It is estimated that at any point in time, federal and provincial governments are holding more than $10 billion in unclaimed money and other property that has accumulated over many years. Additionally, banks, businesses, government agencies, and other entities across Canada are also believed to be holding at least this much.

These unclaimed assets include forgotten bank accounts, tax refunds, pension funds, bankruptcy distributions, insurance policies, stocks/bonds, cheques, inheritances, and gift or stored value cards, just to name a few.

Throughout their lives, people frequently move to new addresses. Deaths are unplanned and people’s financial affairs are seldom organized when they die. Companies often move their office locations and corporate mergers and acquisitions along with corporate bankruptcies are constantly occurring. A significant amount of mail gets misdirected annually. All of these events can lead to unclaimed property -- situations where the owners of assets become disconnected from the holders of their assets. After a legally-defined period of time elapses (the dormancy period) these unclaimed assets either remain with the asset holder until claimed by the asset owner, or are transferred to the Government of Canada (or its agencies), provincial ministries (or their agencies), State treasuries (in the United States), or international governments or government agencies, until the owner is located.

This unclaimed property is typically held until the rightful owner is located. However, depending upon the type of asset and the laws of the jurisdiction where the asset is held, if the owner of the asset cannot be found, the asset may be transferred to the government or the holder can charge dormancy fees against the asset until there is nothing left for the asset owner.

Locating unclaimed corporate and consumer assets is often very difficult.

As our newest professional recovery service, launched in 2011, Impact 360’s asset recovery services help guide corporations and consumers through the complex process of recovering the assets and unclaimed property that rightfully belong to them.

Of course, the best way to find out if there is potential asset recovery is to call us now: 1-866-360-9671