GUIDE FOR HOLDERS OF UNCLAIMED FINANCIAL PRODUCTS

About this content

This content is a plain-language reformulation of the official Revenu Québec publication: BD-81.5.G(2022-12).pdf, produced to help citizens and entrepreneurs better understand their tax obligations. It does not constitute legal or tax advice. Refer to the official document for any decision.

Who this document is for

This guide is intended for any person, business, financial institution, organization, broker, securities adviser, plan administrator, trustee or other holder who keeps a financial product whose owner or another entitled person is unknown or cannot be found. It is intended in particular for holders of financial property such as:

• amounts deposited in an institution authorized to accept deposits;
• certified cheques, drafts, money orders or bills of exchange;
• securities, shares, units, interests, dividends or other income;
• property held by brokers or securities advisers;
• property held in trust;
• contents of safety deposit boxes;
• life insurance amounts;
• amounts payable under annuity or retirement contracts or plans;
• property associated with registered plans such as RRSPs, RRIFs, RRSPs, VRSPs, TFSAs or RESPs;
• segregated fund contracts;
• any other financial product covered by the Unclaimed Property Act.

Context and purpose

The document explains the obligations applicable to holders of unclaimed financial products, called UFPs, under the Unclaimed Property Act, CQLR, chapter B-5.1. The objective is to specify:

• what types of financial products can become unclaimed;
• when such property must be considered unclaimed;
• what verifications the holder must make before remitting them;
• what notices must be sent to the owner or entitled person;
• what forms must accompany the remittance;
• what remittance deadlines must be respected;
• what special rules apply to registered plans, securities accounts, safety deposit boxes, retirement plans, RESPs, segregated fund contracts and other specialized cases;
• what consequences apply in the event of delay or non-compliance with the obligations. The legal references indicated in the original document refer to sections of the Unclaimed Property Act. The guide reminds readers that legislative texts take precedence over the administrative explanations in the guide. Revenu Québec has legal possession of the property remitted to it. Once property has been remitted, the holder must comply with the rules applicable to unclaimed property and must not treat a later claim by the owner as though the property were still under its sole responsibility.

Complete and detailed information

Essential definitions

Holder of an unclaimed financial product

A holder is a person or organization that:

• has not managed to find the owner of a financial product or another entitled person;
• owes a debt to that owner or entitled person;
• or keeps property on behalf of that person.

Owner

The owner is the natural person or legal person who holds a property right in the property.

Entitled person

The entitled person is a person who may assert a right to unclaimed property, notably because they are:

• the owner;
• an heir;
• a legatee.

Intermediated security

An intermediated security corresponds to securities or other financial assets recorded, or that must be recorded, in a securities account held by a securities intermediary.

Financial products that must be remitted when they become unclaimed

The following categories of financial products must be remitted when they become unclaimed:

• amounts deposited in a financial institution authorized to accept deposits;
• the value held to honour a certified cheque, draft or money order;
• amounts owing for the redemption or repayment of debt securities or any interest in a legal person, partnership or trust;
• funds, securities and other property received by a broker or securities adviser;
• shares and equity securities issued by a reporting issuer, traded on a stock exchange or on capital markets, when they do not constitute intermediated securities;
• funds, securities and other property held in trust;
• funds, securities and other property placed in a safety deposit box of a financial institution;
• funds, securities and other property held by a financial institution as creditor, secured creditor, also called pledgee, or custodian;
• insurance amounts payable under a life insurance contract;
• property, including a share or the right to a share, that must be allocated following the conversion of a mutual insurance company into a share company;
• amounts payable under an annuity or retirement contract or plan, including a segregated fund contract;
• other property provided for by regulation, including property attached to an education savings plan;
• interest, dividends and other income produced by the above property.

Forms applicable when remitting

When a holder remits UFPs, the holder must attach the appropriate form:

Situation	Form to use
Unclaimed financial products other than contents of safety deposit boxes	Statement concerning unclaimed property (BD-81.5)
Contents of safety deposit boxes	Statement concerning safety deposit boxes containing unclaimed property (BD-81.9)
Financial products remitted under the temporary incentive measure for remittance	Statement concerning unclaimed property remitted under the incentive measure for remittance – Unclaimed financial products (BD-81.5.A)

General remittance deadline

As a general rule, the holder must remit the unclaimed financial product during the quarter following:

• the end of its fiscal year, if the holder is a legal person;
• the end of the calendar year, if the holder is a natural person. This quarter is the one following the fiscal year or year in which the financial product became unclaimed. If remittance is made after this deadline, the holder must pay interest on the value of the property, calculated from the date on which the property should have been remitted. The holder may also be liable to a fine.

Temporary incentive measure for remittance of unclaimed financial products

An exceptional and temporary measure was introduced on June 1, 2022. It allowed certain holders to remit unclaimed financial products after the normal deadline, without late-interest charges. This measure:

• applied from June 1, 2022 to November 30, 2023;
• covered eligible UFPs;
• required the use of form BD-81.5.A. The document specifies that the eligibility conditions for this measure had to be consulted separately. They are not detailed in the guide provided.

Holder’s responsibility after remittance

A holder who remits unclaimed property to Revenu Québec is released from any liability toward the owner or entitled person for harm that may result from this remittance.

Activities establishing that a financial product is not unclaimed

Before concluding that a financial product is unclaimed, the holder must check whether there are elements showing that the client maintains a connection with the property. These elements are called eligible activities and may be:

• a claim;
• an operation;
• an instruction. These activities make it possible to establish that the owner or entitled person is keeping track of the property.

Examples of eligible activities

The following may notably constitute eligible activities:

• updating a form containing information about the client after contact with the client;
• changing the client’s contact information at the client’s request;
• a meeting or telephone appointment with the client, if the date and a summary are reliably recorded;
• an exchange of emails or electronic communication when the holder keeps proof that the communication was successful, such as a read receipt or a response from the client;
• consultation of the online file by the client, if this consultation is kept in the holder’s computer system history. For proof of contact, the guide specifies that a reliable record may be a screenshot from a system. On the other hand, a handwritten note alone or a Word document is not considered reliable proof on its own.

Elements that are not sufficient on their own as eligible activities

The following situations cannot, on their own, be considered eligible activities:

• an automatic renewal instruction given by the client more than three years ago, in particular for:
• the renewal of an investment at maturity;
• the reinvestment of dividends;
• the conversion of an RRSP into an RRIF;
• the deposit of minimum withdrawals or payments into a designated account;
• the execution of a systemic instruction by the holder;
• the mailing of a communication that was not returned to the holder because of a wrong address;
• the sending of a cheque that was never cashed.

Written notice to the owner or entitled person

When a financial product becomes unclaimed, the holder must send a written notice to the owner or entitled person. This notice must:

• describe the financial product;
• allow at least three months to claim the property;
• inform the person that the financial product will be remitted to Revenu Québec if they do not claim it within the time allowed and if no eligible activity confirms a connection between them and the holder. The notice must be sent within the six months preceding the remittance deadline for the financial product.

Situations where written notice is not mandatory

Written notice is not required if:

• the holder cannot find the address of the owner or entitled person using reasonable means;
• the total value of the UFPs belonging to the same owner or the same entitled person is less than $100.

General point at which a financial product becomes unclaimed

In principle, a financial product becomes unclaimed three years after its due date, if all of the following conditions are met:

• the owner or entitled person may legally claim the property as of that date;
• there has been no claim, operation or instruction since that date;
• the owner or entitled person is domiciled in Québec. A financial product may also be covered if:
• it is located in Québec;
• the last known address of the owner or entitled person is outside Québec;
• no law of the place of that last address provides for the interim administration of the property.

Presumption of domicile in Québec

The owner or entitled person is considered domiciled in Québec if:

• their last known address is in Québec;
• or, when no address is known, the act creating their rights was concluded in Québec. An act creating rights may notably be:
• an insurance contract;
• an annuity contract;
• a retirement plan;
• a component of an employment contract;
• a safety deposit box rental contract;
• an investment contract.

Dates on which different financial products become unclaimed

Amounts deposited in a deposit institution

This covers amounts deposited with an institution authorized to accept funds, for example:

• a financial services cooperative;
• a savings company;
• a trust company. If no term is attached to the deposit, the amounts become unclaimed three years after receipt, when no claim, operation or instruction relating to their use has been given by the owner or entitled person. If a term is provided, the amounts become unclaimed three years after the end of the term, in the absence of a claim, operation or instruction.

Cheques, bills of exchange and drafts

The value of certified or accepted cheques or bills of exchange by a financial institution, as well as drafts issued by a financial institution, becomes unclaimed three years after certification, acceptance or issuance, if no demand for payment has been made by the owner or entitled person.

Repayment or redemption of securities, shares, units or interests

Amounts owing for the repayment or redemption:

• of debt securities;
• of shares;
• of units;
• of any other form of interest in a legal person, partnership or trust; as well as interest, dividends, patronage dividends and other income related to these properties become unclaimed three years after their due date, for example the redemption or repayment date, if no claim, operation or instruction has been given.

Property attributable to the conversion of a mutual insurance company into a share company

Property, including shares or rights to a share, that must be granted following the conversion of a mutual insurance company into a share company becomes unclaimed three years after the last claim, operation or instruction relating to the property. The cashing of interest, a dividend or other income produced by this property is part of the activities taken into account. The property is considered to be held by the share company resulting from the conversion.

Funds, securities and other property received by a broker or securities adviser in an unregistered account

This covers funds, securities and other property received by a broker or securities adviser on behalf of another person or for another person, including:

• securities held in an unregistered account, including a self-directed account;
• securities held in a TFSA;
• investment income linked to securities held in unregistered accounts, such as interest, dividends and other income;
• the cash balance of an unregistered account or a TFSA. These properties become unclaimed three years after the last claim, operation or instruction relating to the property, including the cashing of interest, a dividend or any other income. When remitting, these properties must be accompanied by the statements for each relevant securities account. The statements provided must be those with the production date as close as possible to the remittance date. The document refers, for self-directed accounts, to Regulation 23-103 respecting Electronic Trading and Direct Electronic Access to Marketplaces, V-1.1, r. 7.1.

Shares and equity securities issued by a reporting issuer

This covers shares and equity securities:

• issued by a reporting issuer within the meaning of the Securities Act, chapter V-1.1;
• traded on a stock exchange or on capital markets;
• that are not intermediated securities. They become unclaimed three years after the last claim, operation or instruction relating to the property, including the cashing of interest, a dividend or other income. These shares and securities are deemed to be held by the reporting issuer.

Property held in trust

Funds, securities and other property held in trust by a person authorized by law to do so become unclaimed three years after their due date, if no claim, operation or instruction has been given. This includes in particular amounts that must be subject to separate accounting or a separate trust account, in trust, or under a designation indicating that they are being kept for another person.

Contents of safety deposit boxes

Funds, securities and other property deposited in a safety deposit box at a financial institution become unclaimed three years after the end of the box rental agreement, if the owner or entitled person has requested neither renewal of the agreement nor access to the box during that period.

Property held by a financial institution as creditor, pledgee or custodian

Funds, securities and other property held by a financial institution as creditor, secured creditor or custodian become unclaimed three years after their due date, notably after the secured obligation has been extinguished or for another reason, if no claim, operation or instruction has been made.

Insurance amounts payable under a life insurance policy

As a general rule, insurance amounts owing under a life insurance contract become unclaimed three years after the earliest of the following dates:

• the date of the insured person’s death;
• the 100th birthday of the insured person;
• another maturity date provided in the contract.

If the holder learns of the death more than three years after it occurred, the holder must remit the amounts at the end of the first quarter following the fiscal year during which the holder learned of the death.

Amounts payable under an annuity or retirement contract or plan

This covers amounts payable under an annuity or retirement contract or plan, excluding benefits covered by the An Act respecting the Québec Pension Plan or by an equivalent plan. This also includes funds, securities and other property held in a registered retirement savings or retirement income account, including a self-directed brokerage account.

Examples of covered contracts and plans

The examples given are:

• a registered pension plan, or RPP;
• a supplementary pension plan;
• a deferred profit-sharing plan, or DPSP;
• a retirement compensation arrangement;
• an annuity contract.

Examples of covered registered accounts

The covered registered accounts include in particular:

• an individual or group RRSP;
• a locked-in RRSP;
• a locked-in retirement account, or LIRA;
• a life income fund, or LIF;
• a registered retirement income fund, or RRIF;
• a segregated fund contract.

Examples of property held in a registered account

A registered account may notably contain:

• shares;
• mutual funds;
• bonds;
• guaranteed investment certificates;
• segregated funds;
• investment income, such as interest, dividends and other income;
• a cash balance. When these properties form part of the assets of a retirement savings plan, they must not be treated separately from the amounts payable under that plan.

General rule applicable to annuity or retirement plans

Amounts become unclaimed three years after the earliest of the following dates, if no claim, operation or instruction has been given by the annuitant or participant:

• December 31 of the year in which the annuitant or participant reaches 71 years of age;
• another date provided in the contract or in a statute.

Death of the participant or annuitant

If the participant or annuitant has died, the amounts become unclaimed:

• three years after the date of death;
• or, if the holder learns of the death more than three years after it occurred, at the end of the first quarter following the fiscal year during which the holder learned of the death. Reworded example: if the holder’s fiscal year ends on December 31, the participant or annuitant died on September 30, 2015 and the holder learns of this death on October 31, 2020, the remittance must be made no later than March 31, 2021.

Termination of a retirement plan

In the event of termination of a retirement plan, the amounts become unclaimed three years after the expiry of the 90-day period following:

• receipt of a notice of plan termination;
• or a decision that terminates the plan. An exception allows remittance before the end of the three-year period if the only rights remaining to be settled belong to untraceable participants or beneficiaries. This rule refers to section 238 of the Supplemental Pension Plans Act, CQLR, chapter R-15.1.

Reimbursement of a participant who has ceased active participation in an RPP

When a participant has ceased active participation in a registered pension plan, the amounts become unclaimed:

• three years after the notice from the pension committee indicating instructions for reimbursement of the rights has been sent;
• or, if the notice could not be sent despite the use of reasonable means, three years after the time when the notice should have been sent. This rule refers to paragraph 2 of section 66 of the Supplemental Pension Plans Act, CQLR, chapter R-15.1.

Interest, dividends and other income

Interest, dividends and other income produced by the covered property become unclaimed on the same date as the property to which they are attached, if an act or a statute provides that such income is payable to the owner or entitled person. This income must be included in the remittance of the property to which it relates.

Property determined by regulation, including RESPs

Property determined by regulation includes funds, securities and other property forming part of a registered plan, such as a registered education savings plan, or RESP. In the case of an RESP, the property becomes unclaimed three years after the plan end date, if no claim, operation or instruction has been given by:

• the subscriber;
• the entitled person;
• the beneficiary. An RESP ends:
• at the end of the year including the 40th anniversary of its opening, if it is a specified plan;
• at the end of the year including the 35th anniversary of its opening, if it is not a specified plan. If the RESP is terminated and no application is made by the entitled person, the promoter refunds the contributions and investment income to the subscriber. If these amounts cannot be remitted to the subscriber, they become UFPs three years after the termination of the plan.

Other property located in Québec whose owner or entitled person is unknown or untraceable

Property located in Québec, other than that covered by paragraphs 1 to 9 of section 2 of the Act

on unclaimed property, becomes unclaimed on the date on which the holder considers, despite its searches, that it cannot:

• establish the identity of the owner or another entitled person;
• or find that person.

Fees that may be deducted upon remittance

When remitting a UFP, the holder may deduct from the amount remitted only:

• the fees provided for in the act creating the rights of the owner or entitled person;
• or the fees that a law authorizes it to claim from the owner or entitled person. No other fee may be deducted.

Remittance of financial products other than contents of safety deposit boxes

If, after the written notice has been sent, the financial products remain unclaimed, the holder must remit them using form BD-81.5. If the financial products became unclaimed during different fiscal years, a separate form must be filed for each fiscal year. If the holder has no financial products to remit for a given fiscal year, it may indicate this by submitting form BD-81.5.

Remittance period for UFPs other than safety deposit boxes

The remittance period is:

• the first quarter following the end of the fiscal year during which the product became unclaimed, if the holder is a legal person;
• the first quarter following the end of the calendar year during which the product became unclaimed, if the holder is a natural person. If the property is eligible for the temporary incentive measure for remittance, an additional period could apply, and the remittance had to be accompanied by form BD-81.5.A.

Interest on late remittance

A remittance is considered late if the holder submits the UFP and the appropriate form after the applicable deadline.

In that case:

• interest applies to the value of the UFP that should have been remitted;
• interest begins to accrue from the remittance deadline;
• the rate is the one provided for in section 28 of the Tax Administration Act, CQLR, chapter A-6.002;
• interest is compounded daily. Reworded example: if UFPs are remitted on April 25, 2022 when the deadline was March 31, 2022, the remittance is late. Interest is calculated from April 1, 2022, on the value of the property as of March 31, 2022.

Penal fines

A holder who fails to comply with the obligations set out in the Unclaimed Property Act commits a penal offence. The fines may reach:

• $5,000 for a first offence;
• $15,000 in the event of a repeat offence.

Instructions for completing forms BD-81.5 and BD-81.5.A

The term “unclaimed property” used in these forms includes unclaimed financial products. All parts of the form must be completed. The information provided must be accurate and complete.

Part 1 — Holder information

The holder must provide the information allowing them to be identified.

Part 2 — Summary of the remittance

The holder must indicate:

• the number of UFPs remitted;
• their total value.

Number of property items remitted

The total number of UFPs remitted must be entered.

In the case of securities, the entire investment account is considered a single property item.

Total value of the property remitted

The holder must indicate the total value of the UFPs remitted. For securities, the total value of the property shown in the most recent account statements transmitted must be entered.

Part 3 — Signature

This part must be signed:

• by the holder themselves;
• or, if the holder is an institution, business or organization, by its legal representative. The signature confirms that the information provided in the form and attached documents is accurate and complete. Any declaration relating to unclaimed property may be audited.

Part 4 — Description of the unclaimed property remitted

The table in Part 4 must include, for each UFP, information about the owner, including:

• the name;
• the address;
• the date of birth;
• the date of death;
• the date on which the death became known;
• the social insurance number;
• the Québec enterprise number. The holder must also provide, for each UFP:
• a description;
• its value. The “Other required information” section is used to enter relevant additional information related to the property listed in the table. The line numbers in this section correspond to the table numbers. The form includes an appendix entitled “Other required information according to the type of property” to help complete this part. This information is important to allow the interim administration of the property and its eventual remittance to the owner or entitled person.

Amounts held by an administrator of a registered annuity or retirement contract or plan

These rules apply when amounts payable under a registered annuity or retirement contract or plan must be remitted by the administrator of the contract or plan, including a segregated fund contract. If the amounts are instead held by a broker or securities adviser, the rules applicable to securities accounts must be used.

Registered contract or plan with a value of less than $1,000

The holder must:

• liquidate the securities or interests;
• terminate the plans or interests;
• withhold the required taxes;
• prepare the required tax slips;
• send the copies to be delivered to annuitants or participants, if applicable, in electronic format;
• remit the balances of the liquidated plans after tax withholdings, if applicable, by cheque payable to the Minister of Revenue of Québec.

Contract or plan with an amount exceeding the maximum transferable tax-free amount

Any amount exceeding the maximum amount that may be transferred tax-free must be remitted according to the same procedure as that applicable to a registered contract or plan with a value of less than $1,000.

Contract or plan with a value equal to or greater than $1,000

The holder must:

• liquidate the securities or interests;
• take the necessary steps to transfer the cash into another registered account;
• transfer the cash directly to the designated trustee of unclaimed registered plans, namely Fiducie Desjardins;
• make the cheque payable to Fiducie Desjardins.

Contract or plan whose annuitants or participants have died

The holder must:

• liquidate the securities or interests;
• terminate the plans or interests;
• make the required tax withholdings, if applicable;
• prepare the tax slips required by tax laws in the name of “RQ ès qualités pour inconnu”;
• send the copies to be delivered to beneficiaries, if applicable;
• remit the balances of the liquidated plans after withholdings, if applicable, by cheque payable to the Minister of Revenue of Québec. In all cases, form BD-81.5 or BD-81.5.A, as applicable, as well as a copy of the cheques, must be transmitted according to the procedures prescribed in the official document. The precise contact details are not reproduced here.

Funds, securities and other property held in a registered or unregistered securities account

When a holder remits funds, securities or other property held in a registered or unregistered securities account, including a self-directed account, that have become UFPs, the holder must:

• amend the account-related documents to include the notation “Minister of Revenue of Québec in his capacity” wherever the name of the owner or entitled person appears;
• keep the financial products until instructions are received;
• replace the account mailing address with the address provided for unclaimed property administration;
• submit form BD-81.5 or BD-81.5.A, as applicable;
• attach the statements relating to each relevant securities account;
• provide the statements whose date is as close as possible to the remittance date.

Consequence if the holder later remits the property to the owner without authorization

After remitting funds, securities or other property held in a securities account as UFPs, the holder must not also remit them to the owner or entitled person without authorization. If it does, it may have to pay damages corresponding to the amount of fees that could have been charged to the owner or entitled person if the latter had been properly directed

to the unclaimed property administration. This rule applies to funds, securities and other property held by a broker or securities adviser in a registered or unregistered account.

Non-intermediated shares and equity securities of a reporting issuer

This rule applies to shares and equity securities:

• issued by a reporting issuer;
• traded on a stock exchange or on capital markets;
• that are not intermediated securities. It does not apply to brokers or securities advisers, who must apply the rules relating to securities accounts. To make the remittance, the holder must obtain the instructions allowing the securities to be transferred into Revenu Québec’s account. The cash linked to the securities, for example dividends, must be transmitted by cheque. Form BD-81.5 or BD-81.5.A, as applicable, as well as a copy of the cheques, must accompany the remittance according to the procedures prescribed in the official document. The precise contact details are not reproduced here.

Other unclaimed financial products

For UFPs other than those covered by the special rules above, remittance may be made:

• by electronic transmission of documents and payment by direct deposit;
• or by postal transmission of documents and cheques. Cheques must be made payable to the Minister of Revenue of Québec. The transmission details and addresses are not reproduced here.

Contents of safety deposit boxes

Financial institutions that hold safety deposit boxes containing unclaimed property must remit such property. They have three months after the end of the fiscal year to remit the property contained in a safety deposit box that became unclaimed during that fiscal year. No form is required for empty boxes.

Instructions for completing form BD-81.9 relating to safety deposit boxes

The form Statement concerning safety deposit boxes containing unclaimed property (BD-81.9) must accompany the remittance of box contents. All parts must be completed, and the information provided must be accurate and complete.

Parts 1 and 2 — Statement of the holding financial institution

The institution must provide all requested information.

Name and address of the financial institution

The institution must indicate:

• its full name;
• its address;
• the branch transit number. If an email address is entered on the form, it will be used primarily for subsequent communications.

Fiscal year-end date

The institution must enter the end date of the fiscal year during which the property became unclaimed. A separate form is required for each fiscal year.

Branch numbers

The institution must enter the number of each branch for which it is remitting box contents.

Total number of boxes included in the shipment

An inventory must be prepared for each box whose contents are being remitted. No inventory is required for empty boxes. The institution must keep a detailed register of all property remitted.

Signature

Part 2 must be signed by the legal representative of the holding financial institution. The signature confirms that the information provided in the form and in the attached documents is accurate and complete.

Part 3 — List of boxes

If the same shipment contains property from boxes belonging to several branches, Part 3, located on page 2 of the form, must be completed on a separate copy for each branch.

Information about the holding branch

The branch remitting the property must provide the requested information, including its transit number.

Information about tenants

The following must be entered:

• the names of the tenants of the boxes whose contents are being remitted;
• the box numbers. No information about tenants must be provided for empty boxes.

Part 4 — Safety deposit box inventory

If a shipment contains the contents of several boxes, Part 4, located on pages 3 and 4 of the form, must be completed on a separate copy for each box. Each copy must be inserted in the sealed bag containing the property from the corresponding box.

Information about the holding branch

The branch making the remittance must enter the requested information, including its transit number.

Information about the tenant

The requested information about the box tenant must be provided.

If there is more than one tenant, an additional sheet must be attached with the requested information on each of the other tenants.

Description of contents

The institution must describe the contents of the box and indicate the date on which the branch opened the box.

Procedure for remitting safety deposit box contents

To remit unclaimed property contained in safety deposit boxes, the institution must follow these steps:

1. Complete the first two pages of form BD-81.9, namely Parts 1, 2 and 3.
2. Transmit these pages 48 hours before the physical remittance of the box contents, according to the procedures set out in the official document.
3. Do not complete the form if the box is empty.
4. On the day of remittance, use a cash and valuables transport company.
5. Have the box contents delivered with the original of form BD-81.9.
6. Place pages 1 and 2 of the form in a protective pouch attached to the outside of the parcel or envelope.
7. Place pages 3 and 4, that is Part 4, in the sealed bag containing the property from the corresponding box.
8. Respect the reception time slots indicated in the official document. The precise contact details and hours are not reproduced here. If a shipment contains boxes from several branches, Part 3 must be completed on a separate copy for each branch. If a shipment contains several boxes, Part 4 must be completed on a separate copy for each box and placed in the corresponding sealed bag.

Retention rules for the list of remitted UFPs

The holder must keep the list of remitted UFPs for ten years. This list must contain, for each property:

• the family name of the owner or entitled person;
• their given name;
• their last known address;
• the date the property was remitted to Revenu Québec;
• personal information concerning them, including:
• their date of birth;
• their social insurance number;
• their date of death, if applicable. This obligation is linked to section 11 of the Unclaimed Property Act.

Special cases and exceptions

Applicability of a property according to the domicile of the entitled person

A property covered by section 3 of the Unclaimed Property Act must be remitted in the following situations:

• the entitled person’s last known address is in Québec;
• the entitled person has no known address and the act creating their rights was concluded in Québec;
• the property is located in Québec, the entitled person’s last known address is not in Québec, and the law of that other place does not provide for administration of the property. A property does not have to be remitted in the following situations:
• the entitled person’s last known address is not in Québec and the law of that place provides for administration of the property;
• the entitled person has no known address and the act creating their rights was not concluded in Québec. However, even in this last situation, the property could have to be remitted if it is located in Québec and belongs to an unknown or untraceable person.

Unregistered accounts held by a broker or securities adviser

The Act provides that funds, securities and other property held in an unregistered account by a broker or securities adviser become unclaimed three years after the last eligible activity of the owner or entitled person. The document explains that an earlier administrative easing, published in 2016 in the Guide de l’inscrit en valeurs mobilières concernant les organismes de placement collectif (IN-156), formerly allowed the three-year period to begin on the later of the following dates:

• the client’s last instruction;
• the date on which the client was considered untraceable. This guide was withdrawn in 2018, and that easing was abolished. The date to use is therefore the date of the last eligible activity.

Client with accounts in several subsidiaries of the same financial group

When a client has accounts in several subsidiaries of the same financial group, the fact that one account is active in one subsidiary does not automatically make the accounts held in the other subsidiaries active. For an inactive account held in another subsidiary to be considered active:

• all subsidiaries must have access to the client’s up-to-date contact information;
• this situation may notably exist if the client has given written consent to sharing their information within the financial group;
• the subsidiary that holds the inactive account must communicate with the client using that up-to-date contact information;
• an eligible activity must be carried out to make the account active.

Conversion of an RRSP into an RRIF

If a client holds securities in an RRSP, it must be converted into an RRIF no later than December 31 of the year in which the client reaches 71 years of age. The conversion date is important because it corresponds to the due date relevant for the purposes of the Act.

Conversion requested by the client before December 31 of the year they turn 71

If the client requests the conversion of their RRSP into an RRIF before December 31 of the year in which they turn 71, the amounts held in the RRIF become unclaimed three years after the client’s last eligible activity. The following amounts must then be remitted as UFPs:

• the minimum withdrawals made;
• the residual value of the annuity, namely the total value of the RRIF minus the minimum withdrawals.

Forced conversion by the holder no later than December 31 of the year in which the client turns 71

If the holder converts the RRSP into an RRIF because the client reaches 71 years of age, the conversion must take place no later than December 31 of that year. The amounts become unclaimed three years after that time, therefore no later than December 31 of the year in which the client reaches 74 years of age, if:

• there has been no claim;
• no operation;
• no instruction from the client;
• no minimum withdrawal claimed during the three years following the forced conversion. The minimum withdrawals made and the residual value of the annuity must be remitted as UFPs.

Forced liquidation of an RRSP at age 71

If the applicable rules allow the holder to force the liquidation of an RRSP belonging to a client who has reached 71 years of age, the amounts resulting from this liquidation become UFPs three years after the liquidation date, if no claim, operation or instruction has been made by the client.

Self-directed accounts

Unregistered self-directed account

The holder of an unregistered self-directed account must try to reach the client at least once every three years so that an eligible activity is carried out. If the holder is unable to reach the client and no claim, operation or instruction has taken place for three years, the property contained in the account becomes UFPs and must be remitted.

Registered self-directed account

If the self-directed account is registered, the amounts become UFPs three years after the earliest of the following dates, if no claim, operation or instruction has been made by the client:

• December 31 of the year in which the client reaches 71 years of age;
• another date provided in the contract or in a statute.

Death of a client

Unregistered account

For an unregistered account, death does not change the general rule. If the funds, securities and other property have been subject to no claim, operation or instruction for three years, the holder must try to reach the client by means of a notice. If no one comes forward after the notice, the property becomes unclaimed.

However, if the liquidator of the estate or an entitled person comes forward and an eligible activity is carried out, the property does not become unclaimed.

Registered account

For a registered account, if no claim, operation or instruction has occurred for three years, the property becomes unclaimed three years after the earliest of the following dates:

• December 31 of the year in which the client reaches 71 years of age;
• another date provided in the contract or in a statute;
• the client’s date of death. If the holder learns, during a fiscal year, that the client died more than three years earlier, the property becomes unclaimed in that fiscal year. Reworded example: a holder whose fiscal year ends on December 31 learns on October 31, 2021 that a client died on September 30, 2017. The property then becomes unclaimed during the fiscal year ending on December 31, 2021.

Annuity or retirement plans — another date provided in the contract or in a statute

In general, amounts payable under an annuity or retirement plan become unclaimed three years after the earliest of the following dates, if no claim, operation or instruction has been made by the annuitant or participant:

• December 31 of the year in which they reach 71 years of age;
• another date provided in the contract or in a statute. Another date may notably exist in certain public-sector retirement plans. Reworded example: the Government and Public Employees Retirement Plan provides that an employee ceases to be covered by the plan on December 31 of the year in which they reach 69 years of age. In that case, the amounts become unclaimed three years after that date if no eligible activity was carried out.

Amount payable by an RPP pension committee of less than 20% of the maximum pensionable earnings

A pension committee administering a registered pension plan may decide to reimburse a participant’s rights if the value of the accrued rights is less than 20% of the maximum pensionable earnings established under the An Act respecting the Québec Pension Plan for the year in which the participant ceased active participation.

This situation may notably arise when the participant leaves their employment. If the committee sent a notice asking the participant to withdraw the amount and received no response, it must remit the amount three years after the date the notice was sent. If the notice could not be sent despite reasonable means, the amount becomes a UFP three years after the time when the notice should have been sent. The amount is covered by the Unclaimed Property Act if an analysis of the facts shows that the participant has no other choice but to withdraw this amount from the plan. This clarification refers to the second paragraph of section 66 of the Supplemental Pension Plans Act, CQLR, chapter R-15.1.

Unclaimed mutual fund securities

Responsibility for remitting unclaimed mutual fund securities always rests with the securities adviser or broker who opened the client’s account, called the initial intermediary in the guide. This rule applies regardless of the way the securities are recorded with the mutual fund organization, whether there is one intermediary or several. The initial intermediary is responsible because it maintains the relationship with the client and must therefore:

• determine that the security has become unclaimed;
• carry out the remittance. These clarifications replace the corresponding information in the 2016 Guide de l’inscrit en valeurs mobilières concernant les organismes de placement collectif (IN-156).

Segregated fund contract

The Unclaimed Property Act may apply to a segregated fund contract, also called a segregated fund individual variable annuity contract, or CIVAC. A CIVAC is considered an annuity contract for the application of the Act. Amounts payable under a CIVAC may therefore be remitted, whether they are linked to:

• an RRSP;
• an RRIF;
• or any other plan.

Death of the last owner before the annuity begins or before payments start

If the last owner of a CIVAC dies:

• before the annuity begins, in the case of a life annuity;
• or before payments start, in the case of another annuity contract; the amounts to be remitted correspond to the value of the accrued rights under the contract on the remittance date. These amounts become UFPs:
• three years after the death of the last owner, if no claim, operation or instruction has occurred;
• or when the insurer learns of the death, if the death occurred more than three years earlier.

Annuity started or payments begun without confirmation of death

If the contract is a life annuity and the annuity has begun, the amounts to be remitted correspond, at the debtor’s or holder’s choice, to:

• the total of the due and unpaid payments, plus interest accrued at the rate provided in the contract up to the annual remittance date;
• or that total increased by the residual value of the annuity on that date. If the contract is not a life annuity and payments have begun, the amounts to be remitted correspond to:
• the due and unpaid payments;
• interest accrued at the rate provided in the contract up to the remittance date;
• the residual value of the accrued rights under the contract on that date. In all cases, if no claim, operation or instruction has been made, the amounts become UFPs:
• three years after the date provided in the contract for the beginning of the annuity or the start of payments;
• or, if no date is determined, three years after December 31 of the year in which the annuitant reaches 71 years of age.

Guaranteed life annuity after the death of the annuitant or substitute annuitant

If the last annuitant or the substitute annuitant dies after the start of a guaranteed life annuity, the amounts to be remitted correspond to the amounts covered by the guarantee provided for in the annuity contract.

If these amounts are payable under the contract, they become UFPs three years after the last claim, operation or instruction. They must be remitted in a single payment.

Safety deposit box contents — exceptions and special rules

The contents of safety deposit boxes must never be altered, including cash amounts. The institution must not cash any amount, unless the rental contract expressly provides for a provision to that effect. In that case, it must provide:

• a copy of the contract;
• an explanation concerning the amounts cashed. Property revealing suspicious activities, such as drugs, child pornography material or a weapon, must be handed over to the police.

Steps and procedures

General procedure before remitting a UFP

1. Identify the financial products held for an unknown or untraceable owner or entitled person.
2. Check whether there is recent eligible activity:

• claim;
• operation;
• instruction;
• reliably documented contact;
• documented online consultation;
• other admissible proof.

3. Determine the due date or applicable starting date depending on the type of product.
4. Calculate the applicable period, generally three years.
5. Check the domicile or last known address of the entitled person.
6. Determine whether the property is subject to the Unclaimed Property Act.
7. Send written notice to the owner or entitled person, unless an exception applies.
8. Allow a period of at least three months to claim the property.
9. Ensure that notice is given within the six months preceding the remittance deadline.
10. If no eligible activity occurs, prepare the remittance.
11. Use the applicable form:

• BD-81.5 for ordinary UFPs;
• BD-81.5.A for remittances eligible for the temporary incentive measure;
• BD-81.9 for safety deposit box contents.

12. Attach the required documents, notably securities account statements where required.
13. Remit the property within the applicable quarter.
14. Keep the list of remitted UFPs for ten years.

Procedure for financial products other than safety deposit boxes

1. Determine the fiscal year or calendar year during which the product became unclaimed.
2. File a separate form for each relevant fiscal year.
3. Complete all parts of form BD-81.5 or BD-81.5.A.
4. Indicate the holder’s identity.
5. Enter the number of property items remitted.
6. Indicate the total value.
7. Describe each property item.
8. Provide the information available on the owner or entitled person.
9. Sign the declaration.
10. Attach relevant documents.
11. Transmit the payment or property according to the type of product.
12. Keep the list of remitted property for ten years.

Procedure for registered annuity or retirement plans

Depending on the value or situation:

• if the value is less than $1,000, liquidate, withhold the deductions, prepare the tax slips and remit the balance;
• if an amount exceeds the maximum transferable tax-free amount, remit the excess according to the procedure applicable to plans of less than $1,000;
• if the value is equal to or greater than $1,000, liquidate, transfer into another registered account and remit the cash to the designated trustee;
• if the participants or annuitants have died, liquidate, close the interests, make the deductions, prepare the tax slips in the designated name and remit the balance.

Procedure for securities accounts

1. Identify the registered or unregistered accounts that have become unclaimed.

2. Enter the notation “Minister of Revenue of Québec in his capacity” in the account documents where the name of the owner or entitled person appears.

3. Modify the mailing address according to the instructions in the official document.

4. Keep the property until instructions are received.

5. Complete form BD-81.5 or BD-81.5.A.

6. Attach the statements for each relevant account, giving priority to the most recent ones relative to the remittance date.

7. Do not subsequently remit the property to the owner or entitled person without authorization.

Procedure for shares and equity securities of a reporting issuer

1. Verify that the securities are issued by a reporting issuer, are negotiable and are non-intermediated.
2. Obtain the instructions needed to transfer the securities.
3. Transfer the securities according to those instructions.
4. Transmit related cash amounts, such as dividends, by cheque.
5. Attach form BD-81.5 or BD-81.5.A.
6. Attach a copy of the cheques.

Procedure for safety deposit boxes

1. Identify the boxes whose contract ended three years ago and for which the owner or entitled person requested neither renewal nor access.
2. Do not complete a form for empty boxes.
3. Prepare form BD-81.9.
4. Complete Parts 1, 2 and 3.
5. Prepare a separate copy of Part 3 for each branch if several branches are included.
6. Prepare a separate inventory, Parts 3 and 4 as applicable, for each box.
7. Place the box inventory in the corresponding sealed bag.
8. Transmit the first two pages of the form 48 hours before the physical remittance.
9. Use a cash and valuables transport company.
10. Attach the original of the form to the shipment.
11. Never alter the contents.
12. Hand suspicious property over to the police.
13. Keep a detailed register of all property remitted.

Important warnings

• Legislative texts prevail over the explanatory content of the guide.

• The holder must comply with the obligations set out in the Unclaimed Property Act as soon as a financial product becomes unclaimed.

• Late remittance results in interest calculated daily at the rate provided by the Tax Administration Act.

• A breach of the obligations under the Act may result in a fine of up to $5,000 for a first offence and $15,000 in the event of a repeat offence.

• The holder may deduct only the fees provided for in the act creating the rights or authorized by law.

• Written notice must generally be given to the owner or entitled person, with a minimum period of three months, unless the address cannot reasonably be found or the total value is less than $100.

• The absence of postal return does not, by itself, prove an eligible activity.

• A cheque sent but not cashed does not, by itself, constitute an eligible activity.

• An automatic instruction given more than three years ago is not enough to show that the client maintains an active connection with the property.

• Property held in a securities account must not subsequently be remitted to the owner or entitled person without authorization after having been remitted as UFPs.

• The securities account statements remitted must be as recent as possible relative to the remittance date.

• The contents of safety deposit boxes must never be altered.

• Cash found in a box must not be cashed, unless the rental contract expressly allows it.

• Property associated with suspicious activities, such as drugs, child pornography material or a weapon, must be handed over to the police.

• The list of remitted UFPs must be kept for ten years.

• The holder must provide accurate and complete information; declarations may be audited.

• Property related to a retirement savings plan must not be artificially separated from the amounts payable under the plan.

• Late-discovered death dates may change the fiscal year in which property becomes unclaimed.

• For RRSPs, RRIFs, annuities, retirement plans and segregated fund contracts, December 31 of the year of the 71st birthday, the date of death, the date provided in the contract or another legal date may be determinative.

• The temporary incentive measure for remittance applied only from June 1, 2022 to November 30, 2023 and required form BD-81.5.A.

Summary

This guide sets out the obligations of holders of financial products whose owner or entitled person is unknown or untraceable. As a general rule, a financial product becomes unclaimed after three years without a claim, operation or instruction, but the starting date varies depending on the type of property: deposit, security, life insurance, retirement plan, RRSP, RRIF, RESP, safety deposit box or segregated fund contract. The holder must usually send written notice allowing at least three months to claim the property, unless the address cannot reasonably be found or the total value is less than $100. Remittance must generally be made in the first quarter following the end of the relevant fiscal year or calendar year, using form BD-81.5, BD-81.5.A or BD-81.9 depending on the situation. Delays result in interest compounded daily and failures may lead to fines of $5,000 or $15,000 in the event of repeat offences. Specialized rules apply to securities accounts, registered plans, RPPs, self-directed accounts, deaths, mutual fund securities and segregated fund contracts. Safety deposit box contents must be remitted without alteration, and suspicious property must be handed over to the police. The holder must keep the detailed list of remitted UFPs for ten years.