The following policies apply to the residents of Alberta, British Columbia, Manitoba, New Brunswick, and Quebec
Various provinces have enacted legislation respecting the monitoring, reporting and remittance of unclaimed property. As a securities dealer, Ventum Financial Corp. (“Ventum Financial”) is subject to these regulations.
Brief summaries of the legislative requirements are as follows:
Alberta
When property becomes unclaimed
Unclaimed property in Alberta is governed by the Unclaimed Personal Property and Vested Property Act (the “Alberta Act”). The Alberta Act only applies to unclaimed property if its net value is above a certain amount. For intangible unclaimed property (such as money or deposits), the Alberta Act applies only if the net value of it is $250 or more. For property not classified as intangible, the Alberta Act applies only if the net value of the property is $1,000 or more.
Personal property is presumed to be abandoned if it is unclaimed by the Apparent Owner within applicable periods set out in the regulations.3 Please see Schedule I for a reproduction of the timelines that apply to different types of unclaimed personal property.
British Columbia
When property becomes unclaimed
Unclaimed property in British Columbia is governed by the Unclaimed Property Act (the “British Columbia Act”). The British Columbia Act applies to personal property.
The timeline for when property becomes unclaimed, and whether the Holder is required to make reasonable efforts to locate and notify the Apparent Owner, depends on both the type and value of the property (the class of property).
If the circumstances set out for a class of property are met: (1) if the value of the property is less than the value set out for that class, then the property becomes unclaimed on the date that the circumstances are met; but (2) if the value of the property is equal to or more than the value set out in Schedule II for that class, the property only becomes unclaimed if, despite the Holder’s reasonable efforts to locate and notify the Apparent Owner, the Apparent Owner is not located within 12 months of the applicable date set out for that class.
Manitoba
When property becomes unclaimed
Unclaimed property in Manitoba is governed by The Vacant Property Act and The Escheats Act (the “Manitoba Acts”).
If personal property (including money or securities for money) deposited with or held in trust by any person is unclaimed by the Apparent Owner for 12 years from the date when the property was first payable to the Apparent Owner, it is payable to the province of Manitoba subject to any later claim by a person claiming to be entitled to that property (i.e. it is unclaimed property). At that point, the property becomes subject to The Escheats Act.
New Brunswick
When property becomes unclaimed
Unclaimed property in New Brunswick is governed by the Unclaimed Property Act (the “New Brunswick Act”).The New Brunswick Act applies to intangible personal property.
The timeline for when property becomes unclaimed, and whether the Holder is required to make reasonable efforts to locate and notify the Apparent Owner, depends on both the type and value of the property (the class of property).
Quebec
When property becomes unclaimed
Unclaimed property in Quebec is governed by the Unclaimed Property Act (the “Quebec Act”).
Various timelines apply to different types of unclaimed personal property. Property is considered unclaimed property if the period set out for that type of property the regulations has elapsed, and the Apparent Owner of the property has not indicated to the Holder that they have an interest in the property.
Holders must send unclaimed property to Revenu Québec.
Triggering Events
In general, and subject to individual provincial requirements, the following events will trigger action by Ventum Financial if the amount at issue is greater than $50: (i) a client’s mail is returned to Ventum Financial; (ii) a client’s cheque remains un-cashed and outstanding three years after the date of issue; (iii) a client has failed to respond, by the required date, to a requirement to take a certain action by a given date; (iv) a period of three years has passed without a client indicating an interest in property; or (v) a period of five years has passed since the date distribution from an RSP or RIF became mandatory without the occurrence of any of the client increasing/decreasing the principal of the account, the client accepting payment of principal or interest from the RSP or RIF and/or receipt by Ventum Financial of an indication of the client’s interest in the property.
For the purposes of the triggering events described above, a client “indicates an interest in property” when a client provides instructions for a trade, confirms or updates investor profile information, makes an inquiry or confirms an interest with respect to an account to a Ventum Financial employee.
Ventum Financial’s Action to Locate Client
Once a triggering event has occurred Ventum Financial will use reasonable efforts to locate the client. Ventum Financial considers reasonable efforts to include one or more of (i) using on-line resources to locate the client; (ii) reviewing other Ventum Financial accounts related or connected to the client that may have different contact particulars; and/or (iii) attempting to contact the client by telephone and e-mail at the clients’ last known telephone or e-mail address.
Property will be designated as unclaimed in accordance with the timelines set out in the provincial legislation.
Public Disclosure
Ventum Financial will provide public notice of the availability of information with respect to unclaimed property on its web site by publishing the following link on its home page – “Unclaimed Property Notice.” That link will direct the public to this policy.
Questions with respect to unclaimed property or this policy can be made in writing to, or by contacting:
Ventum Financial Corp.
Attention: Compliance Department – Unclaimed Property
2500-733 Seymour Street
Vancouver, British Columbia
V6B 0S6
(604) 664-2900
Proof of Claims
If you feel that you have an interest in unclaimed property, Ventum Financial must be satisfied of any claimant’s identity and entitlement to any property prior to releasing such property. Therefore, all claims must be submitted to Ventum Financial in writing and any claimant must provide at least two pieces of identification, at least one of which is photo ID. Such documentation must establish the name, signature and date of birth of the claimant. Proof of a tax identification number (such as a Social Insurance Number) must also be obtained.
All claimants will be requested to provide an adequate description of the account’s operation, including, but not limited to, the date the account was opened, the type of account, the approximate value of account and trading activity, all of which will be reviewed against the account’s history.