Originally published by LegacyTracker July 25 2013
Despite Ontario being the first province to pass Unclaimed property legislation in Canada (1989), they could not get it all together (the rules) for a period of 22 years later and the Bill was repealed in Dec 2011. Yes. Sad. Many Ontario families are no doubt owed some money.
On the upside they are trying again. Consultations have been taking place and we await next steps. Read about the consultations with the Ministry of the Attorney General here
My many suggestions to the Attorney General included this one:
No more push to paperless until Canada gets all Provinces on-board with Unclaimed Property Legislation.
Yesterday I received a note from my RESP provider (Invesco Trimark). No more PRINTED semi-annual statements effective 2014. Not cool because this increases the risk that any funds with Invesco Trimark will go unclaimed. But Age Unfriendly as well. Do all Invesco Trimark Investors have online access? Really?
The US considers such legislation as an important component of Consumer Protection Legislation-and it is! So…why are we some 40 years behind? The US has $58B in unclaimed funds/property despite the program but searching for assets is much easier.
In Canada ? The total is at least $4B and the searching is difficult.