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. […]