Many businesses inadvertently hold unclaimed monetary property – such as uncashed cheques, unpaid wages, overpayments and refunds – and fail to report it as required by law. You’re not alone if this has happened; many businesses are just becoming aware of their responsibilities under this important legislation.
It’s time to review your books to see if you’re holding any unclaimed money or other monetary property that belongs to someone else. It’s the first step in complying with New Brunswick’s Unclaimed Property Act.
Here are five easy steps to help you comply:
- Review your 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.
- Reach out to the owners to try to notify them about the unclaimed property. You should do this three to six months before delivering unclaimed property to the program.
- Report the monetary property if you are unsuccessful in notifying and connecting owners with their property. The reporting period is January 1 to March 31 each year.
- Remit the monetary property to the unclaimed property program.
- Relax! You’re doing your part to help reconnect New Brunswickers with unclaimed property.
Reporting and remitting to the unclaimed property program, administered by the Financial and Consumer Services Commission of New Brunswick, is mandatory and is done through FundsFinderNB.ca.