What does the new Unclaimed Property Act mean for you?

what-does-the-new-unclaimed-property-act-mean-for-you?

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 $100 or more between July 1 and September 30, 2022.
  • 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.

Source: FCNB

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