Here’s a snapshot of why we worry about Unclaimed Financial Assets in Canada by way of some “Fast Facts” . No matter what you call them be that, Unclaimed/Lost or Abandoned Money/ Financial Assets or Funds or more technically speaking, Unclaimed Intangible Assets or Property, the problem is BIG and the value is growing and will continue to do so in the future.
Canada is not alone with this growing problem – It’s a global problem but around the globe most Countries have Unclaimed Property Legislation in place as an important part of Consumer Protection and as a WIN/WIN for Consumers and the Government themselves (The majority of those Governments use the unclaimed assets while proactively looking for the legal owners). The value of Unclaimed Property is approximately $58 Billion in the US. In Canada, most estimate the problem to be approximately $4-$6 Billion. That’s a big range because no one knows for certain.
Facts on Unclaimed Financial Assets are hard to find in Canada, given that there are only 2 provinces with any type of comprehensive legislation relating to Unclaimed funds in place & Alberta doesn’t seem to want to share that information yet. We have a white paper as well that is in draft form if you are looking for more information – please contact us