Tag Archives: Canada Savings Bonds

Canada’s own sunken treasure

A ship missing for 310 years was found off the coast of Colombia in the Gulf of Mexico  this past week carrying gold and jewels worth $17 US billion. It’s been called the “Holy Grail” of sunken treasures.

That’s all really exciting but the recovery will be difficult and already a bitter battle has arisen over what may be the world’s largest sunken treasure between Columbia, Spain and a US salvage company. The Columbian government is currently treating the wreck as a state secret to avoid further plundering.

While it’s hardly a State secret, sunken treasure in Canada does exist in the form of unclaimed property or unclaimed financial assets owned by hard-working Canadians. Yet, it’s barely easier to find and doesn’t get barely the attention it deserves.

There’s a Billion dollars in unclaimed property in the Bank of Canada between lost bank accounts and matured/unclaimed Canada Savings Bonds and no one is looking for the legal owners of that treasure despite the information naturally at the disposal of such a worthy crown corporation as the Bank of Canada.  While there’s a listing that is updated annually on the Bank of Canada website for unclaimed bank accounts, take note that those bank accounts are only accounts that have had no activity for 10 years and don’t include accounts in foreign currency.

More unfortunately, very sadly and for some unknown reason, no listing of owners exists for the $500+ Million in Unclaimed Canada Savings bonds.  Whereas the same can not be said for unclaimed bank accounts, Canada Savings Bonds can only be registered by individuals living in Canada so the entirety of this sunken treasure belongs to Canadian individuals and families.  It certainly seems “UnCanadian” for the Bank of Canada to 1) not look for those individuals considering that they have their SIN numbers at hand 2) allow Canadians to more easily find their hard-earned savings bonds.

There’s a multitude of other forms of unclaimed financial assets in Canada that make up sunken treasure in Canada. The estimated total of unclaimed financial assets in Canada total $6 Billion plus. That treasure is more difficult to find outside of the provinces of Alberta and Quebec where unclaimed property legislation actually exists (BC has voluntary unclaimed property legislation).

Generally, Canada is woefully behind in ensuring that consumer protection in the form of Unclaimed Property Legislation exists for all Canadians. The US and other countries around the world have had such legislation in place for 50+ years You can find a partial list of some of the other sunken treasure in Canada on our website as well as some of the places you can search http://legacytracker.com/facts/unclaimed-in-canada/

 Good Luck

Spur some economic action

Unclaimed funds could spur economic action

A Billion dollars in Unclaimed Funds would make for a nice Economic Action Plan in Canada

Let’s not promote youth working for free…Let’s put the $1 Billion in Unclaimed financial assets that the Bank of Canada is sitting on to work to spur economic action

While it’s great that Governor Poloz recognizes the problem of youth unemployment it’s concerning that the best idea that he seems to have for the estimated 200,000 jobless or under-employed youth is to advise them to work for free. I’m the first to support the value in volunteering but he has gone further than that & supported unpaid internships…so I must disagree.

It seems an insensitive and unsympathetic solution to the problem of thousands of youth many with undergraduate and/or advanced degrees to take unpaid internships. He seems to suggest that it’s ok to subvert “minimum-wage” laws and most specifically to ignore the fact that unless those unpaid internships are part of a college or university program, such positions are actually illegal in certain jurisdictions in Canada like Ontario where he lives and works

Unpaid internships unrelated to academic study devalue the skills and abilities of youth. There’s a more obvious problem as well. How many jobless youth can afford to “donate” their efforts without pay especially those without the advantage of parents who can carry them or those youth who have high student debt loads ?

Unpaid internships may work for the privileged few but let’s be honest…many of those internships are exploitive. They are too often used by employers taking advantage of a tight job market with little or no training in return for free labour and a bump to their bottom line

Unpaid internships are not the answer Governor Poloz is are seeking. But here are some suggestions :

*Gather real input about the kinds of well-trained, younger workers Canada needs to grow our economy.
*Support youth entrepreneurship which should start in high school and include financial literacy education
*It’s 2014. Put technology to work to do a better job of matching required skills and jobs in the short and long term future against current education & training programs. Most successful businesses have 3-10 year plans. Please ask them about those plans. Isn’t Stats Canada in-taking a lot of this information already? If we did a better job of this and if educators were required to listen, perhaps we would not have for example a 7 year waiting list of fresh, young, highly skilled teachers looking for part time or full time positions while at the same time, growing this waiting list each year.
*Unleash the $1 Billion in unclaimed financial assets currently being held by the Bank of Canada in the form of unclaimed bank accounts and savings bonds and spur some real economic action. It’s Canada’s “under the radar, Economic Action Plan in Waiting” that no one talks about
*At the very least hire an unemployed youth or 2 (as I suggested to you earlier this year) to build a searchable database so Canadians can locate $420 Million in unclaimed Canada Savings Bonds that lie buried in the Bank of Canada and promote the searchable database that includes $532 Million in unclaimed bank accounts that does exist.

Let’s not promote youth working for free…Let’s put $1 Billion in Unclaimed financial assets that the Bank of Canada is sitting on to work.

$400M+ in Lost Canada Savings Bonds is a lot of cash

There’s a staggering $400 Million + in matured but Unredeemed Canada Savings Bonds.

AND..

$400 Million in Lost or Unclaimed Canada Savings Bonds is a lot of hard-earned cash that could make a difference to many. 

And while it seems, a little UnCanadian, no one is looking for you or for your family member that may own one of these bonds. No one. That’s why it’s worth checking for yourself or for the sake of a loved one or friend.

If you think you or a family member has lost a Canada Savings bond (CSB) along the way…here’s some helpful info. if you are not sure if you or a family member has lost a CSB, I would urge you to call anyways as there is no downside, because NO ONE in the Bank of Canada is looking for owners of these Lost bonds. I can’t determine why lost Canada Savings Bonds are not listed on the Bank of Canada website alongside lost bank accounts. It’s a really BIG mystery.

However, given that T5s have been issued for the interest that these bonds have earned (which also remains unclaimed) AND the fact that tax returns have been filed by the legal owners or returns have been re-assessed on behalf of these owners, it should follow, that many of these owners could be tracked down. However, that’s not the case (the looking). We’ve volunteered to list lost CSB’s here on this website; we await a response

In any case, here’s some info on searching for lost Canada Savings Bonds

  • Gather up any info you have like Certificate Serial #, Customer ID, address at the time of purchase and the exact name that the bond would have been issued on behalf of
  • If the bond has been stolen; you should report it to police. CSB customer service will ask you for a Police report #
  • If the bond holder/owner is under 18, the parent or legal guardian must contact customer service. You may be requested to provide proof that you are the parent or legal guardian
  • If you are calling on behalf of someone unable to make the call; have them present if possible.
  • If you are calling on behalf of an estate or an individual that has been incapacitated, you will be asked to provide a certified or notarized true copy of any document that is required to provide proof of your authorization to act on their behalf (Like a Will or Power of Attorney or an Estate Transfer form)
  • If there are 2 owners listed on the bond; both bond holders must speak with Customer service
  • Make the Call-Contact info provided below

Need more info? Read more here

Contact Info

Phone – 1 800 575 5151
Monday to Friday 8 a.m. to 8 p.m. (ET)
905 754-2012 (Outside North America)
Facsimile  613 782-8096

Email
For general inquiries only (Link for instructions)
csb@csb.gc.ca

Mail
Canada Savings Bonds
P.O. Box 2770, Station D
Ottawa, ON K1P 1J7

Delivery Address
Canada Savings Bonds
50 O’Connor Street, Suite 201
Ottawa, ON K1P 6L2

show me the money

Show me State wants to Show more Unclaimed Bonds

The “Show Me” State Legislature of Missouri is moving forward with legislation to move more money into the hands of its residents (and the State Treasury)

If new legislation becomes law, the State Treasurer, Clint Zweifel will start the process of redeeming US Savings Bonds currently held by the Federal Government when those bonds have been misplaced or lost in order to help reunite Missourians with their money. That amount is potentially in the Millions of Dollars.

The Benefit to the State? Missouri would safeguard the cash value of the bonds for owners and enable the State’s Unclaimed Property team to work towards finding the rightful owners. Owners or heirs would find federal bonds using www.showmemoney.com as they do for other financial assets safeguarded by the State of Missouri.

The State Treasury already holds more than $810 million in Unclaimed Property for more than 4.7 million owners. During Fiscal Year 2013, the State Treasurer returned a record-breaking $39.5 million to more than 135,000 accounts.

The Bank of Canada (as of December 2013) holds approximately $420 Million in Canada Savings Bonds that have matured but have not been redeemed. While Canadians can search the database on the Bank of Canada website for Unclaimed bank accounts (Federally chartered bank accounts (held in Canadian Dollars only) where there has been no activity for more than 10 years, there is no equivalent site for Unclaimed Canada Savings Bonds.

Canada launches a 50 Year Bond. Really ?

canada-savings-bonds

Allow me to comment on the idea and now the reality of the Bank of Canada issuing 50 year bonds

On April 28th, Finance Minister Joe Oliver announced that the Government of Canada had indeed successfully issued $1.5 Billion in 50 year bonds maturing December 1 2064 at 2.96%.  He summarized as follows:

“In the current environment, it is both advantageous and prudent for our Government to lock in additional long-term funding. This 50-year bond will help us meet our goal of raising stable and low-cost funding to meet Canada’s financial needs and best serve taxpayers.”

I get that. It’s cheap debt for 50 years.

However, as the obsessed Unclaimed Intangible Property Legislation Advocate that I am for Canada…I’m obviously worried about how many Canadians will lose track of this 50 year bond. While I have not yet been able to pry the list of Unclaimed/Matured Canada Savings Bonds from the Government to calculate the average time it has taken to lose a Canada Savings Bond it’s a lot less than 50 years…

The value of Unclaimed/matured Canada Savings Bonds already exceeds $420 Million 

So, how many of these 50 year bonds will be forgotten by December 2064 (more) ?

Sad but true. Sorry I’m sarcastic but advocating for Unclaimed Intangible Property Legislation across the Land is exhausting work, It should not be so difficult to bring some awareness and concern to this issue given:

  1.  The estimated value of Unclaimed Financial Assets in Canada is somewhere between $4-6 Billion already
  2. The rate of increase for financial assets is already alarming. Unclaimed bank accounts increased by $181 Million (52% ) on a net basis over the past 5 years. Unclaimed Canada Savings Bonds increased by $161 Million (37% annualized ) over the past 20 months.
  3. For a multitude of reasons the rate of increase in financial assets becoming unclaimed will only increase without legislation and a solution in place (we’re working on both)
  4. Canada is so far behind in putting into place, Consumer Protection legislation to safeguard lost financial assets for Canadians and their families. It’s tragic and sad. The US has had comprehensive legislation in place for 50+ years. Legislation exists in most Countries including the UK,  Australia, New Zealand, Kenya etc.

For information about how to change the ownership of a bond, or the address of a bond holder or what to do about a lost, stolen or destroyed Bond please refer to the Bank of Canada website here   The rules, regulations and process is a bit overwhelming. Unfortunately, unlike the US and unlike the case of the $532 Million in unclaimed bank accounts relating to CDN $ accounts once held at a Federally Chartered Bank, there is no database of Unclaimed/Matured Canada Savings Bonds available to search.

You need to call to make an inquiry so please do, because I know for a fact, unfortunately that they are not looking for you.