A financial asset is considered to be unclaimed if, three years after it becomes payable, its owner has made no claim, engaged in no transaction or given no instruction in respect of the product. It may also be a financial asset of an owner or other right-holder that was not found after research by the holder.
The unclaimed financial asset may:
Unclaimed financial assets are remitted to Revenu Québec, which provisionally administers them after entering them in the register of unclaimed property.
Revenu Québec publishes notices to make known its quality as liquidator, listing the names of the persons whose financial assets are to be liquidated.
The financial assets may then be claimed by the owner or an interested party who makes a claim known within the prescribed time.
Types of unclaimed financial assets An unclaimed financial asset may be of one of the following types:
Note Deposits in a bank or federally-chartered trust company can be claimed from the Bank of Canada.
Interest on unclaimed financial assets Interest is calculated from the time when an unclaimed financial asset transferred to Revenu Québec is liquidated, in other words transformed into cash.
Property held in trust Property held by one person for the benefit of another person.
Clientele Owners of unclaimed financial assets and other interested parties (such as heirs), as well as their duly authorized representatives. Requirement Ability to prove that a person is the owner or an interested party.
Since April 1, 2006, Revenu Québec is the sole organization responsible for recovering and administering unclaimed property and financial assets.
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