By Tanya Greer, Content Marketing Specialist, FCNB
Any type of business could be holding unclaimed property. Yours might be one of them. Do you know your obligations under the law?
Under the Unclaimed Property Act, which came into effect on January 1, 2022, you must report unclaimed property to the Unclaimed Property Program every year. The program, administered by the Financial and Consumer Services Commission, works with businesses and government entities holding unclaimed property to reunite it with its rightful owner.
What is unclaimed property? It’s property that has been abandoned or forgotten by your clients or customers and remains on your books for a certain period of time. It could be a credit balance, deposit, uncashed cheque, unpaid wages, or an overpayment, to name just a few examples.
Under the Unclaimed Property Act, you are required to report and remit this unclaimed property to the Unclaimed Property Program every year.
It’s easy to see how the Unclaimed Property Program benefits New Brunswickers with abandoned or forgotten property – they get reunited with their money. But what’s in it for you? The Unclaimed Property Program relieves you of the expense and liability of carrying the property on your books and records while promoting customer goodwill. And it’s the law. Reporting and remitting to the program is mandatory. The mandatory reporting period runs from January 1 to March 31 each year via FundsFinderNB.
Since the law came into effect, 192 holders have reported more than $30,000,000 in unclaimed property. Make sure you’re one of them! The Commission is hosting a webinar to help you comply with the law. On December 5, join Erin Toole, Director of Unclaimed Property at FCNB at 11 a.m. for Understanding Your Obligations as Holder. Register here.
The Unclaimed Property program is good for New Brunswickers, it’s good for holders and it’s just good business. Need more information? Visit FundsFinderNB.
