New Brunswick Launches Unclaimed Property Program

On January 1, 2022, New Brunswick became the fourth Canadian province to implement an unclaimed property program to help reconnect consumers with money they’ve forgotten, following in the footsteps of British Columbia, Alberta, and Quebec. The Unclaimed Property Act of New Brunswick requires businesses, associations, and government organizations to review their books and identify unclaimed or dormant financial assets. Companies and organizations holding unclaimed funds valued at more than $100 […]

Making An Educated Decision About Unclaimed Funds

When searching for unclaimed funds, Surrey-based retired primary school teacher Sue Wallace first did her homework. She initially became aware of BC’s unclaimed property program three years ago after reading about the BC Unclaimed Property Society (BCUPS) in her local community newspaper. She visited the BCUPS’s website and noted there was an amount listed under her name, “Susan Wallace” in the unclaimed property database. “I just dismissed it at the […]

What the New Federal Government Has Planned for Unclaimed Assets

With the federal election behind us, the minority Liberal government is now turning its attention to fulfilling its campaign promises. One item on the agenda is to update the federal unclaimed property regime. In the federal budget tabled last April, the Liberal government proposed to “modernize” the federal unclaimed assets regime and expand the scope of the program by including unclaimed balances from terminated federally-regulated pension plans. While no concrete […]

An International Look at Unclaimed Property Programs

Earlier this spring, BC Unclaimed Property Society’s (BCUPS) Executive Director Alena Levitz presented to the National Association of Unclaimed Property Administrators (NAUPA) conference on British Columbia’s unclaimed property program. Joined by her counterparts in the UK and Kenya, the event was attended virtually by more than 130 delegates. The NAUPA conference provided an international perspective on how countries outside the United States administer their unclaimed financial assets. Canada Unclaimed property […]

$149 Million Sitting in Dormant Accounts in BC Waiting to Be Claimed

There is now approximately $149 million in unclaimed money from dormant accounts in British Columbia looking for a home, according to the most recent financial statements from the BC Unclaimed Property Society (BCUPS). (Anual Report 2020) Thousands of British Columbians have unclaimed funds waiting for them in inactive credit union accounts, as well as unpaid wages, overpayments to debt collectors, proceeds from courts, pension funds, estates and real estate deposits. […]

Unclaimed Funds Could Provide Needed Financial Relief for British Columbians Impacted By COVID-19

According to the most recent financial statements released by the BC Unclaimed Property Society (BCUPS) (Annual Report 2019) there is now more than $164 million in forgotten funds from orphaned accounts in the province looking for the rightful owners. This missing money could be a welcome source of financial relief for many BC residents impacted by the Covid-19 pandemic. BCUPS, which serves as the administrator of the province’s unclaimed property […]