An Ongoing List of Questions that keep me up at night

 

Question 1Question 3Question 2

 

 

 

 

Yes. As a matter of fact. All of these questions have to do with Unclaimed Funds/Assets alternatively known as Unclaimed Intangible Property. Good Guess

Canada

The Bank of Canada provides an online search base for unclaimed balances held in Canadian dollars by federally chartered banks or trust companies that have had no activity for 10 years.  

Question: Why are foreign denominated accounts not available as well? What is the value of these accounts at December 31 2013 ?

The Bank of Canada stopped listing unclaimed accounts in the Canada Gazette as of 2007.

Question: What other search methods are being utilized to look for owners of accounts over and above the online search base? 

The Bank of Canada lists unclaimed bank accounts (Canadian Currency only-See note 1) turned over by federally chartered banks after a period of 10 years of inactivity on the Bank of Canada website for individuals, families and organizations to search.

Question:  Why are Canada Savings bonds that have matured but not been redeemed not available as well? I seem to be the only one in Canada that is aware that the balance of Unclaimed but Matured Canada Savings Bonds totalled $532M at December 31 2013. Why are families not able to search for these unclaimed Canada Savings bonds

Unclaimed safety deposit boxes are not included in Unclaimed fund balances reported on by the Bank of Canada.

Question: What is the requirement that the Bank of Canada makes on federally chartered banks with respect to unclaimed safety deposit boxes?

 Ontario

The Ministry of Finance requires that any accounts where there has been no activity for 10 years or more, be remitted to the Minister of Finance.

Question: What is the total value held by the Minister of Finance and are these accounts recoverable by the legal owners?

The Minister of Finance allows safety deposit box rentals to be terminated for non-payment when held by Ontario Savings Offices and allows for the contents of the boxes to be removed and disposed of by destruction, sale at auction or by private sale. The proceeds are to be remitted to the Consolidated Revenue Fund at the Ministry.  

Question: Are amounts over and above the rental arrears recoverable by the owners?

Bailiff Trust monies that remain unclaimed for 6 months are transferred to the Minister of Finance and may be paid to the legal owners.

Question: What is the balance of such accounts and what are the procedures for making a claim?

Unclaimed court awards are returned to the party against whom the award was made when the amount is unclaimed or otherwise undistributed “after a time set by the court”

Question: What is the general time frame allowed for making such distributions and what actions are taken to look for the parties awarded claims?

Unclaimed Brokerage trust accounts which are held for more than one year are paid to the administrative authority or the Minister of Finance.  The administrative authority must transfer such unclaimed trust accounts after a period of 5 years to the Minister of Finance.  

Question: What is the total value held on account of such accounts and are these accounts recoverable by the legal owners?

Unclaimed collection monies are transferred to the Minister of Finance if they are unpaid for a period of 6 months. The money may be paid to the legal owner upon satisfactory proof being provided to receive the money.

Question: What is the total value held on account of such accounts and what methods of contacting the legal owners are made ?

This is an ongoing list –  I will have more questions for you tonight

 

 

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