Who Can Submit?
Millions of dollars regularly goes unclaimed by British Columbians each year. Forgotten credit union accounts, unpaid wages, overpayment to debt collectors, as well as unclaimed proceeds from courts, tax offices and estates.
Much of this money sits on company books. If your company has unclaimed property 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?
There are several types of profit and non-profit organizations that may have unclaimed property. These include:
- sole proprietorships
- fraternal or mutual benefit organizations or entities
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 are regulated by law to transfer unclaimed property to the BC Unclaimed Property Society. These include municipal and provincial courts, credit unions, and real estate agents.
Voluntary Holders are 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, property insurance and closed pension plans.
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 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