BC Unclaimed Property Society Celebrates 20 Years of Reuniting British Columbians with Their Forgotten Funds
More than $190 million in unclaimed funds are available in B.C., including a $1.9 million estate
VANCOUVER, BC, May 15, 2023 /CNW/ - The B.C. government today issued a proclamation designating May 15 as Unclaimed Property Day recognizing the BC Unclaimed Property Society's 20th anniversary and the pivotal role the not-for-profit has played in reuniting British Columbians with their forgotten funds from dormant accounts.
Since its inception, the Society has returned $21,585,433 in unclaimed funds to the rightful owners. Last year, BC Unclaimed returned $1,734,807 from dormant accounts to verified claimants according to the Society's most recent audited financial statements. This month, the BC Unclaimed Property Society will finalize the largest unclaimed account payout in its 20-year history – a $1.98 million unclaimed account held by the courts related to litigation.
There are approximately $190 million in unclaimed funds in the province waiting to be reunited with the rightful owners, including a $1.9 million unclaimed estate – the largest unclaimed account in B.C. as at the end of 2022.
"There was a 76 percent increase in public enquiries to our office last year from people looking for unclaimed money," noted Sherry MacLennan, Executive Director of the BC Unclaimed Property Society, who was recently nominated as one of Canada's most influential Canadian lawyers in 2023 by Canadian Lawyer magazine. "With inflation driving consumer prices higher and household budgets being squeezed, many British Columbians are searching for overlooked financial assets to help them make ends meet. That includes searching for money sitting in a long-forgotten account."
"People lose track of their money for various reasons," she added. "People tend to move around a lot these days, change jobs frequently and may not leave a forwarding address or they simply forget to close an account. In many cases, they may not be aware that there are unclaimed funds owing to them such as with unclaimed inheritances, court payments or insurance payments."
"Most unclaimed accounts in B.C. amount to $200 to $500, but last year we reunited one lucky individual with more than $240,000 from an unclaimed account."
The BC Unclaimed Property Society 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 B.C. 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.
To mark its 20th anniversary, the Society recently rebranded as BC Unclaimed, which is a clearer, more consistent representation of its core business. It also launched a new website that is simpler, more intuitive, and easier to use than before. The claims process has also been streamlined making it easier for claimants to be reunited with their missing money and for holders of dormant accounts to remit these financial assets to BC Unclaimed.
BC Unclaimed receives dormant funds from provincially regulated organizations and companies operating in B.C. as well as government agencies that cannot trace the owners of inactive accounts. Last year, the Society received $12,518,140 from the courts, the Public Guardian and Trustee of British Columbia, credit unions, insurance companies, various levels of government, companies, and other organizations to be reunited with the rightful owners – a 207 percent increase over the previous year.
"We received unclaimed funds from all corners of the province last year," said MacLennan. "The majority of these unclaimed accounts came from the courts related to foreclosures, civil litigation, debt actions and garnishments."
Under its philanthropic business model, BC Unclaimed donates a portion of unclaimed funds each year to Vancouver Foundation to support community and social programs across the province. Last year, BC Unclaimed donated $4.175 million to Vancouver Foundation, which uses these funds to address priority areas with the greatest social impact, such as combatting the opioid crisis, addressing poverty and homelessness and helping refugees adapt to Canadian society. British Columbia is the only jurisdiction in North America that has designated a not-for-profit society to manage its unclaimed property program where a portion of inactive funds are set aside each year for charitable purposes.
Across Canada, four provinces now have unclaimed property programs in place – Alberta, British Columbia, Quebec, and most recently New Brunswick, which launched its unclaimed property program on January 1, 2022. Dormant bank accounts and federalized credit union accounts, which are not included in provincial programs, fall under the jurisdiction of the Bank of Canada. The Bank of Canada maintains its own searchable online registry.
In B.C. an account is deemed to be dormant when a specified period has transpired with no activity, from a year to 10 years, depending on the type of account involved. Under the B.C. Unclaimed Property Act, credit unions, debt collection agencies, real estate agencies, companies in liquidation, courts, municipalities and government bodies are required to make a reasonable effort to identify inactive account holders. Failing that, they are required by law to transfer these dormant funds to BC Unclaimed. Other organizations holding inactive accounts, such as trust funds, insurance policies, brokerage accounts and closed pension plans are also required to make reasonable efforts to find owners and maintain a searchable database. However, they may voluntarily transfer their unclaimed property accounts to BC Unclaimed if the owners can't be located and relieve themselves of the administrative burden of managing these dormant accounts.
Unclaimed Property in B.C. By the Numbers
$190 million – Amount of unclaimed funds residing in the BC Unclaimed database transferred from financial institutions, companies, organizations and government agencies.
$12,518,140 – Amount of unclaimed funds BC Unclaimed received from holders in 2022.
$1,734,807 – Amount of money returned to verified claimants in 2022.
$124,853,527 – Total amount of money from dormant accounts BC Unclaimed has received since its inception.
$21,585,433 – Approximate amount of money from dormant accounts BC Unclaimed has returned to the rightful owners since its inception.
$1.9 million – Largest dormant account in B.C. waiting to be claimed in 2022.
$4.175 Million – Funds from dormant accounts BC Unclaimed transferred to Vancouver Foundation for charitable purposes in 2022.
$54.65 Million – Amount BC Unclaimed has transferred to Vancouver Foundation since 2013
SOURCE BC Unclaimed Property Society
Martin Livingston, Living Communications Inc., Ph: 604-657-8234, Email: [email protected]
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