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VICTORIA The BC Unclaimed Property Society (BCUPS) says there s been a renewed interest in the dormant and forgotten funds it holds onto on behalf of British Columbians amid the COVID-19 pandemic. BCUPS says it has more than $149 million under its care, which comes from a range of sources, including financial institutions, estates and real estate deposits, inactive credit union accounts, unpaid wages, overpayments to debt collectors and more. The society notes that it does not oversee forgotten funds from dormant bank accounts, which are the responsibility of the Bank of Canada. The COVID-19 pandemic upended British Columbians financial well-being prompting many cash-strapped individuals to look for non-traditional sources of funds such as unclaimed assets, said Alena Levitz, executive director of BCUPS in a release Monday.
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British Columbia Has $149 million in Forgotten Funds from Dormant Accounts Waiting to Be Claimed
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COVID-19 Economy Results in Surge of Inquiries About Unclaimed Assets
VANCOUVER, BC, May 10, 2021 /CNW/ - There is now more than $149 million in unclaimed money from dormant accounts in B.C. available to be claimed by the rightful owners according to the most recent financial statements released by the not-for-profit BC Unclaimed Property Society (BCUPS), which serves as a lost and found for forgotten funds in the province. This includes an outstanding $1.9 million estate the legal heirs are unaware of – the largest unclaimed account in the BCUPS s database.
Re: Ontarians’ Forgotten Assets Can Help Individuals and Communities in Huron County
In light of COVID-19, Ontario communities and families are struggling more than ever. Here in Huron County, lots of our neighbours have lost their jobs. Many part-time and temporary workers are facing the impossible question of whether to pay for food or rent, or facing unprecedented personal challenges.
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As Ontario looks for innovative ways to support individuals and communities, a potential solution is to unlock money that already exists. More specifically, Ontario can explore the creation of an Unclaimed Properties Act that can make roughly $14.4 million of unclaimed assets deliver much-needed relief to both individuals and the community.