The mandatory annual reporting period under New Brunswick’s Unclaimed Property Act is underway.
Under the law, businesses and other organizations holding unclaimed funds 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 of New Brunswick (the Commission).
Unclaimed property is money and other monetary property held by businesses and other entities that has been forgotten by its owners. In some cases, the rightful owners cannot be found, or do not know about the existence of the property. The Unclaimed Property Act protects consumers by providing a means to return what is owed to them.
“Since launching the FundsFinderNB.ca website more than a year ago, we’ve reunited New Brunswickers with more than $2.1 million in forgotten funds,” said Marissa Sollows, the Commission’s Director of Communications and Public Affairs. “To continue to reunite New Brunswickers with their money, we require businesses to report any unclaimed property on their books.”
“Any kind of business or entity could be holding unclaimed monetary property, and it is important that businesses understand what’s required of them under the law.”
To raise awareness about their obligations, the Commission has launched a campaign to dispel common myths and misconceptions about reporting unclaimed property. It has also provided resources on its FundsFinderNB.ca website to help businesses understand their responsibilities and what to do when they find unclaimed funds.
“To date, hundreds of businesses have reported more than $35 million in unclaimed property,” Sollows said. “With increased awareness of the Program, we are anticipating more money and monetary property will be reported again this year.”
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 Commission has been informing and educating businesses and other entities of their obligations under the Unclaimed Property Act, which came into force in 2022. Under the Act, businesses and other entities 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. If unsuccessful at locating the owners, the monetary property must be reported to the Program.
Last year, the Commission launched its Compliance Awareness Program to promote compliance with the Act and its Rules. The compliance program provides a vehicle for selected businesses to review and correct any errors or oversights in the annual unclaimed property reporting process. The compliance program will continue in the upcoming year. Businesses are encouraged to visit FundsFinderNB.ca or contact the Commission if they have questions about the Program.
Audio files of Marissa Sollows, the Commission’s Director of Communications and Public Affairs
The Financial and Consumer Services Commission of New Brunswick has the mandate to provide regulatory services that protect the public interest while enhancing public confidence, and to promote understanding of the regulated sectors through educational programs. It is responsible for the administration and enforcement of financial and consumers services legislation for mortgage brokers, payday lenders, real estate, securities, insurance, pensions, credit unions, trust and loan companies, cooperatives, the unclaimed property program, and a wide range of other consumer legislation. It is a Crown corporation funded by the regulatory fees and assessments paid by the regulated sectors. Online educational tools and resources are available at www.fcnb.ca.