New Brunswick's Financial and Consumer Services Commission has reminded businesses to review their records for unclaimed money and other monetary property and attempt to return it to owners before annual reporting. The province's Unclaimed Property Act requires businesses to identify and report unclaimed property, with the annual reporting period running from Jan. 1 to March 31. For unclaimed property valued at CAD 100 or more, businesses must send written notice to the owner three to six months before reporting. Record reviews should identify property that has become, or will become, unclaimed. Relevant holdings include unpaid wages, amounts payable under life insurance contracts and deposits at provincially regulated financial institutions such as credit unions.
New Brunswick Financial and Consumer Services Commission reminds businesses of unclaimed property reporting and notice obligations
New Brunswick's Financial and Consumer Services Commission is urging businesses to identify unclaimed property and try to return it to owners ahead of annual reporting from Jan. 1 to March 31. For property valued at CAD 100 or more, businesses must send owners written notice three to six months before reporting.