Are your business clients complying with New Brunswick’s Unclaimed Property Act?
Are your business clients complying with New Brunswick’s Unclaimed Property Act?
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.
It’s time for your clients to review their books to see if they’re holding any unclaimed money or other monetary property that belongs to someone else. It’s their first step in complying with New Brunswick’s Unclaimed Property Act.
Here are five easy steps to help business owners comply:
- Review their records to determine if they 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. They should do this three to six months before delivering unclaimed property to the program;
- Report the monetary property if they 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! Your client is doing their part to 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.