A wide variety of property currently lies unclaimed in various institutions across Ontario. This unclaimed property includes such things as amounts due under an insurance policy and interests recognized by such instruments as share certificates and bonds. Many of these assets are never claimed by their rightful owners.

There are many reasons why assets become unclaimed. Some owners become ill or die without alerting family members to the existence of their property. Others simply lose track of their assets over time. It is thought that the total value of these properties is in the millions of dollars.

Lost or forgotten assets are typically left in the possession of a financial institution or other business (the “holder”), but they do not belong to those institutions.

To ensure that unclaimed intangible assets are dealt with in a fair and responsible manner that minimizes the burden on asset holders, the ministry has proposed a program to manage assets that have been unclaimed for a period of time. A key feature of this proposed Unclaimed Property Program includes the creation of a centralized registry of unclaimed property that could be easily accessed by the public.

For more information about the proposed program and how it would work, please read the fall 2012 consultation document.

Tell us what you think

We want to know what you think of the proposed Unclaimed Property Program. Your feedback will help inform the legislation that will govern it.

Fall 2012 consultation

Read the consultation document for more information about the proposal discussed during the first round of consultations, which took place in fall 2012.

Spring 2013 consultation

The follow-up spring 2013 consultation is now underway. The Ministry of the Attorney General is hosting a series of meetings to review the proposed Unclaimed Property Program, based on the results of our fall 2012 consultation.

Date	Sector	Location
Tuesday, June 11	Municipal	720 Bay St., Toronto, ON 7th Floor Time: 9:30 AM – 12:30 PM
Friday, June 14	Insurance	900 Bay St., Toronto, ON Algonquin Room Time: 9:30 AM – 12:30 PM
Monday, June 17	Financial Services (Other than Insurance)	900 Bay St., Toronto, ON Temagami Room Time: 9:30 AM – 12:30 PM
Tuesday, June 18	Others (Legal, Not-for-Profit, etc.)	900 Bay St., Toronto, ON Huron Room Time: 9:30 AM – 12:30 PM

To register, please contact John Lee at john.a.lee@ontario.ca, or call 416-326-5114.

Note: Please register at least two business days in advance of the meeting you wish to attend.

Questions:

If you have any questions, please contact John Lee at john.a.lee@ontario.ca, or call 416-326-5114.