Missing cash? B.C.'s unclaimed property fund reaches $177M
The B.C. Unclaimed Property Society (BCUPS) says its total amount of unclaimed or forgotten funds has reached $177 million this year.
The BCUPS is a non-profit group that looks after forgotten or unclaimed funds, which it receives from companies that can't trace them back to their rightful owners.
The funds could come from sources like credit unions, unpaid wages, pension funds, estates, overpayments to debt collectors, or proceeds from municipal and provincial courts.
The BCUPS notes that it does not receive funds from dormant bank accounts, which are overseen by the Bank of Canada.
The B.C. Unclaimed Property Society has a free online database where people can search to see if they have unclaimed funds available.
In 2021, the BCUPS received $4,070,621 from various sources, and returned $717,209 through verified claims.
"People lose track of their funds for a number of reasons," said Alena Levitz, executive director of BCUPS in a release Tuesday. "People tend to move around a lot, change jobs frequently, or simply forget to close an account."
The single largest unclaimed account totals $1.9 million and is part of an estate that the legal inheritors are seemingly unaware of, according to the BCUPS.
Levitz adds that inquires to the BCUPS for unclaimed funds spiked during the pandemic.
"For many cash-strapped British Columbians, being reunited with their unclaimed funds provided welcome financial relief during an unprecedented period of economic adversity," she said.
"The availability of unclaimed funds also helps support numerous social programs and charities across the province."
CHARITABLE FUNDS
Accounts are considered dormant if there has been no activity with them for a specific amount of time, ranging from one year to 10 years, depending on the type of account, according to the BCUPS.
Every year, the society donates some of the unclaimed funds to the Vancouver Foundation for charitable purposes.
Last year, about $6.24 million was transferred from the BCUPS to the Vancouver Foundation – which was then donated to various charities and programs, including Ecotrust Canada, the Victoria Child Abuse & Counselling Centre, the Kamloops Food Policy Council, and more.
B.C. is among four provinces in Canada that has an unclaimed property program – including Alberta, Quebec, and New Brunswick – but B.C. is the only province that sets aside some of the unclaimed funds for charitable purposes.
CTVNews.ca Top Stories
'Still so much love between us,' Sophie Gregoire Trudeau says of Prime Minister Justin Trudeau
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
What to know about avian influenza in dairy cows and the risk to humans
Why is H5N1, or bird flu, a concern, how does it spread, and is there a vaccine? Here are the answers to some frequently asked questions about avian influenza.
'I was scared': Ontario man's car repossessed after missing two repair loan payments
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
opinion The special relationship between King Charles and the Princess of Wales
Royal commentator Afua Hagan writes that when King Charles recently admitted Catherine to the Order of the Companions of Honour, it not only made history, but it reinforced the strong bond between the King and his beloved daughter-in-law.
Pro-plastic lobbyist presence at UN talks is 'troubling,' say advocates
Environmentalist groups are sounding the alarm about a steep increase in the number of pro-plastic lobbyists at the UN pollution talks taking place this week.
'Too young to have breast cancer': Rates among young Canadian women rising
Breast cancer rates are rising in Canada among women in their 20s, 30s and 40s, according to research by the University of Ottawa (uOttawa).
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
$70M Lotto Max winners kept prize a secret from family for 2 months
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Courteney Cox says her partner Johnny McDaid once broke up with her in therapy
Courteney Cox's longtime partner Johnny McDaid once broke up with her in a therapy session.