Unclaimed assets in Alberta refer to financial accounts and tangible items that have been dormant for a specific period, typically one year or more. These can include forgotten savings accounts, uncashed cheques, security deposits, insurance proceeds, and contents of safety deposit boxes. For example, an individual might relocate and forget about a utility deposit, or a beneficiary may be unaware of an inheritance. After a certain dormancy period, these assets are transferred to the custody of the government to safeguard them until the rightful owners or heirs can be located.
Safeguarding these forgotten assets provides crucial protection for owners and their heirs. It prevents the permanent loss of funds and ensures that rightful owners can reclaim their property, even after an extended period. This system fosters public trust in financial institutions and promotes financial responsibility. Historically, the practice of safeguarding unclaimed assets has evolved to become a standard practice across jurisdictions, recognizing the importance of protecting individual property rights and preventing the unjust enrichment of third parties. The system also contributes to government revenue, which can be utilized for public benefit until claimed by the rightful owner.
