the federal Department of Finance is looking at fresh ways to tax some of that idle money and to reduce or eliminate any interest paid on it.
Each year, federally regulated banks and trust firms turn over to the Bank of Canada any money they find in accounts that have been inactive for a decade and are owned by people who can't be located.
As of Dec. 31, 2017, the central bank carried $742 million in these unclaimed balances. A central registry allows potential owners to search an online database, and about $10 million in claims are paid out each year.
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