April 7, 2017
Do you have unclaimed assets sitting at the BC Unclaimed Property Society?
The BC Unclaimed Property Society (BCUPS) is a not-for-profit society created in 2003, and was created for the purpose of reuniting owners with their forgotten or unclaimed assets.
Over the years, thousands of BC residents have “forgotten funds in long-forgotten credit union accounts, unpaid wages, over-payments to debt collectors, unclaimed proceeds from courts, pension funds, estates and forgotten real estate deposits.”
Sounds like this might apply to you? That might be the case, because currently more than $140 million in unclaimed money belonging to BC residents is sitting unclaimed at the BCUPS.
The BCUPS works diligently every year to locate owners and holders of unclaimed property, as well as maintain a public database of doorman accounts and assets. However, there is still approximately $140,255,000 at the society, with approximately $5,585,000 being received in 2016 – and only $1,219,000 was able to be returned to their rightful owners in 2016.
The society has access to several databases to aid in their searches, but due diligence of your own accounts is always the best option. BC residents can easily check for unclaimed monies through the BCUPS website. Fund are claimed through a verification process; and if approved, a cheque will be issued within 10 to 12 business days.
As Alena Levitz, executive director of BCUPS, says: “The funds are always available to the rightful owner. We have funds going back to the late 1880s and they’re certainly still with us.”
Rest assured, assets that will likely be forgotten forever is still going to a good cause! BCUPS also donates a portion of unclaimed funds ever year to the Vancouver Foundation to be used for charitable purposes. Since 2004, more than $31 million has been transferred to the foundation.
For those interested, you can search the database HERE.