I got a letter from BC Unclaimed saying they’re holding unclaimed property in my name. What does that mean?

Unclaimed property is a legal term for money an organization holds that the rightful owner hasn’t used for a long time or doesn’t know about. For example, say you deposit money into a credit union account. Time goes by, and you forget all about it. If you don’t deal with the money in the account for ten years or more, and the credit union isn’t able to get in touch with you to remind you about it, that money may become unclaimed property. 

BC Unclaimed is a non-profit society that administers the province’s unclaimed property program. They receive unclaimed property from other organizations, like financial institutions, businesses, and courts. When they receive an amount over $200, they have an obligation to try to locate the owner of the funds. When they find someone with a name that matches their information, they send the person a letter.

Now, it’s important to note that the letter you received doesn’t mean you are entitled to the funds. Rather, it means that you might be. You’ll need to provide identification and documentation to prove you’re the rightful owner.