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Tax and Revenue Administration
Unclaimed Personal Property and Vested Property Act
Special Notice Vol. 9 No. 5


Released: August 8, 2018
Produced by: Alberta Treasury Board and Finance, Tax and Revenue Administration
For more information: unclaimed.property@gov.ab.ca

Vol. 9 No. 5 / August 2018

SPECIAL NOTICE - EXTENSION OF ABANDONMENT PERIOD FOR SECURITIES AND CONTENTS OF SAFETY DEPOSIT BOXES

NOTE: This special notice is intended to explain legislation and provide specific information. Every effort has been made to ensure the contents are accurate. However, if a discrepancy should occur in interpretation between this special notice and governing legislation, the legislation takes precedence.

As announced in Special Notice Vol. 9 No. 4 dated August 2015, amendments to the Unclaimed Personal Property and Vested Property Act (the Act) to include a process for securities and safety deposit box contents are expected to be introduced in the future.

Under the Act, personal property is presumed to be abandoned if the apparent owner of the property has not communicated with the holder of the property within a prescribed period of time. Under the General Regulation, the prescribed period of time in respect of securities and safety deposit box contents is one year from a date to be specified by the President of Treasury Board and Minister of Finance (the Minister).

Alberta Treasury Board and Finance, Tax and Revenue Administration will not require reporting for, nor accept delivery of, unclaimed securities or safety deposit box contents until further notice.

The prescribed period of time will be one year from a date yet to be specified by the Minister. Stakeholders will be advised of the new abandonment period subsequent to the passing of amendments to the Act and reporting requirements will be clarified at that time.

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