Six steps to claim unclaimed property

“I’m the executor for dad’s estate. I was in the midst of making an inventory of his assets when I heard about how I could look up his name in an unclaimed property database. My search turned up a result that matched his name, so I made an inquiry. Turns out dad had some money sitting in an old credit union account he must have forgotten about. Now, those funds will go to his kids — I know it’s what dad would have wanted.”

– Derrin, Vancouver, BC

Unclaimed property is the legal term for money held by an organization that the rightful owner hasn’t used for a long time. There are many situations that can give rise to unclaimed property. For example, say you move to a new city and forget to close your old credit union account. There’s a small balance that sits in the account, untouched for years. After a set period, that money becomes unclaimed property. 

Here, we explain more ways money can become unclaimed property.

BC Unclaimed is a caretaker for people’s unclaimed property. It’s a non-profit society that administers the province’s unclaimed property program. They receive unclaimed property from other organizations, like credit unions and real estate agencies, and try to locate the owner. If they’re able to find the rightful owner, they send them a cheque for the unclaimed funds. 

They also maintain a free searchable database of unclaimed property in BC. You can look up your name to see if BC Unclaimed holds any property that may belong to you. You can also run a search using someone else’s name, or the name of a company. For example, if you’re the executor of a will looking for the deceased’s assets. 

If BC Unclaimed holds unclaimed property in your name, you need to prove you’re the rightful owner before they’ll send you the money. You’ll need to submit some kind of documentation connecting you to the unclaimed funds. As well, they will need copies of your ID to verify who you are. The full documentation requirements depend on the type of unclaimed property you’re claiming. 

In some court cases, a judge will order money to be paid into court. For example, in a case involving debt or a foreclosure. Sometimes, no one follows up with the court to reclaim the money after the case is settled. Or there’s money left over after creditors are paid what they’re owed. After five years, that money is considered unclaimed property and gets transferred to BC Unclaimed. 

In order to claim court funds from BC Unclaimed, the owner needs to have a court order. The order tells BC Unclaimed that you are indeed the rightful owner, and directs them to pay you the funds. In most cases, you need to apply to court to have this order issued. For the steps to apply, see below under step four. 

If you receive a letter from BC Unclaimed saying they have unclaimed property in your name, that doesn’t necessarily mean it belongs to you. They locate and notify anyone in the province with the same name as the information they have on file. It could just be a coincidence. Does their description of the property ring any bells?

Similarly, if you search your name on BC Unclaimed’s database and a result matches your name, it may be someone else. Take a look at the year listed. This indicates when BC Unclaimed received the unclaimed property. 

If you look up your name on BC Unclaimed’s database and turn up a search result that you recognize, the next step is to submit an inquiry. To do this, click on the search result you’re interested in. You’ll be prompted to enter your name and email. This is so the organization can follow up with you about your inquiry. 

Note that you must also indicate your relationship to the rightful owner. You’ll see that you can submit an inquiry on behalf of someone else. For example, if you’re the executor of a will you may want to run a search using the will-maker’s name. 

Once you’ve submitted your inquiry, BC Unclaimed will follow up with you by email. They’ll let you know the type of funds listed in the owner’s name, the approximate dollar value, and the next steps to continue your claim.

At this stage, it’s time to get your documents in order. To claim your funds from BC Unclaimed, you’ll need to provide three pieces of documentation. This includes two pieces of government-issued ID to prove your identity, and one document that connects you to the unclaimed property.

Some examples of acceptable ID are a driver’s licence, BC services card, passport, or certificate of Indian status. The form of documentation connecting you to the unclaimed property depends on the source of the money. For example, if it’s money in a credit union account, you can use an account statement that shows the account number. If it’s unpaid wages, you can use an old payroll stub from the employer. 

If you’re the executor or administrator of an estate, you’ll need to provide additional documentation. As well, if the money is court funds you may have to apply to court in order to claim it. More on this in the next step.

For the full documentation requirements, see BC Unclaimed’s website. 

Unlike other types of unclaimed property, BC Unclaimed doesn’t decide who is the rightful owner of court funds. Instead, they rely on the court to tell them who the money belongs to. 

If the unclaimed property you’re claiming is court funds, you will need to apply for a court order if you don't have one already. This order tells BC Unclaimed who is entitled to the funds, and gives them directions for paying it out. We walk you through the steps to collect unclaimed court funds.

When you’ve collected the required documents, you’re ready to start a claim with BC Unclaimed. You initiate your claim by creating an account on their website and uploading your documentation. If you aren’t able to access the website, BC Unclaimed can assist you over the phone. (For their contact information, see below under who can help.) You can also send your documents by mail to:

BC Unclaimed Property Society

PO Box 18519

West Georgia RPO

Vancouver, BC V6Z 0B3

Refer to the email or letter you received from BC Unclaimed for guidance. It may include specific instructions relating to your claim. 

Once you submit your documents, BC Unclaimed reviews them to confirm you’re the rightful owner of the unclaimed property. They may ask you to submit additional documentation, if required. Claims are usually processed within 30 days. 

If BC Unclaimed confirms you’re the rightful owner, they will send you a cheque for the unclaimed funds. 

If they determine that you aren’t the rightful owner, they will tell you by email. BC Unclaimed will continue to hold the unclaimed property until they find the owner.