Ottawa looks for new ways to tax dormant accounts

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Ottawa looks for new ways to tax dormant accounts

Postby oneh2obabe » Jan 13th, 2019, 4:43 am

Millions of dollars owed to ordinary Canadians sits unclaimed in dormant bank accounts and terminated pension plans — and the federal Department of Finance is looking at fresh ways to tax some of that idle money and to reduce or eliminate any interest paid on it.

Proposals to significantly revamp the so-called "unclaimed balances" regime in Canada have undergone more than two years' of consultations and review, and are now in the hands of department bureaucrats.

The goal is to modernize an archaic regime dating from the 1940s. The proposed changes also would save Ottawa money while modestly increasing federal revenues.

https://www.cbc.ca/news/politics/bank-c ... -1.4970490
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Re: Ottawa looks for new ways to tax dormant accounts

Postby Catsumi » Jan 13th, 2019, 9:54 am

On CBC radio this morning the amount was stated to be around a Billion sitting in dormant accounts.

What surprises me is that this government has not found a way to snatch the whole shebang rather than just gently tax these funds.

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Re: Ottawa looks for new ways to tax dormant accounts

Postby oneh2obabe » Jan 13th, 2019, 10:16 am

The Bank of Canada holds unclaimed balances of less than $1,000 for 30 years. Balances of $1,000 or more are held for 100 years. Balances that are unclaimed at the end of the prescribed custody period are transferred to the Receiver General for Canada.

Check for unclaimed balances here ...
https://www.bankofcanada.ca/unclaimed-b ... d-balances, check the BoC website
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