Are your business clients ready to report unclaimed property?
Under New Brunswick’s Unclaimed Property Act (Act), businesses and other entities have a legal obligation to review their books to search for financial assets covered by the Act – such as uncashed cheques, unpaid wages, overpayments and refunds – that are waiting to be reunited with their rightful owners.
The first two steps for businesses and other entities to comply with the Act and Rules are:
- Reviewing their financial records to determine if they are holding any monetary property that will become unclaimed at the end of this calendar year or became unclaimed in any year since 2017.
- Reaching out to the owners to attempt to notify them about unclaimed property by December 31. Learn more about notice requirements at FundsFinderNB.ca.
These two steps must be completed before reporting and remitting the unclaimed property. The reporting period runs annually from January 1 through March 31.
Reporting and remitting to the Unclaimed Property Program, administered by the Financial and Consumer Services Commission, is mandatory and is done through FundsFinderNB.ca.
Reporting Process
- Review your records.
- Reach out to the owner.
- Report the monetary property.
- Remit it to the Commission.
- Relax. You’re doing your part to help reconnect New Brunswickers with unclaimed property.