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!

 

Just Posted

New seniors care facility in Nelson to be built at Mount St. Francis site

Mount St. Francis hasn’t been in use since 2005

UPDATED: Interior Health to add 495 long-term seniors care beds

Nelson, Kelowna, Kamloops, Vernon and Penticton to receive new facilities

IH reveals Kelowna spots where COVID-19 exposure may have occurred

Interior Health advises individuals they may have been exposed between June 25 to July 6

Buyer steps up for the Birchbank Golf Club

The receiver-manager announced the potential purchase on July 11

Provincial COVID-19 data can now be used for B.C. to prepare for a second wave

In the past week, B.C. has seen a slight spike in daily test-positive case counts

B.C. records 62 new COVID-19 cases, two deaths since Friday

Province has just over 200 active cases

Hotel rooms for B.C. homeless too hasty, NDP government told

Businesses forced out, but crime goes down, minister says

Wage subsidy will be extended until December amid post-COVID reopening: Trudeau

Trudeau said the extension will ‘give greater certainty and support to businesses’

B.C. government prepares for COVID-19 economic recovery efforts

New measures after July consultation, Carole James says

Tree planters get help with COVID-19 protective measures

Ottawa funds extra transportation, sanitizing for crews

Trudeau apologizes for not recusing himself from WE decision

He says his and his family’s longtime involvement with the WE organization should have kept him out of the discussions

Beverly Hills 90210 star’s family selling Vancouver Island Beach Resort

You can own Jason Priestley’s Terrace Beach Resort in Ucluelet for less than $5 million

New comet appears in pre-dawn sky above Cranbrook

Neowise can be seen without a telescope over the next couple of weeks

Most Read