New Brunswick’s annual reporting period under the Unclaimed Property Act is underway.
Businesses and other organizations holding unclaimed funds now have until March 31 to report these funds to New Brunswick’s Unclaimed Property Program through FundsFinderNB.ca. The program is administered by the Financial and Consumer Services Commission (the Commission).
“In 2023, our first year of reporting, 194 holders reported more than $30 million in unclaimed property – funds that can now be reunited with their rightful owners,” said Erin Toole, Director of the Unclaimed Property Program. “With increased awareness of the program, we are anticipating more holders to report this year. Any kind of business or entity could be holding unclaimed property, and it is important that business owners understand what’s required of them with respect to unclaimed property reporting.”
Since 2022, the Commission has been informing and educating businesses and other entities of their obligations under the Unclaimed Property Act.
Holders of unclaimed monetary property – like businesses, associations and government organizations – are required to review their books for unclaimed property and attempt to locate owners to return the money or re-establish an active relationship with them. Money and monetary property are generally considered to be unclaimed when there has been no activity on the property for at least three years, or 10 years for credit union accounts. If the apparent owner does not respond to contact from the business, the property must be reported to the Unclaimed Property Program.
The goal of the program is to reunite New Brunswickers with their forgotten money. Last year, the Commission launched FundsFinderNB.ca, which allows New Brunswickers to search for unclaimed property in their name for free.
“To reunite New Brunswickers with their money, we need businesses to report this unclaimed property to FundsFinderNB.ca,” said Toole. “We provide several resources on our website to help holders understand their responsibilities and what to do if they find unclaimed funds, including a webinar we recorded last month.”
Toole recommends that businesses work with their lawyers or accountants to understand what to look for when reviewing their books.
Time for businesses to report unclaimed property
