Unclaimed assets in BC worth $160 million!

Unclaimed assets in BC worth $160 million!

Does a portion of BC’s unclaimed funds belong to you?

As those holiday season bills start coming in, most British Columbians could use a little extra cash in their pocket.

For some people, those elusive funds could be closer than they think. In BC, there’s approximately $160 million in unclaimed funds sitting in long-forgotten accounts waiting to be collected!

These forgotten assets are administered by a non-profit called the BC Unclaimed Property Society (BCUPS) (www.unclaimedpropertybc.ca), which as a public service oversees long-lost money in dormant accounts and works to reunite these funds with the rightful owners.

“The

BC Unclaimed Property Society serves as kind of a lost-and-found for forgotten funds in the province,” says Alena Levitz, Executive Director of BCUPS.

In 2018, BCUPS returned approximately $1.7 million in unclaimed funds.

Since it was established by the provincial government and Vancouver Foundation in 2003, the Society has put approximately $14.5 million in forgotten funds back in the hands of British Columbians.

Funds are from dormant credit union accounts, unclaimed wages, insurance payments, court payments, intestate estates (death without a will), overpayments to debt collectors, and outstanding real estate deposits.

“Funds become dormant for a host of reasons,” points out Levitz. “If you’ve moved around a lot, chances are you’ve become separated from some money that belongs to you. You could have left some funds in a credit union account you forgot to close. Another common scenario is when an employee leaves a place of employment, moves away and the employer can’t locate them to give them their final pay.”

Searching for missing funds is simple and free

If you think you have forgotten funds, search BCUPS’ free online database to see if there’s missing money waiting for you. Individuals can retrieve forgotten funds by completing a simple verification process that firmly establishes their identity as rightful owner. There are no fees or costs to search for or claim dormant assets through BCUPS.

In today’s era of online scams and online phishing, Levitz says people have every right to be cautious. “BCUPS never asks for expenses, taxes, fees or some other disbursements to claim forgotten funds, ” she says.

She encourages consumers to be wary of anyone alleging to hold unclaimed property who pressures them to act fast before it expires or asks for banking or credit card information. “We take extraordinary measures to protect people’s privacy when reuniting them with their unclaimed funds.” She also points out that there is no limitation period to claim forgotten funds from BCUPS.

While the average BCUPS claim is around $300 to $500, somewhere in BC is the heir to an unclaimed estate worth a whopping $1.9 million.

Now that would cover a lot of holiday bills!

 

Unclaimed assets in BC worth $160 million!

Just Posted

Kristian Camero and Jessica Wood, seen here, co-own The Black Cauldron with Stephen Barton. The new Nelson restaurant opened earlier this month while indoor dining is restricted by the province. Photo: Tyler Harper
A restaurant opens in Nelson, and no one is allowed inside

The Black Cauldron opened while indoor dining is restricted in B.C.

First-year Selkirk College student Terra-Mae Box is one of many talented writers who will read their work at the Black Bear Review’s annual (virtual) launch on April 22. Photo: Submitted
Interior Health nurses administer Pfizer-BioNTech COVID-19 vaccines to seniors and care aids in Kelowna on Tuesday, March 16. (Phil McLachlan/Kelowna Capital News)
69 new cases of COVID-19 in Interior Health

The total number of cases in the region is now at 9,840 since the pandemic began

Kelowna General Hospital (File photo)
Interior Health hospitals not strained by rising COVID case counts

While provincial hospitalizations rise, health care systems in the B.C. Interior remain robust, say officials

School District 20 is advising the public there has been a positive case of COVID-19 at the Trail high school. Photo: Trail Times
District confirms positive COVID case at Trail high school

The person is at home self-isolating, administration advised on Wednesday

Rainbow trouts thrashing with life as they’re about to be transferred to the largest lake of their lives, even though it’s pretty small. These rainbows have a blue tinge because they matched the blue of their hatchery pen, but soon they’ll take on the green-browns of their new home at Lookout Lake. (Zoe Ducklow/News Staff)
VIDEO: B.C. lake stocked with hatchery trout to delight of a seniors fishing club

The Cherish Trout Scouts made plans to come back fishing soon

Royal Inland Hospital in Kamloops. (Dave Eagles/Kamloops This Week file photo)
RCMP intercept vehicle fleeing with infant taken from Kamloops hospital

The baby was at the hospital receiving life-saving care

Vancouver Police Const. Deepak Sood is under review by the Independent Investigations Office of B.C. after making comments to a harm reduction advocate Sunday, April 11. (Screen grab)
VIDEO: Vancouver officer convicted of uttering threats under watchdog review again

Const. Deepak Sood was recorded Sunday saying ‘I’ll smack you’ and ‘go back to selling drugs’ to a harm reduction advocate

Provincial health officer Dr. Bonnie Henry prepares a daily update on the coronavirus pandemic, April 21, 2020. (B.C. Government)
B.C.’s COVID-19 infection rate persists, 1,005 new cases Friday

Hospitalization up to 425, six more virus-related deaths

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Premier John Horgan receives a dose of the AstraZeneca COVID-19 vaccine at the pharmacy in James Bay Thrifty’s Foods in Victoria, B.C., on Friday, April 16, 2021. THE CANADIAN PRESS/Chad Hipolito
B.C. Premier John Horgan gets AstraZeneca shot, encourages others

27% of residents in B.C. have now been vaccinated against COVID-19

The Nautical Dog Cafe at Skaha marina is getting its patio ready in hopes Mother Nature will provide where provincial restrictions have taken away indoor dining. (Facebook)
‘A lot of instability’: B.C. restaurants in layoff limbo

As COVID-19 cases stay high, restaurants in British Columbia are closed to indoor dining

Prime Minister Justin Trudeau looks on as Deputy Prime Minister and Finance Minister Chrystia Freeland responds to a question during a news conference on Parliament Hill in Ottawa, Tuesday, Aug. 18, 2020. THE CANADIAN PRESS/Adrian Wyld
Expectations high as Trudeau Liberals get ready to unveil first pandemic budget

The Liberals will look to thread an economic needle with Monday’s budget

Since April 4, 38 flights with COVID-19 cases have departed from Vancouver International Airport, while 23 arrived. (Phil McLachlan/Capital News)
Vancouver the largest source of domestic flights with COVID-19 cases: data

This month alone, 38 flights with COVID-19 cases have departed from Vancouver International Airport, while 23 arrived

Most Read