The Fact is: Canada is woefully behind when it comes to Unclaimed Financial Assets
There’s a case of ‘Double Trouble’ in Canada when it comes to Unclaimed Financial Assets. 1) Facts are hard to find & 2) the facts when found are very troubling.
Only 2 provinces have any type of comprehensive legislation relating to Unclaimed funds in place (Alberta and Quebec). BC has a voluntary system in place and too many hard-working Canadians are losing track of their hard-earned financial assets.
Check out our snapshot of some “Fast Facts” on Unclaimed financial assets –
No matter what you call them: unclaimed/Lost or Abandoned Financial Assets or Unclaimed Intangible Assets or Property, the problem is BIG and the value is growing and will continue to do so going forward. The problem is also global.
Unclaimed Financial Asset Legislation – Missing in most of Canada
Most Countries have Unclaimed Property Legislation in place as an important part of Consumer Protection which is a WIN/WIN for Consumers and their Governments. The majority of those Governments collect, safeguard & enter the details on an online searchable database where owners can locate & move forward to claim. In the meantime, unclaimed financial assets are utilized by those governments who still work proactively to locate owners.
The total value of Unclaimed Property in the US is approximately $58 Billion. In Canada, most estimate the problem to be approximately $4-$6 Billion. That’s a big range because no one knows for certain.
We have a white paper that is in draft form if you are looking for more information – please contact us