BC non-profit society has $218 million of unclaimed money waiting to be reunited with rightful owners

In 2023, BC Unclaimed received a record of dormant funds, successfully returning $3.9 million to
verified claimants

To date, the non-profit society has donated almost $70 million to support charities and non-
profits through the Vancouver Foundation, including its largest donation ever made this summer    

VANCOUVER, BC, Sept. 23, 2024 /CNW/ - There is more than $218 million in dormant assets waiting to be claimed in BC, according to 2023 financial statements recently released by the BC Unclaimed Property Society (BC Unclaimed), a non-profit organization designated by the province to unlock the power of dormant assets and reunite them with their rightful owners. A record-breaking submission of dormant funds in 2023 also enabled BC Unclaimed to give its largest donation ever to the Vancouver Foundation in 2024, which was more than $9.5 million.

"BC Unclaimed is driven by the people-first work it does in returning forgotten money to its rightful owners. Last year, our intake of dormant funds increased by 175%, which made possible an incredible donation of more than $9.5 million to the Vancouver Foundation," says Sherry MacLennan, BC Unclaimed's executive director. "Optimizing dormant funds helps enhance communities and makes a real difference in peoples' lives by supporting important programs throughout the province. It's a prudent and inspired use of funds that benefits all British Columbians."

In 2023, BC Unclaimed returned a record $3,895,695 to the rightful owners, including its largest single payout to date of $1.98 million transferred from the courts. The non-profit also received record submissions totalling $34 million in dormant funds. These dormant funds come from many organizations, including the Public Guardian and Trustee of British Columbia, all levels of courts, credit unions, insurance companies, various levels of government, as well as other companies. Since its inception in 2003, BC Unclaimed has returned $24,844,841 in unclaimed funds to the rightful owners.

"Finding unclaimed funds can be a life-changing experience," says MacLennan. "We are dedicated to doing everything we can to help reunite these unclaimed funds with British Columbians, which includes increasing awareness of our free, safe, and secure online database. Over the past 20 years, we have helped reunite nearly 11,000 people with their forgotten money and encourage people to check regularly as we receive submissions monthly."

To successfully claim court funds, claimants need to get a court order proving they are the owner. Obtaining an order can be challenging, particularly when the funds aren't enough to retain a lawyer. To address this barrier, BC Unclaimed recently partnered with People's Law School to create self help resources to help people obtain the necessary order. MacLennan adds, "Creating additional resources is one way we can help simplify the process and assist claimants across the province." 

By working with BC Unclaimed, organizations can increase the likelihood of reuniting dormant funds with owners and also amplify the impact of those funds for the benefit of all British Columbians. BC Unclaimed has a unique philanthropic business model that allows it to donate a portion of unclaimed funds each year to the Vancouver Foundation. In fact, BC is the only region in North America with a non-profit organization that has a structure to manage unclaimed property that includes a program to annually donate to community-based charities. As a result, dormant assets have supported community and social programs across the province, fostering stronger and more resilient communities. Unclaimed funds have provided aid to communities impacted by floods and wildfires, reduced food insecurity, backed environmental initiatives, helped refugees and new Canadians, and launched new initiatives like the Vancouver Foundation's Indigenous Priorities Granting Program.

To date, BC Unclaimed has donated over $69.2 million to the Vancouver Foundation including its recent record donation in the summer of 2024.

About BC Unclaimed

The BC Unclaimed Property Society (BC Unclaimed) was established in 2003 with the support of the Province of British Columbia and Vancouver Foundation to administer the province's unclaimed property program. The Society serves as a lost and found for unclaimed money in the province. Unclaimed money is from sources such as credit unions, debt collection agencies, real estate agencies, companies in liquidation, courts, municipalities, and government bodies. BC Unclaimed maintains a free, online database that people can search to see if they have unclaimed funds waiting for them. The Society actively searches for the legitimate owners of forgotten money under its care and works with companies, organizations, and government agencies to get dormant accounts off their books. There is no cost to search for or claim dormant funds through BC Unclaimed.

Unclaimed Property in BC by the Numbers

$218 million – Amount of unclaimed funds transferred from financial institutions, companies, organizations, and government agencies in the BC Unclaimed database.

$1.9 million – Largest dormant account in BC waiting to be claimed.

$24,844,841 – Approximate amount of money from dormant accounts BC Unclaimed has returned to the rightful owners since 2003.

$69.265 million– Amount to date BC Unclaimed has transferred to the Vancouver Foundation since its inception.

$34,360,915 – Amount of unclaimed funds BC Unclaimed received from holders in 2023.

$3,895,695 – Amount of money returned to verified claimants in 2023.

$157,739,201 – Total amount of money from dormant accounts BC Unclaimed has received since 2003.

SOURCE BC Unclaimed Property Society

Media contact: Julia Smith, [email protected]