At Investors Group, we have policies and procedures for unclaimed accounts and we maintain a confidential record of account owners we have been unable to contact.
We consider accounts to be unclaimed when it becomes evident that we have lost contact with the account owner. The most common examples are when mail sent to the owner is returned, or a cheque that was issued to the owner has not been cashed.
There are other instances that cause us to declare that an account is unclaimed:
- If an investment has matured (such as a Guaranteed Investment Certificate (GIC) and the owner has not provided instructions.
- If a registered plan must be collapsed or converted into another investment and the owner has not provided instructions.
- If an extended period of time has elapsed since the owner has taken any action or provided us with instructions pertaining to any of their investments. (An automated purchase or withdrawal plan is not included in this definition.)
We make reasonable efforts to locate and notify owners of unclaimed accounts, based in part on the value of the account. In some cases we may ask Canada Revenue Agency (CRA) to send a letter on our behalf based on the return address of the owner’s latest tax return.
If you suspect that you may have an unclaimed account with us, please contact us. We will ask you to provide suitable identification as well as proof of ownership of the investment.
If you are an executor for an estate or have power of attorney for someone that you suspect may have an unclaimed account, we will ask you to include evidence of your authority to act on behalf of the owner and/or an indemnity depending on the circumstances.
In creating our policies for unclaimed accounts, we have followed regulations for “Unclaimed Property” that have been enacted in Alberta, British Columbia and Quebéc. If you are, or have been a resident of these provinces, legislation permits us to transfer or report unclaimed property to the appropriate authorities after a period of time. If this is case, we may advise you to contact those authorities directly. This also applies to investments that are subject to federal regulation (such as a GIC), whereby we may refer you to the Bank of Canada.ss