Reuniting New Brunswickers with their unclaimed property is one step closer with the provincial government’s proclamation on January 1 of the Unclaimed Property Act.
Under the Act, holders of unclaimed property -- like businesses, associations and government organizations – are now required to review their books to search for monetary property that belongs to someone else.
The Act brings into force several key dates for holders:
- Notify owners of unclaimed property valued at more than $100 between July 1 and September 30, 2022.
- Report and deliver unclaimed property during the program’s first filing period: January 1 to March 31, 2023
The Act requires holders to determine if property held has become unclaimed property at the end of this calendar year as well as the five preceding years: 2017 to 2021. For property to be unclaimed, it typically means a company hasn’t been in contact with the owner in the last three years.
Reporting will be done through the program’s online portal at FundsFinderNB.ca.