On March 27, 2012, Ontario’s Minister of Finance Dwight Duncan presented a provincial budget that was explained as a 5-year plan to balance the budget. The proposal includes spending reductions of $17.7 billion over 3 years and an increase of revenues of $4.4 billion without tax increases. One of the many measures mentioned to increase revenues was the establishment of an “Unclaimed Intangible Property Program” which would allow unclaimed money to be used to benefit all provincial residents. The proposed program was described as including, among other things, the proceeds of insurance policies, returned stocks and bond, bank deposits, unpaid wages, and pension benefits.
UPRR will be vigilant and provide more information as program details are announced. For more information on the Ontario Budget proposal, click here: http://www.fin.gov.on.ca/en/budget/ontariobudgets/2012/ch1.html#c1_unclaimedIP