Is your business holding unclaimed funds?
Many organizations hold money or other monetary property that rightfully belongs to someone else. Common examples include:
- Overpayments and refunds
- Unpaid wages
- Security deposits
- Amounts payable under a life insurance contract
- Deposits in provincially regulated financial institutions, like credit unions
Under New Brunswick's Unclaimed Property Act (Act), businesses have a legal obligation to identify and report unclaimed property. The first step is reviewing your records to determine whether you are holding property that has become, or will become, unclaimed.
It is also time to reach out to owners and attempt to return funds before reporting. For unclaimed property valued at $100 or more, written notice must be sent to the owner three to six months before reporting.
By reviewing records and contacting owners now, businesses can help reunite owners with money that belongs to them while preparing for the annual reporting period, which runs from January 1 to March 31.
FundsFinderNB, New Brunswick's unclaimed property program, is administered by the Financial and Consumer Services Commission of New Brunswick. Businesses can visit FundsFinderNB.ca learn about their obligations under the Act, access reporting resources and report unclaimed property during the annual reporting period.