Unclaimed Money in British Columbia: How to Find Forgotten Funds 

Do you have money sitting in an account that you completely forgot about? I know we’d all love to discover forgotten money just as much as we’d like to win the lottery, but compared to winning the Lotto 6/49, the odds are actually pretty good for you having unclaimed funds sitting in a dormant account somewhere. 

In fact, BC Unclaimed Property Society is currently holding over $208 million in unclaimed funds for British Columbians. To find out if some of that money is yours, it’s as simple as doing a quick name search on their website at bcunclaimed.ca. To put this into perspective, right now, there are 182,818 British Columbians who have unclaimed funds waiting to be reunited with them. Not only that, this money could still be yours even if you’ve left the province (like me!), and you can even do a search to see if any of your family members have unclaimed funds too.

So why is it that in 2024, only $2.7 million was returned to 440 owners? Because less than 10% of BC residents know about BC Unclaimed. Plus, it doesn’t help that there are so many scams out there promising to return unclaimed money to you (but don’t!), making more and more people skeptical of the whole thing.

But this is why I’m writing about this. I want to spread the word, so you can spread the word, so eventually everyone can get their money back. And in this economy, we need to get our hands on as much of our money as we can.

So let me share a bit more about BC Unclaimed and how it works, so we can work together to get those millions back into the right hands.

When Did BC Unclaimed Start?

Before BC Unclaimed was founded in 2003, the province’s unclaimed property program was managed by BC’s Ministry of Finance. In an effort to streamline the program, the BC government sought to delegate administration to an outside not-for-profit organization, and so BC Unclaimed was born.

How Does BC Unclaimed Receive Funds?

Under the Unclaimed Property Act, when an account becomes dormant, which can be anywhere from 1 to 10 years depending on the account type, credit unions, debt collection agencies, companies in liquidation, courts, municipalities, and others are required to return funds to the owners of those inactive accounts. However, if they fail to do so, they are required to transfer these funds to BC Unclaimed. In other cases, account holders voluntarily choose to transfer the funds to BC Unclaimed, so they can continue to do the work of finding the money’s rightful owners.

What Does BC Unclaimed Do with the Money?

Once funds are in the care of BC Unclaimed, it’s the organization’s duty to hold unclaimed funds safely until that money is claimed, while actively searching for rightful owners. In order to provide this service at no charge to the public, funds are invested conservatively. BC Unclaimed is also mandated to donate funds that won’t be needed for future claims for charitable purposes and does this in partnership with the Vancouver Foundation. 

Is There an Expiration Date on Unclaimed Funds?

No. BC Unclaimed ensures that you can claim your forgotten funds at any time. There is no expiration date or deadline by which the funds need to be claimed. 

What Kind of Money Might Go Unclaimed?

Unclaimed money can come from inactive credit union accounts, unclaimed wages, insurance payments, payments into courts, estates, overpayments to debt collectors, and outstanding real estate deposits and many other sources.

But What About Bank Accounts?

Banks are federally regulated and thus fall under the jurisdiction of the Bank of Canada. To search for unclaimed funds from a dormant bank account, visit the Bank of Canada’s Unclaimed Property Search Database. 

One thing to note: The Bank of Canada will only hold unclaimed balances under $1,000 for 30 years, and balances over $1,000 for 100 years. 

CRA Uncashed Cheques

Along the same lines, you can also see if you have any uncashed cheques sent to you by the CRA here.

What Happens If the Money Is Never Claimed?

Money is always claimable, even by beneficiaries after the owner has passed away.  However, a portion of the unclaimed funds that won’t be needed for future claims is donated annually to the Vancouver Foundation. The Vancouver Foundation supports British Columbia charities and non-profits through various grants targeting categories such as community impact, homelessness, animal welfare, youth and Indigenous priorities throughout the entire province.

I’m Not From BC. Are There Programs in Other Provinces?

Yes. BC is one of four provinces with active unclaimed property legislation, meaning the province has laws that require organizations holding forgotten funds to attempt to find their owners, and if unsuccessful, they must transfer those funds to a government authority or outside administrator. The other provinces with unclaimed property programs are Alberta, Quebec and New Brunswick.

Outside of these provinces, however, there are no formal unclaimed property programs. But unclaimed funds may still be managed by insurers, public agencies, and financial service providers.

Don’t Let That Money Just Sit There

As I mention all the time, the only way to build wealth is to put your money to work by paying down debt or investing for your future. But you can’t do that if it’s just sitting there waiting for you to claim it. So visit BCUnclaimed.ca to see if you have some money you didn’t even realize you had. Take it, it’s yours! Then do something smart with it.