The Financial and Consumer Services Commission (FCNB) recently approved two Rules for a new program intended to help connect New Brunswickers with their forgotten monetary property. The rules were approved by FCNB and the Minister of Finance and Treasury Board following two public consultation periods in September 2020 and May 2021.
“We wish to thank the organizations that participated in the two consultations,” said Andrew Nicholson, Director of the Unclaimed Property Program. “Their input was vital in developing the right program for New Brunswick.”
The rules are the next step toward proclamation of the Unclaimed Property Act, slated for January 1, 2022. The Rules will come into effect on the day the Act is proclaimed.
Under this new program, New Brunswick businesses and government entities holding lost or forgotten money will be required to attempt to locate the owners and, if unsuccessful, to report and remit the money to the Unclaimed Property Program.
FCNB, which will administer the program, has posted the Notice of Adoption and the Rules to provide time for New Brunswick businesses and other entities holding unclaimed property to prepare to participate in the program. The first reporting period will be in 2023.
Unclaimed property is money and other monetary property that businesses and other entities owe – or that belongs – to someone else. FCNB estimates thousands of dollars go unclaimed every year in the province. Types of unclaimed property include, but are not restricted to:
- Uncashed cheques sent to customers, vendors or employees
- Uncashed payroll cheques
- Credit balances
- Overpayments and refunds
- Security deposits
- Trust deposits for real estate transactions
- Amounts payable under a life insurance contract
- Credit union deposit accounts
Under the New Brunswick program, businesses and other entities holding this money will be relieved of the expense and liability of carrying the property on their books and records.
Once the full program is in place in 2023, FCNB will maintain an up-to-date online list of unclaimed money. This online tool will help New Brunswickers and others track down unclaimed money and put it back where it belongs – in their pocket.