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
Why drivers in Eastern Canada could see big gas price spikes, and other Canadians won't
Drivers in Eastern Canada face a big increase in gas prices because of various factors, especially the higher cost of the summer blend, industry analysts say.
How to avoid the trap of becoming 'house poor'
The journey to home ownership can be exciting, but personal finance columnist Christopher Liew warns about the trappings of becoming 'house poor' -- where an overwhelming portion of your income is devoured by housing costs. Liew offers some practical strategies to maintain better financial health while owning a home.
Toxic forever chemicals in drinking water: Is Canada doing enough?
As the United States sets its first national limits on toxic forever chemicals in drinking water, researchers say Canada is lagging when it comes to regulations.
'A living nightmare': Winnipeg woman sentenced following campaign of harassment against man after online date
A Winnipeg woman was sentenced to house arrest after a single date with a man she met online culminated in her harassing him for years, and spurred false allegations which resulted in the innocent man being arrested three times.
Some customers steaming after McDonald's ends free hot drink sticker program
It took years for Vinnie Deluca to collect more than 400 cards worth of free McDonald's McCafe coffee, a collection that now has "zero value" after the company discontinued the program.
Biden scores endorsements from Kennedy family, looking to shore up support against Trump and RFK Jr.
U.S. President Joe Biden will accept endorsements from at least 15 members of the Kennedy political family during a campaign stop in Philadelphia on Thursday as he aims to undermine Donald Trump and marginalize the candidacy of Robert F. Kennedy Jr.
Where did the gold go? Crime expert weighs in on unfolding Pearson airport heist investigation
Almost 7,000 bars of pure gold were stolen from Pearson International Airport exactly one year ago during an elaborate heist, but so far only a tiny fraction of that stolen loot has been found.
When new leaders took over in ancient Maya, they didn't just bury the former royals. They burned their bodies in public
New archeological investigations in Guatemala reveal that the ancient Maya people had a ritual of burning royal human remains as a public display of political regime change.
Party's over: Coyotes play final game as Arizona franchise before move to Salt Lake City
Mullett Arena buzzed like few times in the two years since the Arizona Coyotes moved in, the fans amped for one last desert hurrah.