FCNB: It could be time to notify apparent owners of unclaimed property
Under New Brunswick’s Unclaimed Property Act, holders of unclaimed property – like businesses, associations and government organizations – are required to review their books to search for monetary property that belongs to someone else.
The Act brings into force several key time periods for holders:
- Notify owners of unclaimed property valued at $100 or more three to six months before you deliver the unclaimed property.
- Report and deliver unclaimed property during the program’s first reporting 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 2022. To find out when property becomes unclaimed, visit the FAQ page on the online portal.
Reporting will be done through the program’s online portal at FundsFinderNB.ca.
Businesses can find more helpful information and resources both on our website at FCNB.ca and through FundsFinderNB.ca.
They call also subscribe to receive email notifications regarding updates on the Unclaimed Property Program or reminders on reporting periods.
Quick Guide: Holder Reporting
Unclaimed property can be any financial asset owed to another business or an individual. Property is considered unclaimed when there has been no activity or contact with an owner for a specific period.
Some examples of holders are: a government entity, a business organization, sole proprietorship, a not-for-profit, or an individual.
Additional resources for holders, including links to the Unclaimed Property Act and Rules, Frequently Asked Questions and Answers, as well as a detailed Holder Reporting Manual can be found on FundsFinderNB.ca.
1. Review your records
Review financial records annually to determine whether you are holding any unclaimed property.
2. Notice to owner
If the value is $100 or more, send written notice to the unclaimed property owner’s last known address three to six months before you submit the unclaimed property report through FundsFinderNB.ca.
Reactivate the account or return the unclaimed property to the owner if they respond to your notice.
3. Submit a report
Prepare your unclaimed property report as of December 31.
Submit your report between January 1-March 31 of the year following when the property became unclaimed.
Create or log in to your Profile on FundsFinderNB.
Prepare, validate, and submit your report.
Receive an invoice for the amount of your unclaimed property from FundsFinderNB.
4. Deliver
Pay invoice by EFT or cheque. Payment details can be found in section 17 of the Holder Reporting Manual.
5. Records
Retain your records for 10 years, refer to section 29 of the Unclaimed Property Act.
