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Nearly $1B in assets unclaimed

Toronto Mayor Rob Ford, center, is greeted by a media throng Monday as he returns to his office at City Hall in Toronto after his stay in a rehabilitation facility.

Associated Press

Toronto Mayor Rob Ford, center, is greeted by a media throng Monday as he returns to his office at City Hall in Toronto after his stay in a rehabilitation facility.

Canadians are unwittingly sitting on a gold mine of unclaimed money and assets worth nearly $1 billion.

Money left in dormant bank accounts turned over to the Bank of Canada and held by companies and government agencies make up the bulk of unclaimed assets.

One of the largest is $677,000 in two dormant accounts held by Manuel Vinhas that was transferred from a Royal Bank branch in Montreal.

Canada's central bank now holds about $1 billion from bank accounts and Canada Savings Bonds.

Companies assisting people to recover "lost" money, estimate unclaimed assets could be as much as $6 billion.

One business, Legacy Trackers, is calling on the Canadian government and provinces to enact unclaimed intangible property legislation.

Quebec and Alberta have such comprehensive laws, while there's a voluntary system in British Columbia.

The Ontario government is considering adopting its own system that would help uncover unclaimed assets that would include insurance policies, stocks and pensions.

Online searches can be done with the Bank of Canada and the Office of the Superintendent of Bankruptcy Canada.

Woman plans to marry imprisoned killer

"Schoolgirl sex killer" Paul Bernardo, 50, is planning a prison wedding with a 30-year-old unidentified London, Ontario, woman.

Bernardo is serving an indeterminate sentence for killing two Ontario teenage girls, a dozen rapes and more than two dozen other sex offenses.

News reports say the woman has been writing to Bernardo since last fall and that her parents are horrified by the news.

"People close to her have to reach out and save her from herself," said Tim Danson, attorney for the families of the murdered girls.

Danson said he doesn't believe Bernardo, who has been in prison for 19 years, will ever be released even though he's eligible for parole in 2018.

Facts and figures

Canada's dollar has advanced to 93.86 cents U.S. while the U.S. dollar returns $1.0653 in Canadian funds, before bank exchange fees.

The Bank of Canada's key interest rate is steady at 1 percent while the prime-lending rate is unchanged at 3 percent.

Stock markets are higher, with the Toronto exchange index at 15,233 points and the TSX Venture index 1,035 points.

The average price of a liter of gasoline in Canada is up to $1.3735 (Canadian).

Lotto 6-49: (July 2) 13, 20, 27, 28, 47 and 49; bonus 15. (June 28) 10, 28, 32, 37, 43 and 46; bonus 45. Lotto Max: (June 27) 4, 6, 7, 16, 18, 40 and 46; bonus 34.

Regional briefs

• A court-ordered psychiatric assessment has been ordered for Justin Bourque, 24, in the shooting deaths of three Mounties and wounding two others. Constables Fabrice Gevaudan, Douglas Larche and Dave Ross were gunned down after responding to a report of a man with firearms walking on a residential street in the New Brunswick city on June 4.

• Calgary police say they have received good leads in their search for Nathan O'Brien, 5, and his grandparents Alvin and Kathy Liknes. They disappeared after an estate sale at their home last weekend. Investigators said they don't believe the three left voluntarily.

• A weakening Hurricane Arthur is bringing strong winds and heavy rain to Canada's Maritime provinces. Environment Canada issued tropical storm warnings for the weekend across New Brunswick, Prince Edward Island and southern Quebec. Rainfall could reach 6 inches in New Brunswick, said Chris Fogarty of the Canadian Hurricane Center.

News in brief

• Toronto Mayor Rob Ford has returned to work after a stint in rehab and gave voters his word he will stay sober if re-elected in October. Ford, who admitted associating with drug dealers and taking crack cocaine while drunk, spent two months at a Muskoka, Ontario, rehabilitation facility. He again apologized for his actions upon his return.

• Canada's housing market remains hot and will for the rest of the year, TD Bank predicts. The national average resale house price has risen by 7.1 percent year over year and surpassed its 10-year average growth rate. A report by TD Economics said prices will rise an average of 5 to 6 percent by the end of the year.

Jim Fox can be reached at canadareport@hotmail.com.

Nearly $1B in assets unclaimed 07/04/14 [Last modified: Saturday, July 5, 2014 6:21pm]
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