It will really depend on who issued the Certified Cheque in the first place. While I have found it impossible to get a definitive answer this has been what I have learned so far. The payer has fufilled their legal obligation on issuance and deliverance of the certified cheque. The money is no longer in their bank account. The payee loses the cheque and so the money is not in their bank account either. The money is held in a special account at the bank of the payer. The cheque cannot be canceled and will not stale date. After a period of time (which I believe to be 20 years) the holding bank releases the funds to the Bank of Canada - similar to what happens to unclaimed bank accounts. At that time, the payee can present proof to the Bank of Canada that it is rightfully their money. I don`t know how often this happens or how successful such effort might be. From a more practical perspective - some companies - who have a history with the recipient - will indemnify the bank, who will then allow the cheque to be reissued. DO NOT ISSUE OR ACCEPT CERTIFIED CHEQUES