Welcome to www.SaveMoney.ca!

We are living in stressful, uncertain economic times, and predictions are that it will only get worse.

This means higher food and housing costs, rising unemployment and an uncertain economy, which affects young and lower-income consumers the most. The extent of financial issues related to tariffs is still under review.

We are also falling further behind these days.

Consider:

  • Canadian consumer debt currently sits at $2.58 trillion
  • We have $113 billion in credit card debt
  • The average non-mortgage debt per consumer recently increased to $22,147, an all-time high
  • 1.4 million Canadians missed a payment on their mortgage, auto loan, or credit card in the second quarter, up 118,000 from the same period last year
  • An average Canadian family of four will spend almost $17,ooo on food in 2025, $800 more than last year
  • Statistics Canada says that food costs have risen 27.1 percent in just five years
  • A recent research study reveals that one in five Canadians is losing sleep due to financial concerns.

But you can save money. You can pay down your debts. You can save up for something special. And www.SaveMoney.ca would love to help you do just that! We intend to show you tens of thousands of ways to economize in your daily, weekly, monthly and annual expenditures. And all in strictly Canadian
ways!

And it will cost you nothing but some time and effort. But the more time and effort you are willing to invest, the more you will save.

With just a little planning, you can stretch the money you do have so that it works more effectively for you. Convenience is a major enemy of economizing, so plan carefully and you will save. Another common issue is a lack of knowledge on how to economize, and we are here to help you with that.

We’ll show you how to cut your financial outlay with minimal sacrifice. We’re dedicated to helping you stretch every single dollar to the max.

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And we would love to hear from you! Don’t hesitate to contact us if you have a great bargain to brag about, a consumer complaint, a story idea, or just a general comment or criticism.

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Free to Search! Free to Claim(usually)!

Www.SaveMoney.ca exists to put money in your pocket and keep it there. Ergo, our inaugural article presents the definitive guide to locating and reclaiming money and assets you may have forgotten about.

Most people doubt that they could have ever left behind cash or assets that they own. But the amount of forgotten funds in Canada is staggering, with billions of dollars at stake. British Columbians alone manage to misplace more than $15 million every year.

Pre-Search Preparation

Most of these databases require only a surname for a thorough search, but if you have a common last name, your task will be much more challenging. Prepare a list of names that might net you some cash. Start with your own moniker, and include any others you may have used previously. Be sure to include common misspellings of your name. This could be how the money got lost in the first place.

Add your mother’s birth name to the list. After that, searching for funds belonging to your friends and family could make you a very popular person.

Consumer Caution

Be very wary if you receive unsolicited news that there is forgotten money in your name. This is an area which is subject to fraud.

Dormant Account Fees

Most financial institutions now charge “dormant account fees” when there have been no transactions for two years. These fees will gobble up all the funds in the account, preventing them from being forwarded to authorities for possible recovery by their rightful owners.

Collecting Your Cash

If the money is in your name, it is relatively easy to collect by supplying proper identification. Things get more complicated if you are trying to collect funds under someone else’s name. In this case, you must produce extensive, certified documentation to prove you are the “right-holder” of the funds.

Certified copies, usually prepared by a Notary Public or lawyer, can cost $30 and up.  However, the constituency office of your Member of the Legislative Assembly (MLA) may certify copies for free. Please phone ahead.

For British Columbia or
For Alberta

Federal Forgotten Funds

Canadian Financial Institutions are required by the Bank Act to transfer all Canadian and US currency accounts that have been dormant for 10 years to the Bank of Canada.

The Bank of Canada’s Unclaimed Property Office safeguards these proceeds. Their repository currently has $1,267,904,983.02, with the most lucrative account holding $917,365.

Of the more than 2.5 million accounts, one dates back to 1859. Accounts containing less than $1,000 are held for 30 years. Accounts with more than $1,000 are held for 100 years before being transferred to the Receiver General of Canada.

Search Federally

The Bank of Canada also tracks unclaimed savings bonds. There is no database to check, but you can call toll-free 1 833 876-2267 to see if any uncashed Canadian savings bonds are yours. It is helpful if you have information about any bonds in question, such as their serial numbers.

Forgotten Canada Revenue Agency Funds

The CRA is trying to reunite $1.4 billion with its proper owners. Since 1998, the CRA has issued more than 1.9 million refund cheques that remain uncashed. The average amount is about $160, and the funds never expire.

To check for forgotten funds, sign up for a “My Account” with the CRA. Ensure that your contact and banking information, as well as any name change information, are up to date so you don’t lose any more money.

Once in the CRA portal, click “Related Services”, then “Uncashed Cheques.” As always, if the money is in your name, it is quick and easy to collect. Finding and collecting the cash is more complicated if the funds are in someone else’s name, as you must provide extensive official documentation.

Search CRA

Forgotten Insurance Funds

Locating forgotten insurance policy funds is challenging, as these companies frequently change names and transfer policies to other companies. You are best off dealing with the proper authorities to find and claim lost insurance proceeds. The process is more efficient if you can locate proof of a policy.

The OmbudService for Life and Health Insurance (OLHI), comprised of 99 percent of insurance companies as members, charges no fees. They can assist you in locating your loved ones’ insurance proceeds, but doing your research beforehand will be helpful. The OLHI provides detailed information to help you locate life and health insurance policies.

They also provide an alternative dispute resolution service if you have any issues with insurance providers.

Find Insurance Funds

Provincial Forgotten Fund Databases

Only six provinces in Canada have enacted unclaimed property legislation: British Columbia, Alberta, Saskatchewan, Manitoba, Québec and New Brunswick.

Apparently, the governments of the other provinces and territories are pocketing your money and allowing others to do the same.

Forgotten Funds in B.C.

The British Columbia Unclaimed Property Society, often referred to as “B-Cups,” is currently holding more than $222 million, including one account worth $1.9
million, that British Columbians have forgotten about. We hope some of it will end up in your pocket.

Government bodies, financial organizations and private businesses must try to locate the rightful owners of forgotten funds. When they cannot, the funds are
transferred to B-Cups for safekeeping. There is no deadline for claiming the funds.

The administration of B-Cups was transferred from the provincial government in 2003 to the charitable Vancouver Foundation. They scoop up “excess unclaimed funds,” such as proceeds from closed accounts and bank interest on the hundredsof millions it holds.

Search Unclaimed Money in BC

Bonus for B.C. Residents

It would be sweet to get money back from the Insurance Corporation of B.C. rather than hand it over.

ICBC maintains a database, created in July 2000, of cheques worth at least $50 which remain uncashed.

Bonus For BC

Forgotten Funds in Alberta

Alberta’s Unclaimed Property Registry (established in 2008) holds an estimated $142 million that Albertans have forgotten about. Of the 334,000 accounts, one
holds almost $900,000 in uncashed dividends.

Businesses and government agencies with more than $250 in unpaid wages, interest, dividends, scholarships, utility refunds, or insurance proceeds must
make every effort to contact the owners. When they cannot, the funds must be transferred to the Tax and Revenue Administration for safekeeping.
There are time limits on collecting your money in Alberta. For example, unpaid wages must be claimed within a year, but you have 15 years to collect for
traveller’s cheques. After that, the money goes into the government’s general revenue.

Search Unclaimed Money Alberta

Forgotten Funds in Saskatchewan

Saskatchewan’s forgotten funds database contains only the proceeds from inactive credit union accounts and is administered by the Credit Union Deposit
Guarantee Corporation.

The balances are transferred to the Corporation when accounts have remained dormant for two years. The credit unions seize all funds in accounts with balances under $50, but if an account holds between $50 and $5,000, it is kept in a “special reserve fund.” Amounts exceeding $5,000 are transferred to the Corporation for safekeeping.

www.fundsfinder-mesfondsnb.ca/en-US/

Search Unclaimed Money Saskatchewan

Forgotten Funds in Ontario

A ton of unclaimed funds have been disappearing in Ontario because the government lacks unclaimed funds legislation, a database, and even an office.
However, the Law Society of Ontario holds money under the “Collection and Debt Settlement Services Act.” Monies remaining after a lawyer or paralegal has completed a case are transferred to the Society when the proper owners cannot
be located.

There is no database, but people can file an application form online to check for funds.

Search For Unclaimed Money Ontario

Forgotten Funds in Québec

Québec’s Register of Unclaimed Property holds forgotten money related to bank accounts, pensions and insurance policies, as well as the proceeds from the sale of land or other property. But their limited database only shows assets received in cash.

Revenu Québec treats unclaimed assets, currently at almost $660 million, held in more than 500,000 accounts, very differently from other provinces and has
received a barrage of criticism from advocates.

There are time limits on your ability to collect your money. You also have just 10 years from the date the funds were submitted to the Minister of Finance for any
financial product or other asset that is valued at less than $500. If the sum exceeds $500, you have 30 years to collect. In cases of an inheritance, you have
10 years from the date of death.

If you fail to claim your money in time, it is deposited into the Generations Fund “for the benefit of all” and used to pay down provincial debt. If an account lacks
the price of government fees and taxes, it is simply unreported.

And unlike every other forgotten fund database that SaveMoney.ca has encountered, Québec charges people to recover their own money.

Currently, reclamation funds are first subject to a 10 percent fee on the property value (from a minimum of $59 and a maximum of $1,186). Also, it will cost you
$396 to collect assets from a safe deposit box or bank account. If the property has been liquidated, you must pay an additional fee of between 10 and 15 percent.

If you are making a claim on the proceeds of a forgotten estate, the application fee alone is $1,602. If successful, you will also be charged a handover fee of
$1,186. If the estate has been liquidated, you are looking at an additional 10 to 15 percent. You could also be faced with GST and Québec sales tax fees.
Québec’s Register of Unclaimed Property also faces criticism from advocates who say that the government’s efforts to locate property owners are seriously lacking.

SaveMoney.ca encountered problems with this office. They steadfastly refused to answer any questions regarding their operations. Further, email inquiries written in English received responses in French. Good luck with them!

Search For Unclaimed Money Quebec

Forgotten Funds in New Brunswick

New Brunswick is the latest province to add a searchable database of forgotten money, initiated in 2023. Even though the unclaimed amounts, updated
annually, only go back three years, the fund already holds millions of dollars.

The money includes funds from inheritances, credit union accounts, damage and security deposits, and uncashed business cheques. Anyone in this province
holding more than $50 in unclaimed property must make every effort to locate the rightful owners. After that, the money is placed in the Commission's
safekeeping. Information is updated annually.

Your Food Budget

The Agri‑Food Analytics Lab, a collaborative effort by Dalhousie University and ten other respected Canadian universities, recently published Canada’s Food Price Report.

They estimated that the average family of four will spend $17,572 on food this year, or $1,464 each month. This is 27 percent more than five years ago.

But you can significantly lower your costs with just a bit of time and planning. And the more time and planning you put into it, the more you will save. Planning Clever consumers enter the grocery store with a detailed, well-organized list. This is tantamount to arriving with a weapon in your hand to fight against the waste of money. This will save you both time and money, and allow you to outsmart those clever marketers who spend their time and talents devising ways to sucker you into buying expensive, wasteful items on impulse.

We recommend you start with an inventory of all the food already in your home. We know of households with more than six months’ worth of food stored in cupboards, pantries and freezers. This is likely to result in spoilage, which is like throwing cash in the trash.

Please check the expiry dates on all items and arrange them with the closest expiry dates at the front, following the FIFO (First-In, First-Out) method. Review your inventory and consider what you need to complement what you already have. Create a meal plan and add some of these items to your list, noting the rest for later.

A notepad and pen attached to your fridge with a magnet will alert you as to items you need or are running low on.

Since newspapers with inserted flyers are going the way of the dodo, we must now learn what is on sale online. Be wary: Marketers are getting creative with flyer content. You’ll see larger-than-life-sized images of the most delectable strawberries you’ve ever seen in your life. Before you add the fruit to your list, read the advertisement carefully to ensure that strawberries are actually on sale.

Larger supermarkets tend to be cheaper than smaller ones due to volume discounts. Grocery chains strive to match competitors’ prices, but if they miss something (accidentally or deliberately), you must prove the item is on sale elsewhere to qualify for the lower price. And without printed flyers, you need a cell phone with internet access to use as proof of a better buy at a different store.

Stores offer “loss leaders” every week – items that are priced below what the store paid for them. They’re hoping to entice customers into the store who will then purchase other items in addition to the sale items. Don’t miss out on these super bargains. Some stores offer “rain checks” when they are out of an item that is on sale. Ask if your grocery store has such a policy.

Give your list a harsh reality review when it is complete. Cross off anything and  everything that you don’t need. Then arrange your list according to the layout of the store you shop in, creating a map. Stores have figured out that the longer you stay, the more you spend, and that impulse purchases are hard on the budget. Ergo, you want to spend as little  time in the store as possible, while ensuring you get everything you need in one trip. We advise that you hit the frozen food section last.

Set the Mood

You probably know you’ll buy more if you shop when hungry. Grocery stores take full advantage of this by wafting tempting bakery aromas over shoppers as they enter. And almost everything in the grocery store looks good when you have an empty belly.

However, you may not be aware that the same rule applies to those who shop when they are tired, sad or angry. It is best to be fully alert in the grocery store lest expensive impulse items fill your shopping cart while bargains pass you by.

When to Shop

Find out which day(s) your favorite grocery store receives its delivery order. Shopping later that day or the following day means you are more likely to score loss-leader items that are available in limited quantities and sell out fast.

Price Books

Clever consumers know the regular prices of items they routinely purchase, allowing them to quickly determine what is and isn’t a genuine bargain. For those looking to improve their pricing knowledge, we recommend creating and maintaining a price book. This will allow you to save big bucks by recognizing a true bargain and knowing when to stock up on an item.

Start with a pocket-sized notepad and create sections for different areas of the grocery store, such as dairy and produce. Use the book to note the price, brand and size of the items you often purchase. You can also make notes while reviewing your flyers, at the store or at home after unpacking your groceries.

See Our Articles

Latest Articles

Check out our latest articles on how you can save money and find the money that you may not have even known about.

Food Budget Savings

Welcome to SaveMoney.ca! We are living in stressful, uncertain economic times, and predictions are that it will only get worse.…

Read more

Free to Claim

Free to Search! Free to Claim (usually) ! Www.SaveMoney.ca exists to put money in your pocket and keep it there. Ergo,…

Read more

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