Ontario’s first attempt at unclaimed intangible property legislation was enacted in 1998, never proclaimed in force and repealed in 2011. The Ontario government wants to have another go at it, along the lines set out in a consultation paper recently released by the Attorney General. The starting point would be the Uniform Law Conference’s Uniform Unclaimed Intangible Property Act of 2003, which forms the basis for legislation currently in force in Alberta and Quebec. The stated objective would be to ‘enable Ontarians to be reunited with their intangible property once it has been unclaimed’ – and until it has been claimed, it would be ‘used for the benefit of Ontarians’ (or, a cynic might say, simply disappear into the black hole of the Consolidated Revenue Fund).

[Link available here, here and here].