Virtually all businesses are holding unclaimed money and other monetary property that rightfully belongs to someone else. It’s time to review your books to see if you’re holding any unclaimed monetary property. It’s the first step in complying with New Brunswick’s Unclaimed Property Act.
To comply with the Act and Rules, holders must:
- Determine if any monetary property held will become unclaimed at the end of this calendar year. Note that the Act only covers money and monetary property and does not cover real estate, furniture and vehicles, for example.
- Determine if the property held became unclaimed in 2017 or any subsequent year.
- Notify apparent owners of unclaimed monetary property three to six months before they deliver the unclaimed property to the program.
- If unsuccessful in notifying and connecting owners with their property, report and deliver unclaimed monetary property during the program’s reporting period: January 1 to March 31 of each year. Reporting to be done through FundsFinderNB.ca.
- If you miss the reporting period, apply for late delivery. Once your application is approved, you can report and deliver unclaimed monetary property any time during the year.
Reporting and remitting to the Unclaimed Property Program, administered by the Financial and Consumer Services Commission, is mandatory and is done through FundsFinderNB.ca.