On Jan. 9, CSA NBW published unclaimed property reporting guidance.
CSA NBW issued Regulatory update, Are you ready to report, on Unclaimed property.
Reported mandatory annual reporting period is underway, campaign to dispel myths.
Provided instructions for filing annual unclaimed property reports in the Province.
Unclaimed Property Reporting
Under New Brunswick's Unclaimed property act (NBW LEG 2020 Ch. 5), holders of such property must annually review their books for others' property and notify owners.
If they cannot return the property, they must report that unclaimed property to the Unclaimed Property Program (UPP) during the period Jan. 1 to Mar. 31 each year.
Instructions for when property becomes unclaimed and the reporting process, or may visit FundsFinderNB.ca or subscribe to receive email notifications on updates.
Unclaimed Property Guidelines
Unclaimed property is money, monetary property held by entities, forgotten by owner.
In some cases, rightful owners cannot be found, or do not know about its' existence.
Act protects consumers by providing a means to return what is owed to them.
Money and monetary property are generally considered to be unclaimed when there has been no activity on property for at least three years, or 10 years for CU accounts.
If apparent owner does not respond to contact, property must be reported to program.
Effectiveness
Reporting period runs annually from Jan. 1 to Mar. 31, so reports due Mar. 31, 2025.
Regulators
CSA; CSA NBW
Entity Types
B/D; Corp; IA
Reference
PR, 1/9/2024; PR, 1/8/2025; Citation: NBW LEG 2020 Ch. 5;
