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Is it legal for a company (ISP) to give a customer "only" a few months to claim a credit/refund/negative balance on the closed account / terminated service ?

Or are companies required to hold these funds indefinitely (whether with penalty fees) ?
If not required to hold indefinitely, when can a company "keep" whatever money a customer hasn't claimed ?

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No

Canada and all Provinces/Territories, which is likely to be more relevant for a contract dispute, has a Statute of Limitations. Once the limitation period has passed, it is impossible to bring a claim.

So, if a company sits quiet for 2 years and the customer doesn’t ask for the refund, the customer can’t legally get it.

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    Depending on the province and the amount of refund or balance owed, consumer protections law may apply to the owed balance and impose an obligation for a business to locate the creditor, manage it as unclaimed property and/or after a certain period turn over to the Crown for keeping.
    – xngtng
    May 20 at 14:51

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