Did you know...1
Did you know that both the BC Unclaimed Property Society and the Bank of Canada have free, searchable databases?
BC Unclaimed Property Society: https://unclaimedpropertybc.ca/searchp/search/
Bank of Canada: https://www.bankofcanada.ca/unclaimed-balances/
Dormant funds from credit union accounts, forgotten insurance payments, unclaimed wages, unclaimed proceeds from court, and unadministered estates and intestates are transferred to the BC Unclaimed Property Society. For example, funds paid into Court in British Columbia are held by the accounting department of the Court for five years. If there is no activity within five years, the funds are transferred to the BC Unclaimed Property Society which becomes the custodian of the funds and will make efforts to locate the owner. There is no time limit to submit a claim to the BC Unclaimed Property Society.
Unclaimed balances from Canadian-dollar accounts, deposits, or negotiable instruments held or issued by a federally regulated bank or trust company are turned over to the Bank of Canada when there has been no owner activity in relation to the balance for a period of ten years. The Bank of Canada then acts as custodian on behalf of the owner as follows:
- unclaimed balances of less than $1,000 are held for 30 years;
- unclaimed balances of $1,000 or more are held for 100 years;
after which, if still unclaimed, the Bank of Canada will transfer the funds to the Receiver General for Canada.
To perform a search in either database, simply enter your own name, or your parent's name, or the name of the deceased person of whose estate you are acting as executor. The sites provide step-by-step instructions for collection.
You may locate something that has been forgotten.
Footnotes
1 This is the third entry in our blog mini-series entitled "Did You Know", providing practical tips for navigating a variety of wills, estates, and trust micro-issues.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.