University of British Columbia’s Unclaimed Property Disclosure Serves as a Model for Other Organizations

  It’s a common problem facing most post-secondary educational institutions with a mobile workforce. Visiting scholars, sessional instructors, student employees and other part-time-temporary workers come and go forgetting to pick up their final paycheque, often leaving no forwarding address, contact or banking information. This was the situation facing the University of British Columbia. A review of payroll operations in the fall of 2016 uncovered approximately 15,000 paper cheques that employees […]

Approximately $140 million in unclaimed funds sitting in dormant accounts in BC

The amount of unclaimed property sitting in dormant accounts in British Columbia has increased by 40% over the last three years, according to recent statistics from the BC Unclaimed Property Society (BCUPS). Today, approximately $140 million in unclaimed funds are searchable in the BCUPS’ database, compared to approximately $100 million in 2014. Alena Levitz, Executive Director of the BC Unclaimed Property Society, says the growing amount of unclaimed property in […]

The Canadian Unclaimed Property Landscape

Unclaimed property laws vary considerably from province-to-province in Canada. Modern Canadian unclaimed property laws are based on the Uniform Law Conference of Canada’s Uniform Unclaimed Intangible Property Act (UUIPA) that was drafted in 2003. The UUIPA was designed “to provide a harmonized legislative scheme for the consideration of those provinces and territories which may wish to enact unclaimed property legislation.” Though parts of the UUIPA have been incorporated into provincial […]

Claimant Profile: A Win-Win from Unclaimed Property

When Vancouver resident Trevor O’Reilly received a letter from the BC Unclaimed Property Society in 2008 informing him he had unclaimed money waiting for him, he was understandably skeptical. “At the time, I never heard of the BC Unclaimed Property Society,” he recalls. Trevor went on the BCUPS website, did some research, and decided it would be worth a phone call. Turns out he has a little more than $800 […]

When is a dormant account officially designated as unclaimed property?

Many BC companies and organizations don’t realize that they have a legal obligation to locate and notify the owners of the dormant accounts that are sitting on their books. Under the BC Unclaimed Property Act, an account is deemed to be dormant when a prescribed period of time has elapsed with no activity, ranging from as little as 7 days to 10 years depending on the type of account involved. […]