UNCLAIMED PROPERTY
Unclaimed property legislation are laws set out to safeguard the rights of property owners and their legal representatives. Unclaimed property refers to abandoned or forgotten assets held by Odyssey that are payable to an owner. Most unclaimed property held by Odyssey is in the form of payments from uncashed dividends and interest cheques along with its underlying securities.
Unclaimed property legislation outlines the requirements for Odyssey to search and notify, report, and remit such assets to certain provincial authorities, in the hopes of reuniting them with the rightful owner.
In Canada, unclaimed property legislation varies by province and territory, each implementing its own policy to govern the handling of unclaimed assets. To date, only Alberta, British Columbia, Quebec, and New Brunswick have enacted unclaimed property legislation of general application.
For additional information, please visit the below links.
If you are a registered accountholder with Odyssey, the provincial unclaimed property legislation associated with the last address on your record will be applicable to your account.
As a transfer agent and registrar for many corporations and other issuers of securities, Odyssey distributes payments and securities on behalf of our issuer clients. When the payments and/or securities are determined to be unclaimed, we are required by certain provincial legislations to notify the owners in writing regarding their unclaimed property. If the owner doesn’t take the requested action by the date listed in the notice, then Odyssey is obligated to remit the funds and/or securities to the appropriate provinces.
The types of properties held at Odyssey subject to Unclaimed Property legislations are:
- Uncashed/Unissued Dividend cheques
- Uncashed/Unissued Interest cheques
- Uncashed/Unissued cheques from sales proceeds
- Returned cheques/Returned securities
- Securities i.e. Stock, Bonds, Warrants, Debentures
- Securities Entitlements and their accrued dividends
- Make sure that we have your current address on file; please notify us if you have moved to a new address
- Be sure to read all your mail and email correspondence sent by Odyssey as it may contain important information
- Make sure that you cash all your cheques, even cheques containing a small balance
- Complete and respond to the Due Diligence letter regarding your unclaimed property
- Login to your online account
- Contact us if you have any questions regarding the Due Diligence notice you received
Odyssey is committed to protecting your personal information and preventing fraud. You may need to provide proof of your identity and/or ownership of the property that you’re claiming.
If you have received an “Unclaimed Property Notice”, complete the form, and return it by email, mail, or via the online instructions below.
If you have not received a letter from us titled “Unclaimed Property Notice”, but have a question about unclaimed funds or if you wish to make a claim for unclaimed property held by Odyssey, please contact us by one of the following options:
- Email: shareholders@Odysseytrust.com
- Mail: Odyssey Trust Company
702-67 Yonge Street
Toronto ON M5E 1J8 - Online – Please contact us on our website at odysseytrust.com and select “I am a Shareholder or the holder of other securities”, followed by “Submit a claim for my property that has been designated as unclaimed”.
- Phone –Monday to Friday between 7:30 a.m. and 4:30 p.m. MT at 1 (888) 290-1175.
A third-party company was used to search publicly available databases. This company provided Odyssey with the address where the Notice was sent.
Unless the owner is reunited with their unclaimed property, it will be considered abandoned and, in accordance with applicable laws, may be turned over to the appropriate governmental authority. Once payments or securities are turned over to the province, you will have to contact the province to claim the property.
Provinces with unclaimed property legislation have their own respective websites where you can search online for property that’s been remitted, including any property that Odyssey has turned over to the province. Most searches are based on the name of the property owner in the province where they currently live or previously lived in case the address wasn’t updated in our records.
To search online for property that’s been remitted or held by the province, please visit the below links.
| Province | Frequency of Notice Mailing | Property Remittance |
| Alberta | Annually, between three and eight months before Alberta’s reporting deadline for unclaimed property valued at $250 or more | Properties that remain unclaimed are remitted to Alberta in April the following year – 120 days after Dec. 31 |
| British Columbia | Semi-annually within six months of a specified date of abandonment, depending on the type of property for any item valued at $50 or more and the prescribed amount for each class of property is $200 or more | None – we retain it at Odyssey |
| Quebec | Annually, between three to six months before Quebec’s report deadline for unclaimed property valued at $100 or more | Properties that remain unclaimed are remitted to Quebec in March the following year – 90 days after Dec. 31 |
| New Brunswick | Annually, between three to six months before New Brunswick’s reporting deadline for unclaimed property valued at $100 or more | Properties that remain unclaimed are remitted to New Brunswick in March the following year – 90 days after Dec. 31 |
Assets are considered abandoned or unclaimed when there has been no account activity on the asset(s) for the below periods:
Province | Amount of Time Before Property is Deemed Unclaimed | Value of Property |
Alberta | 5 years from the date of issuance | Property valued at $250 or more is remitted to the province of Alberta |
British Columbia | 3 years from the date of issuance or, for a cheque returned in the mail, the date of its return | Property is not remitted to the province of British Columbia |
Quebec | 3 years from the date of issuance | Odyssey is required to remit unclaimed property of any value. |
New Brunswick | 3 years from the date of issuance. | Individual property valued at $50 or more and the cumulative of the unclaimed property in the preceding 5 years is $1,000 or more |
No, Odyssey must receive a duly completed Unclaimed Property Form* either online or in physical form, before the address on your account(s) can be updated.
* To sign the Unclaimed Property Form electronically, download the PDF and open in Adobe.
After updating your address, Odyssey will release any unissued securities and replace any outstanding payments, as applicable.
Yes, if you are a legal representative acting on behalf of the accountholder, you must also provide legal documentation to demonstrate your authority to act on their behalf:
General Power of Attorney | A certified copy* of the General Power of Attorney dated within six months. If not dated within six months, the appointed attorney is requested to certify and date on the document that “the document is still in full force and effect and the grantor is still alive” |
Probated Estate | A certified copy* of the accountholder’s Letters Probate, Letters Testamentary or Letters of Administration |
Non-probated Estate | A certified copy* of the accountholder’s Last Will and Testament and Death Certificate |
Corporation | A certified copy* of the Corporate or Board Resolution which lists the names and titles of the individuals authorized to sign on behalf of the company. The document must include sample signatures of the authorized individuals. |
Trust | A certified copy* of the Trust Agreement |
Partnership | A certified copy* of the Partnership Agreement |
Minor or Custodian (UGMA) | A certified copy* of the accountholder’s Birth Certificate |
Name Change | A certified copy* of a Marriage Certificate, Divorce Decree or other legal document verifying the name change |
* “Certified copy” refers to a photocopy that has been notarized, court certified, Canadian charter bank certified, or Medallion Signature Guaranteed.
