Forgotten Dollars Part 9
Are You Missing Out on a Pension?
Hi there, Welcome back to “Your Canadian Senior Moment”!
As we continue our series on overlooked benefits, we’re diving into a surprising but all-too-common issue: unclaimed pensions. It’s a problem that affects thousands of Canadians. You might be entitled to money from a previous employer that you’ve simply lost track of over the years. Unclaimed pensions are a significant issue, with millions of dollars waiting to be claimed by their rightful owners.
How a Pension Goes Unclaimed
Why would someone forget about a pension they’ve earned? It happens more often than you think. A few of the most common reasons are:
- Changing Jobs: If you changed jobs several times throughout your career, you might have lost track of a smaller pension from an old employer.
- Moving: If you moved and didn’t update your contact information with your previous employer or pension administrator, they may have lost touch with you.
- Company Mergers: When a company is bought out or changes its name, the pension plan may be taken over by a new administrator, making it harder to track down.
How to Check for Unclaimed Pensions
The good news is that tracking down a lost pension might be easier than you think. Here are the steps you can take to check for unclaimed funds:
- Start with Your Records: Look for any old pay stubs, T4 slips, or employment records from previous jobs. If a company offered a pension, it will likely be mentioned on one of these documents.
- Contact Your Former Employer: If you can, reach out to your previous employers’ human resources department. They can provide you with the details of your pension plan and who the plan administrator is.
- Check the Bank of Canada: In Canada, federally regulated banks and trust companies are required to transfer unclaimed bank balances to the Bank of Canada after ten years of inactivity. The Bank of Canada maintains an online registry of these balances that you can search for free. While it’s primarily for bank accounts, it’s a good place to start.
- Search Provincial Registries: Some provinces, like British Columbia and Alberta, have their own unclaimed property programs. If you ever lived in one of these provinces, it’s a good idea to check their registries as well.
Your Turn to Claim!
Finding a lost pension can feel like searching for a needle in a haystack, but the potential reward is well worth the effort. Take a moment to think about all the places you’ve worked over the years and start by checking your old records.
Next week, in our ongoing series, we’ll dive into a new topic: the Age Amount and a new credit for home renovations.
(Please remember: We are not financial or medical professionals, and the information above is for educational purposes only. It does not constitute specific financial advice. For personalized guidance on your finances, please consult a qualified professional.)
Warmly,
Bill and Marilyn
Founders of Canadian Senior Moment
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