You submit a lost item to the police and no one claims it. What happens?

If you were to submit something like an iPhone to the police as a lost item and no one claims it. What happens? How long is the wait before they say the owner doesn't claim it. Does the owner have to prove ownership (like put in the correct passcode)? If no one claims it, is it given to the person who found it? I live in Coquitlam, BC. Thanks