Last year, BCUPS returned approximately $1,219,000 in unclaimed funds to the rightful owners.

Are you owed some of BC’s $150 million in unclaimed funds?

BC society helps access long-forgotten accounts - for free!

Are you owed some of the $150 million in unclaimed funds

sitting in dormant accounts in B.C.?

If you’re looking for some extra cash to get on top of those upcoming holiday bills, that elusive money may be closer than you think.

In B.C., there is an estimated $150 million sitting in dormant accounts waiting to be claimed.

Money held in these unclaimed accounts, which includes long-forgotten credit union accounts, unpaid wages, overpayments to debt collectors, unclaimed proceeds from courts, pension funds, estates and forgotten real estate deposits, are administered by the B.C. Unclaimed Property Society (BCUPS).

BCUPS, a non-profit society created by the provincial government and Vancouver Foundation in 2003, works to reunite people with their forgotten or unclaimed assets. In addition to actively searching for owners of unclaimed property, BCUPS maintains an online public database (unclaimedpropertybc.ca) which people can search to see if they have any unclaimed money waiting for them. If you find an unclaimed account in your name, the funds can be claimed by completing a verification process that firmly establishes the claimant’s identity.

BCUPS does not charge any processing fees to search for or claim outstanding funds, and the Society warns residents against paying private companies to do the work for them, saying it can easily be done online through the BCUPS website.

“It’s not uncommon for people to lose track of their assets,” points out Alena Levitz, Executive Director of BCUPS. “People often move without forwarding their mail for more than a year, neglect to pick up a final paycheque, forget about a security deposit or they simply pass away without their heirs knowing much about their finances.”

“The good news is there’s no statute of limitations on unclaimed property. Your money will remain your property no matter how long it’s been idle. We actually have one unclaimed account dating back to 1859.”

Last year, BCUPS returned approximately $1,219,000 in unclaimed funds to the rightful owners. The single largest unclaimed property payout by the Society was $357,262 made in 2011. And largest dormant account in the BCUPS database waiting to be claimed is worth a whopping $1.9 million.

But those are the extremes, most unclaimed accounts hold between $300 to $500 on average. Still, that’s a tidy sum to put in your pocket when you don’t expect it.

Unclaimed money can inadvertently sit on a company’s books for years. Under the British Columbia Unclaimed Property Act, companies and organizations have a legal responsibility to identify and locate the owners of dormant accounts. If unsuccessful, they are required after a specified period of time to transfer these unclaimed funds to BCUPS, which holds unclaimed property in trust indefinitely as the custodian for the rightful owners.

“The amount of money designed as unclaimed has actually grown by more than 60 percent over the last six years as more companies and organizations become aware of their legal responsibility to get dormant accounts off their books,” says Levitz.

Last year, BCUPS received approximately $5,585,000 from financial institutions, companies, courts, tax offices and the Public Guardian and Trustee of British Columbia.

Unclaimed property administered by BCUPS includes dormant credit union accounts, unclaimed wages, outstanding insurance payments, court payments, intestate estates (death without a will), overpayments to debt collectors, and outstanding real estate deposits. It does not include dormant bank accounts which are administered by the Bank of Canada.

Follow the B.C. Unclaimed Property Society on LinkedIn.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Surrey Police’s role in Barnston Island still needs ‘to be looked at’

Surrey RCMP polices unincorporated island a short ferry ride across Parson’s Channel

Surrey looking into reducing residential speed limits

Surrey city council on Feb. 24 approved five ‘key pillars’ of a Surrey Transportation Plan

‘We have to triage’: Surrey teachers stage ‘walk-in’ to support public education

Teachers raising awareness after more than one year at the bargaining table

Suspected drugs, counterfeit cash seized during distracted driving stop: Surrey RCMP

Police said incident happened near 152nd Street and Fraser Highway

Fate of five-district policing model in Surrey rests with new police board

Whalley/City Centre, Guildford/Fleetwood, Newton, Cloverdale, and South Surrey districts formed under McCallum’s watch in 1998

Toddler killed in Squamish grocery store parking lot

Child’s mother taken to hospital but her condition is not known

Two law enforcement trucks ‘deliberately’ set on fire in northern B.C., RCMP say

Police say they have video evidence of a person in the area of the truck fires

B.C. mother, daughter return home after coronavirus quarantine in Asia

Jensine Morabito and her daughter were on Holland America’s Westerdam but did not catch the virus

Leap Year means we get an extra day in February, so how are you spending it?

People online have a number of suggestions and plans on how they will be spending Saturday

Greta sticker that drew outrage in Alberta not child pornography: RCMP

X-Site Energy Services has denied having anything to do with the stickers

Bald eagle hit by train in northern B.C. has a chance of survival

The raptor has been taken to OWL in the Lower Mainland for recovery

Cheslatta Carrier Nation and Rio Tinto sign a historic agreement

Co-operation crucial to stem dropping Nechako Reservoir level

Hundreds of B.C. firefighters ‘climb the wall’ for BC Lung Association

The charity fundraiser saw participants climbing up 48 storeys

Most Read