Unclaimed property can be found in dormant credit union accounts, unpaid wages, overpayment to debt collectors, as well as unclaimed proceeds from courts, tax offices, unadministered estates and intestates (death without a will and next of kin cannot be notified). It can also come from insurance payouts, securities transactions, unclaimed pension funds, trusts and other activities where funds could not be distributed to the owner, and sits on the company books.
Under the British Columbia Unclaimed Property Act, companies are legally required to try and find owners of unclaimed property. If they are not successful, the companies are “required to maintain a database that is available to the public in order to facilitate the return of unclaimed property to the owner,” which takes time, money and resources.
If your company has unclaimed property on its books, we can work with you to put the money back where it belongs – in the hands of its rightful owner.
Who can submit unclaimed property?
For-profit and non-profit organizations, such as corporations, partnerships, sole proprietorships, associations and societies, and fraternal or mutual benefit organizations or entities, may have unclaimed property.
Does my company have to remit unclaimed funds to the BC Unclaimed Property Society?
According to the Province of BC and the Unclaimed Property Act, there are two types of organizations that hold unclaimed property.
Mandatory Holders: those regulated by law to transfer unclaimed property to the BC Unclaimed Property Society. These include municipal and provincial courts, credit unions, and real estate agencies.
Voluntary Holders: those not regulated by law, but should transfer unclaimed property to the BC Unclaimed Property Society so that it can be claimed by its rightful owners. These include trust funds, insurance policies, brokerage accounts, closed pension plans and other organizations.
How do I submit my company’s unclaimed funds to BC Unclaimed Property Society?
Find out by visiting our How to Submit page.
Why should my organization submit funds to The BC Unclaimed Property Society?
- The property you are holding rightfully belongs to someone else.
- Under the Province of BC and the Unclaimed Property Act, your organization may be regulated by law to transfer unclaimed property.
- All Holders of unclaimed property must make reasonable efforts to locate and notify the owner – including maintaining a public database of unclaimed property or a contact number. This may be costly and labour-intensive for your organization. The BC Unclaimed Property Society already has these systems in place.
For more information: Section 3 of the Unclaimed Property Act
Under the Province of BC’s Unclaimed Property Act, “holders”, as defined by the Act, must make reasonable efforts to locate and notify owners of their property. If the holder is unable to locate the owner, the property becomes unclaimed and must be listed on a publicly available database.