The Unclaimed Property Act received proclamation on January 1

the-unclaimed-property-act-received-proclamation-on-january-1

Reuniting New Brunswickers with their unclaimed property is one step closer with the provincial government’s proclamation on January 1 of the Unclaimed Property Act.

Under the Act, holders of unclaimed property — like businesses, associations and government organizations – are now required to review their books to search for monetary property that belongs to someone else. 

The Act brings into force several key dates for holders:

  • Notify owners of unclaimed property valued at more than $100 between July 1 and September 30, 2022.
  • Report and deliver unclaimed property during the program’s first filing 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 2021. For property to be unclaimed, it typically means a company hasn’t been in contact with the owner in the last three years.

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.

 

Source: FCNB

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