Did you run out of cash during the COVID-19 pandemic due to the economic slowdown? You may have unclaimed money from your past that could help you pay your bills, perhaps from an inactive bank account or a lost check.
Or perhaps a wealthy relative died without a will, and without your knowledge you are entitled to your money. A $ 1.9 million inheritance is currently dormant in B.C., waiting for family members to claim.
To find out if you’re a millionaire or if you have other unclaimed funds, here are some simple and free ways to start your scavenger hunt.
CRA uncollected checks
The Canada Revenue Agency has approximately $ 1 billion of checks for tax refunds and benefits that taxpayers never cashed.
In some cases, the recipient may have lost the check or not told the CRA that they had moved, so it was mailed to the wrong address.
In February, the CRA added a new online feature to help match taxpayers with their uncollected checks, which never expire.
After logging into your online CRA account, click on the “uncollected checks” link. That will generate a list of all CRA checks in your name that have been uncollected for at least six months.
To claim your money, fill out an online form and send it to the agency.
The CRA reports that between February 10, when the new feature launched, and the end of May, Canadians redeemed more than 260,000 uncollected checks totaling $ 63.7 million.
Dave Hurley, from Vancouver, clicked on the “uncollected checks” link in April and was surprised to find he had a $ 88.50 check for a 2007 GST / HST credit.
He said he made a claim and that the CRA deposited the money in his account about a month later.
“An additional $ 88 was good, it was great to have,” said Hurley, who used the money to squander a bottle of high-end Scotch whiskey.
“I felt like I deserved it.”
The central bank has $ 888 million in unclaimed funds
the Bank of Canada It can also help you find forgotten cash. When federally regulated banks have unclaimed customer funds, such as bank deposits, GICs, and money orders, they end up with the Bank of Canada after a period of 10 years.
The bank calls the forgotten money “unclaimed balances”, and you can search for your online database to find out if any of this belongs to you. To claim a claim, you must complete a claim form provided online and mail it to the bank with proof of ownership.
The Bank of Canada said it paid $ 8.5 million last year to Canadians who filed claims.
And it has much more to distribute. The bank reports that it had $ 888 million in unclaimed balances at the end of 2019. Its largest total holding amounts to more than $ 800,000.
Legitimate owners have enough time to claim their cash. The bank will maintain unclaimed balances of less than $ 1,000 for 30 years and amounts of $ 1,000 or more for 100 years.
Forgotten EI checks
Employment and Social Development Canada (ESDC), which oversees federal social programs, may also have cash for you. The government department reports that as of September 30, 2019, it had $ 133 million of more than 300,000 checks issued to Canadians that, for whatever reason, were never cashed.
Most of the checks belong to people who at some point have collected the Canada Pension Plan, Employment Insurance or Old Age Security payments.
ESDC does not have an online search tool, but you can call Service Canada if you think you have a forgotten check. If it turns out that you do and can validate your identity, the department will reissue the check.
Unclaimed Property Programs
If you have ever lived in BC., Alberta or QuebecYou can search for forgotten money by searching online databases provided by unclaimed property programs in each of the three provinces.
The programs raise funds from provincially regulated companies, organizations and financial institutions. Depending on the province, the funds raised could include wages, insurance and pension fund payments, as well as credit union accounts.
All three programs collect unclaimed inheritances left behind by people who died, and a legitimate heir cannot be found.
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BC., Alberta and QuebecUnclaimed property programs have slightly different rules, but they share the same goal: to unite people with their long-lost money.
“You can’t believe what people forget [about] and for what dollars, “said Alena Levitz, executive director of the BC Unclaimed Property Society (BCUPS).
The BCUPS reports that last year it returned $ 2,744,595 in unclaimed cash to verified owners. He currently has more than $ 164 million in his coffers waiting to be claimed.
The total includes the $ 1.9 million left by someone who died in B.C. without will
“Someone was a good saver all their lives and just didn’t have [close] family and unfortunately, he probably didn’t think about making a will, “Levitz said. He couldn’t disclose more details about the case for privacy reasons.
BCUPS does not impose a time limit to make a claim and still has cash waiting for its rightful owners dating back to 1800.
Levitz encourages other provinces to establish an unclaimed property program. Currently, residents of provinces without one must consult individual companies and organizations to search for forgotten cash.
“It should be easy for people to find the money that belongs to them,” he said.
New Brunswick has an unclaimed property program in process.
Source From ”cbc.ca”