Dozens of Albertans are enjoying a little more cash this holiday season, thanks to a little-known provincial program that reunites people with money they lost, abandoned or are due to inherit.

The Unclaimed Property Program recently marked two years since coming into force, and has returned $400,000 to 167 people.

"Maybe you could consider us Santa Claus this time of year," joked Kevin Page, director of the program area.

Milka Wallace was able to get money from her late husband's mutual funds through the program. (Supplied)

Alberta is one of only three provinces, along with B.C. and Quebec, that has legislation requiring businesses and individuals to pass on unclaimed personal property to the government.

In Alberta, cash and investments must be $250 or more, while physical property, such as jewellery and paintings, must be valued at $1,000 or more.

The province is only accepting money at the moment, but will start collecting physical property in 2014.

A list of the unclaimed money, which includes deposits from utility companies, unclaimed wages, scholarships, capital bonds, and other investments, is added to missingmoney.com, a website that connects unclaimed property programs across the United States and Canada.

"Once we can determine that you are the same person that the holder owed that money to, we will cut you a cheque," said Page.

"Within 30 to 60 days, you'll have the money in your pocket."

'It felt like it was a gift'

Former Alberta woman, Milka Wallace, 64, recently received $2,200 through the program — money left over from her late husband's mutual funds.

"I felt so great," Wallace told CBC News in a phone interview from her home in Victoria.

"Even though this belonged to me, rightfully, it felt like it was a gift. Because at some point I thought I won't have it."

Wallace's husband, Bruce, died just three weeks after the couple retired in 1999, leaving Milka with a small pension and some savings.

She said the new money allowed her to "splurge" on Christmas gifts for her grandchildren.

"It's a little luxury that I did for myself and my family."

Alberta has collected $16 million

The province says there are hundreds more people like Wallace out there with money owed to them, but people just don't know about it.

The province has collected $16 million, but returned only 2.5 percent of the money.

Page said part of the reason is that the program does not have a big advertising budget, and that the priority is to first educate companies that are holding property of their legal obligations.

"Maybe we can use the Alberta Government Twitter account, the Alberta Government Facebook account to get the social media word out there," Page said.

The province holds onto the unclaimed property for 10 years.

If it is not claimed, the money is put into the government's general revenue account.