Expert: Steven Taylor - 10/16/2011

Question
I have just found an original "Guaranteed Savings Certificate" --Centennial Series (numbered)for a deposit of $C5000. The investment was made by my late mother in my name on September 5th 1967 based upon 51/2% (5.5)interest payable every 6 months "until maturity" or until surrendered for payment.
The principle sum is guaranteed for payment on August 1st 1972.

As I have the non surrendered original certificate in the name of Eastern & Chartered Trust Company, can I assume that the funds are still on deposit? My late elderly mother may well have forgotten to cash the certificate.

Answer
Mary, the Eastern & Chartered Trust is long gone. However, even if it were still around, it likely would not matter. In most jurisdictions, if the holder of a financial instrument or account (bank or trust company, for example) cannot contact the holder of an account or instrument for a certain period of time, the account or instrument is turned over to the government for safekeeping. In Canada, for Federally Regulated Banks or Trusts, it is a 10 years and the money is turned over to the Bank of Canada. I believe they will hold unclaimed balances for 40 years. You can find out more here:

http://www.bankofcanada.ca/unclaimed-balances/

If the money was never claimed by your mother, it would have likely been turned over the Bank of Canada and may still be available.