Virtually all businesses are holding unclaimed property on their books that rightfully belongs to someone else.
Every year, under New Brunswick’s Unclaimed Property Act (Act), businesses and other entities must report any money or other monetary property that has been abandoned or forgotten by its owner for a certain amount of time. Monetary property is generally considered unclaimed when there has been no activity on the funds for at least three years; 10 years for credit union accounts.
Reporting and remitting to the Unclaimed Property Program is mandatory.
Below are descriptions of the different types of reports and applications that can be made on behalf of a holder.
Report Unclaimed Property
- Regular Report: Holder wants to report unclaimed property.
- Voluntary Delivery: Holder holds property that became unclaimed before the Unclaimed Property Act came into effect and wants to report it.
- Holder of Small Amounts: Holder no longer qualifies for the exclusion of small amounts.
Make an Application
You would make an application in the following situations:
- Late Delivery: The holder missed the reporting period between January 1 to March 31 and wants to apply for late delivery.
- Early Delivery: Holder wants to deliver property before it is considered unclaimed.
- Exemption: Holder wants to apply for an exemption from the Unclaimed Property Act or Rules.
- Refund: Holder wants to apply for a refund.
Manage Holder Submissions
Review unclaimed property reports and applications.