Unclaimed property (UCP) has long been a major compliance issue in the United States, where states collectively hold billions of dollars in dormant assets and enforce strict escheatment laws with significant penalties for non-compliance. US regulators actively audit holders, making UCP a high-profile topic at industry conferences.

At Computershare’s recent client conference, Access: DC, I was pleased to share the stage with my US colleagues and a special guest, Lynn Hill, Manager Unclaimed Property with the DC office of the CFO. Lynn shared what happens with unclaimed assets that land with the District of Columbia custodian and the special efforts she and her team make to reunite holders with their assets.

Tara Israelson
By Tara Israelson, General Manager, Issuer Services, Computershare Canada

In Canada, the landscape is quieter but evolving. Like the US, there is no federal UCP regime; instead, legislation exists at the provincial level (or state level in the US). Currently, Alberta, British Columbia, Québec, and New Brunswick have enacted unclaimed property laws, with Manitoba also having a program of general application. These laws require holders – including reporting issuers and their agents – to identify dormant accounts, perform due diligence, and remit unclaimed assets to provincial authorities after specified dormancy periods (typically three years for securities and dividends).

Recent developments suggest Canada UCP trends may be following the US lead. New Brunswick’s legislation, effective in 2022, goes beyond uncashed dividends to include underlying securities and certain corporate action entitlements. Québec has expanded its scope, similarly, requiring remittance of both dividends and shares. These changes signal increasing regulatory attention and potential future harmonization across provinces.

How Computershare helps

Managing UCP obligations can be complex and resource intensive. Computershare supports issuers by tracking “contact” at the individual account level as well as through proactive asset reunification services to reduce the number of lost shareholders and minimize exposure. 

For accounts that do become dormant, we handle the full compliance process – conducting due diligence, mailing required notices, and reporting and remitting unclaimed shares and dividends to the appropriate provincial authority. Our expertise ensures issuers meet legislative requirements while safeguarding shareholder interests.

If you have questions about unclaimed property, please contact your Relationship Manager.

Canadian UCP Legislation – Assets in Scope
Province Year Enacted Act Dormancy Period Assets in Scope for Reporting Issuers
Alberta 2008 Alberta Unclaimed Personal Property and Vested Property Act 1–15 years Securities, uncashed dividends, interest
British Columbia 1999 British Columbia Unclaimed Property Act 3–10 years Securities, trust funds, brokerage accounts
Québec 1999 Unclaimed Property Act 3 years Uncashed dividends, underlying securities
New Brunswick 2020 Unclaimed Property Act 3 years Dividends, securities, corporate action entitlements
Manitoba 2022 The Vacant Property Act 12 years Money and securities

 

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Computershare is not providing, and does not intend to provide, any legal, tax or investment advice.

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