A fascinating, ‘What Am I’ Quiz…

· North Dakota has $23M

· Wyoming has $26M

· Mississippi has $38M

· Idaho has $40M

· Vermont has $42M

· Colorado has $50M

· New Mexico has $100M

· Arkansas has $100M

· Utah has $100M

· West Virginia has $110M

· Rhode Island has $124M

· Hawaii has $130M

· Maine has $131M

· Kentucky has $150M

· Kansas has $200M

· Nevada has $200M

· South Carolina has $200M

· Oregon has $250M

· Oklahoma has $260M

· Minnesota has $300M

· Louisiana has $330M

· Wisconsin has $339M

· Indiana has $350M

· Alabama has $373M

· Arizona has $400M

· Missouri has $400M

· Alabama has $420M

· Maryland has $580M

· Washington has $700M

· North Dakota has $700M

· Florida has $1B

· Ohio has $1B

· Massachusetts has $1B

· Illinois has $1.5 B

· Pennsylvania has $1.9B

· Texas has $2.5B

· California has $6.1B

· New York has $11B

 In all, the US has approximately $33-$35B

And Canada?  Canada has ....well we are not exactly sure; no consistent legislation exists across Canada similar to what has existed in the US for some 40 years.

So can we estimate?

If Ontario has the same population as Illinois, does that mean Ontario might have approximately $1.5B in unclaimed property?

If Canada has the same population as California, does that mean Canada might have approximately $6B in unclaimed property?

The United States considers unclaimed property legislation legitimately as, Consumer Protection legislation. Each State collects up unclaimed property in the form of:

bank accounts that have had no activity or contact with the owner for one year or longer stocks, uncashed dividends or payroll checks, refunds, traveler’s checks, trust distributions, unredeemed money orders or gift certificates (in certain states), insurance payments or refunds, life insurance claims, public and private pensions, annuities, customer overpayments, utility security deposits, and even the contents of safety deposit boxes.

Each State then proactively looks for the owners and provides an online search tool for owners that have been separated from their assets or their families who have a rightful claim on such assets.

Canada needs consistent and comprehensive legislation as well. Now

….it’s the right thing to do.