Have you ever thought that your hard-earned money, saved over decades, could vanish into unclaimed funds—never reaching your loved ones?
I was just reading an article in the National Post that revealed a staggering $1.8 billion sits unclaimed in forgotten bank accounts across Canada, with some estates missing out on amounts that exceed over a million dollars.
“As of June 30, the Bank of Canada (BoC) says it’s sitting on nearly $1.1 billion in “unclaimed balances” contained in 2.5 million accounts that have sat dormant for over 10 years.”
National Post – How to know if you own any of the $1.8B in unclaimed bank accounts in Canada
As many of you may already know, I hold the Certified Executor Advisor designation, and these are the kinds of estate planning discussions I have with senior clients regularly. One common issue that consistently arises is way too many accounts—RRIFs, TFSAs, non-registered investments, and various bank accounts.
Each account generates its own statements and tax receipts, creating a flood of paperwork. Imagine trying to keep track of each account’s holdings and performance, only to miss a tax receipt, then discovering the oversight after filing.
This can lead to missed reporting, delays, or even penalties.
Even more concerning is that families are often unaware of some of these accounts, complicating the estate settlement process.
“The largest unclaimed amount is a $1.9 million estate the legal heirs are “unaware of,” the society said.”
Quote from National Post – How to know if you own any of the $1.8B in unclaimed bank accounts in Canada
To address this, we at Investia Financial Services offer a nominee platform that consolidates investments from multiple institutions into a single account per type.
For example, with our nominee platform, you could be holding investments from RBC, TD, BMO, CIBC, Fidelity, Mackenzie, Dynamic, Franklin Templeton, IA Clarington, AGF and many more just within one RRIF account. To help you build a well-diversified portfolio, our clients could have access to investments to over 70 companies.
This consolidated approach reduces paperwork, simplifies tax documents, and enables quicker processing, creating a more seamless plan for your estate.
So when the time comes, your family does not need to go through the hassle to contact many companies and talked to random financial rep. Rather, they just need to contact me and I would have most of your accounts info ready. Not to mention, I could provide helpful advice to them as their Certified Executor Advisor.
If you would like to explore ways to simplify your finances and ensure your assets are accessible for your loved ones, please reach out.
Together, let’s protect your legacy and secure your family’s future.
Disclaimer:
The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as investment, financial, legal, accounting or tax advice. Please obtain independent professional advice, in the context of your particular circumstances. This newsletter was written, designed and produced by Samuel Li for the benefit of Samuel who is Advisors at : SamuelConsultant.com is a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities.
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