Have you reviewed your books for 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 owner.
The first two steps to comply with the Act and Rules are:
- Reviewing your financial records to determine if you 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 valued at $100 or more three to six months before submitting your report.
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. You can find helpful information and resources on the website.
You can also subscribe to receive email notifications regarding updates on the Unclaimed Property Program and reminders on reporting periods.