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Help with XML
What is XML?
Where can I find the holder reporting XSD schema file?
Download it here.
General Information
Is the holder always a registered company?
A holder can be a person, a partnership, an incorporated company, an association or a credit union, to name a few examples. A holder is defined in the Unclaimed Property Act as any person, including a business organization and a governmental organization, that is or becomes obligated to hold property for the account of, or to deliver, pay or transfer property to, an owner or apparent owner.
My business is not located in New Brunswick. Do I still need to remit unclaimed property to the Program?
If the holder "carries on business" in New Brunswick, they need to comply with the Unclaimed Property Act and the Rules. The concept of "carries on business" is defined in section 6 of the Unclaimed Property Act. Among other activities, the definition covers businesses required by law to have one of the following:
- a registered office in New Brunswick
- an address at which legal process can be served
- an agent for service
A holder also "carries on business" in New Brunswick if it has a place of business in or it exercises central management from New Brunswick.
If you are in doubt about whether the Unclaimed Property Act applies to you or your business, you should seek a legal opinion. Commission staff are not authorized to act as legal advisors to a holder.
Timing
What calendar years are covered by the Unclaimed Property Act?
First, you will need to determine if you hold any unclaimed property at the end of the current calendar year. That typically means you haven’t had any communication with the individual property owner in the last three years.
Section 2 of the Unclaimed Property Act establishes that the Act also applies to the five years preceding the January 1, 2022 coming into force of the Act. Therefore, if you have not yet reported, you will need to review your books for property that became unclaimed in 2017 and each subsequent year.
Remember: For a property to be considered unclaimed, it needs to be dormant at least three years. That means if you have identified possible unclaimed property on your books in 2017, you will need to look in your records as far back as 2014 to see when the owner last communicated with you. Refer to section 5 of Rule UP-001 Unclaimed Property - General.
Now that you have identified the unclaimed property, you must submit a report and deliver the unclaimed property during the Program's reporting period: January 1-March 31 of each year.
If you missed the initial reporting period, you can apply for Late Delivery. If your application is approved, you can report and deliver unclaimed property at any time throughout the year. You will then identify, report and deliver unclaimed property annually.
What if I have a fiscal year-end date that is not December 31?
Section 9 of the Unclaimed Property Act establishes December 31 as the date the obligation to deliver property to the Director arises, regardless of the date that a corporate holder may have established as their fiscal year-end date. You can submit a report anytime between January 1 and March 31 of every year as well as submitting a report under section 9 of the Act.
Do I have to report and deliver property annually?
You are required to report and deliver property if you are holding unclaimed property on December 31 in any year, unless you are exempted. The reporting period is January 1 to March 31 following the year in which the property became unclaimed.
Am I required to submit a report if I do not hold unclaimed property on December 31 (a "nil" report)?
You are not obligated to submit a report in any year when:
- you are not holding unclaimed property; or
- you qualify for the exemption under section 6 of Rule UP-001 Unclaimed Property – General
Can I report property early?
Yes. You may face a situation when you may want to submit a report and deliver property before the property has met the requirements in section 12 of the Unclaimed Property Act and section 10 of Rule UP-001 Unclaimed Property – General You need to make an application to the Director before submitting the report. Your application must set out the reason why the property should be delivered early and the application must confirm that you sent a notice to the apparent owner. A submission fee is not required.
To make an application, log in to your account on the Welcome to Holder Reporting page. Under the Holder Reporting menu, select Make an Application. Enter the holder’s name, select the application type of Early Delivery and enter the reasons for your application. You will have the option to upload supporting documents. Once the Director has approved your application, it will appear on the Manage Holder Submissions page under Action Required as a report with a status of Additional Information Required. You can then select Complete Report and you will be prompted to upload your unclaimed property file, validate it, and submit it. You can consult the Holder Reporting Manual for more information.
How long do I have to keep records of unclaimed property?
You must keep books, records and documents related to property delivered to the Director for at least 10 years after you delivered the property. Refer to section 29 of the Unclaimed Property Act.
Contacting Owners
How do I notify an owner of unclaimed property?
If you are holding property valued at $100 or more per person, you must send a notice to the apparent owner. A sample notice is provided as a helpful tool on our Holder Resources page. You may use another format as long as the notice meets the requirements in section 7 of the Unclaimed Property Act and section 7 of Rule UP-001 Unclaimed Property – General.
Can the notice to an apparent owner be sent electronically?
Yes. If you have an email address for the owner, you may use it to send the notice. If you have both an electronic address and a postal address, you may choose which method to use first and use the alternative if you don’t receive a response from the first method. Refer to section 7 of Rule UP-001 Unclaimed Property – General.
Do I need to send a notice if I know the address in the owner’s file is incorrect?
You do not have to send a notice when you have reasonable grounds to believe the address is incorrect and you are unable to find the correct address.
Do I need to send a notice to an owner for a small amount of unclaimed property?
If the value of the unclaimed property is less than $100, you do not need to send a notice. However, you are still required to report and remit this property to the Program.
Submitting a Report
How do I report unclaimed property?
All reports are submitted using FundsFinderNB. There are three methods for reporting unclaimed property. For holders with fewer than 10 unclaimed properties to submit, there is an online form. For larger submissions, use the XML file format to upload data or an alternative process that can accept a spreadsheet format, such as Excel or Google Sheets.
Can I submit a paper version of the report?
No. All submissions are made using FundsFinderNB.
Can I report unclaimed property items as a lump sum?
No. Because each property is owned individually, you must list each unclaimed property when you submit your report with the Director.
How do I deliver unclaimed property?
Electronic Funds Transfer (EFT) payments can be set up through your online banking platform or accounting software. Consult the reference materials from your specific bank or accounting software for instructions on how to set up a payment. Do not send a payment until you receive a link to the invoice from the Unclaimed Property Program.
The invoice provided to the holder by FundsFinderNB will contain a tracking number and bank account details. Please submit one EFT payment for the total invoice amount. Please send an email with payment details, including the tracking number, to FundsFinderNB@FCNB.ca when you have submitted your payment.
Alternatively, a holder can mail or deliver a cheque in the amount of the invoice to the address provided on the invoice. The tracking number from the invoice must be included. Please submit one cheque for the total invoice amount.
Is there a fee to report and deliver unclaimed property?
Unless the report or the delivery of the property is late, there is no fee to submit a report and deliver property under this Program. However, if the property is reported or delivered more than 90 days after the end of the calendar year during which the property became unclaimed, a late fee and interest may become due.
Can I file older property?
Yes. You are encouraged to report and deliver any unclaimed property you hold that became unclaimed prior to the time periods established in the Unclaimed Property Act. Report and delivery of this type can be made at any time throughout the calendar year. You do not need to make an application or receive prior approval from the Director. A late fee and interest are not applicable to this type of report. Requirements under section 11 of the Unclaimed Property Act must be met.
Log into FundsFinderNB Holder Reporting. Select the report type of Voluntary Delivery and enter a description of your submission. If you have selected the XML or CSV option, you will be prompted to validate and upload your unclaimed property file and submit it. Once the Director has approved your report submission, it will appear on the Manage Holder Submissions page under Processing and Completed. You can consult the Holder Reporting Manual for more information.
Did New Brunswick use the standard National Association of Unclaimed Property Administrators (NAUPA) property codes?
For the most part, New Brunswick has used the NAUPA standard codes. Some property types described by the NAUPA codes are not applicable in New Brunswick. Therefore, those codes have not been included in our list of codes in Appendix D of the Holder Reporting Manual. You must ensure you are using the proper code when submitting a report with the Director.
What are the ownership details required for reporting and delivering unclaimed property to the Director?
Subsection 9(2) of the Unclaimed Property Act lists the information to be reported. The Director recognizes that not all holders have the same information on file to support the ownership of unclaimed property. Subsection 9(5) of the Unclaimed Property Act contemplates that a holder will submit a report containing the information to the extent it is available.
How do I estimate the value of the property to be reported?
The value of the property is established as of December 31 of the year the property became unclaimed. If you hold property that is subject to fluctuations in value, you are encouraged to submit your report and deliver the property as soon as possible after that date to protect against market fluctuations. See section 2 of Rule UP-001 Unclaimed Property – General.
If you hold securities, you are subject to unique requirements. You should review section 11 of Rule UP-001 Unclaimed Property – General.
What if taxes are due on the property?
Section 13 of the Unclaimed Property Act requires a holder to make any withholdings or remittances required as if the holder was delivering the property to the owner directly. The Director is entitled to receive the amount remaining, after deduction of any required withholdings or remittances.
What is an unidentified remittance?
Unidentified remittances are payments made to a holder that the holder cannot match up with a corresponding account receivable.
Troubleshooting
What if I realized I made an error in a report?
Go to our Submit a Support Request page. Describe the error and complete the contact details. Our staff will follow up with you directly.
What if I find more unclaimed property after I already submitted a report for the period?
You can submit an additional report and deliver the property so long as you submit your report within 90 days after the end of the calendar year during which the property became unclaimed.
If you discover unclaimed property for a past time period, you may be able to apply under section 8 of Rule UP-001 Unclaimed Property – General for permission to report the property late. An approved application under this section is not subject to a late fee or interest.
Submission of a report and delivery of unclaimed property that is not compliant with the time periods without permission from the Director, as established in section 5 of the Unclaimed Property Act and the Rules, may be subject to a late fee and interest. Refer to Rule UP-002 Unclaimed Property Fees for details.
Does New Brunswick have a disclosure program for late delivery of unclaimed property?
Yes. Section 10 of the Unclaimed Property Act and section 8 of Rule UP-001 Unclaimed Property - General set out the requirements for a holder who has discovered they hold unclaimed property that should have been delivered to the Director. (This is similar to the voluntary disclosure agreement (VDA) process in other jurisdictions).
If this is your case, log in to your account on the Welcome to Holder Reporting page. Under the Holder Reporting menu, select Make an Application. Enter the holder’s name, select the application type of Late Delivery and enter the reasons for your application. You will have the option to upload supporting documents and then submit your application.
The Unclaimed Property Program will issue an invoice for the $300 submission fee. Upon receipt of the fee, the Director will review the circumstances and, if applicable, issue a draft report submission that will appear under Action Required on the Manage Holder Submissions page with a status of Additional Information Required. You can then select Complete Report and you will be prompted to upload your unclaimed property file, validate it, and submit it. A late fee and interest are not calculated on this type of report submission. You can consult the Holder Reporting Manual for more information.
What if an owner attempts to collect their property after I have reported and/or delivered the property to the Director?
| If: | And: | Then: | |
|---|---|---|---|
| The owner is seeking property already delivered to the Program | The property is valued at $50 or more | You can return the property to the owner directly and then immediately make an application for a refund of property delivered to the Director. Before you do, confirm with the Director a claim has not been made on the property and the property remains available. OR Refer the owner to the online unclaimed property list published by the Director to submit their claim. The process requires the owner to establish their identity and the basis on which the claim is being made. The Director cannot return property to an owner based solely on a communication from a holder. | |
| The owner is seeking property already delivered to the Program | The property is valued at less than $50 | You can return the property to the owner directly and then immediately make an application for a refund of property delivered to the Director. Property valued at less than $50 is not included in the list of unclaimed property published by the Director and cannot be claimed online. | |
| The owner is seeking property I have reported to the Director, but have yet to deliver to the Program. | You can return the property to the owner directly and then immediately notify the Director. We will advise how to remove the property from the report. | ||
Compliance Awareness Program
The Financial and Consumer Services Commission’s (“Commission”) Unclaimed Property Program is committed to promoting holder compliance with the Unclaimed Property Act and Rules through the Compliance Awareness Program.
What is the Compliance Awareness Program?
The Compliance Awareness Program is a limited compliance review of a holder’s annual unclaimed property report or non-report, as authorized by section 31 of the Unclaimed Property Act (“Act”). The Compliance Awareness Program is conducted by the Commission’s Unclaimed Property Program. It is a vehicle for the holder to review and correct any errors or oversights in the annual unclaimed property reporting process. It is the Commission’s expectation that the holder responds timely, completely, and accurately to the Compliance Awareness Program after a thorough review of its relevant books, records, and documents.
If I receive a letter requiring completion of a Compliance Confirmation Form (“Form”), what is the next step?
The Form is time sensitive; therefore, you should acknowledge receipt within thirty (30) days and confirm with the Commission when the information that is required on the Form will be provided. Because the Form must be completed within one year, you should provide the information as soon as possible. Failure to complete the Form may result in a more extensive compliance review or an investigation, pursuant to the Act.
If I require more time, can I get an extension beyond the one-year deadline to complete the Form?
No. The Commission does not allow for any extension beyond the one-year timeframe to complete the Form. The Act requires holders to review their books and records every year to determine if they are holding unclaimed property. However, extensions for submitting reports can be requested through the Late Delivery Application process.
If I received the Form for the Compliance Awareness Program, am I still required to complete the Form if (a) I’ve already submitted an unclaimed property report pursuant to the Act; or (b) I had no unclaimed property to report?
Yes. If you receive the Form, you must complete it even if:
- you have submitted a report, or
- you did not submit a report because you had no unclaimed property to report.
The Form has responses to cover both scenarios.
What is required to participate in the Compliance Awareness Program?
A Form will be provided under the Compliance Awareness Program, which requires the following information, pursuant to sections 31 and 34 of the Act:
- Compliance Confirmation Form. Complete the fillable form (or the paper version provided with the letter) and select the option that is applicable to your specific facts and circumstances. Forms are to be emailed to FundsFinderNB@fcnb.ca or mailed to:
Financial and Consumer Services Commission
Unclaimed Property Division
300-85 Charlotte Street
Saint John NB E2L 2J2
If you are reporting for more than one legal entity, complete a separate form for each entity.
- Holder’s unclaimed property policies and procedures. Provide a response regarding whether or not the holder has written unclaimed property policies and procedures in place. If yes, provide a copy of the policies and procedures.
Can I modify the Form or submit additional information?
Please use the Form provided. If you would like to submit additional information, you may do so as an attachment to the email or include it on a separate document and mail it along with the Form to the Commission at the address above.
What should I do if during the Compliance Awareness Program, I find that an unclaimed property report was either not submitted or not all property was reported?
The Form provides options that consider these circumstances. You are still required to complete the Form and provide a response regarding the unclaimed property policies and procedures.
Please note that if you need to submit an unclaimed property report or a supplemental report for property that was not submitted, you will need to submit a Late Delivery Application through FundsFinderNB.ca. In the Late Delivery Application, you will be asked for a proposed delivery date for the unclaimed property report and remittance.
For more information about how to submit an unclaimed property report and remit property, go to FundsFinderNB.ca.
Does the Commission’s Unclaimed Property Program require that a holder participate in the Compliance Awareness Program every year?
Not necessarily. If you are selected, you will receive a letter with a web address where you can access the Form, requiring your participation. Even if you do not receive the letter, you are still required under the Act to review your books and records for unclaimed property every year.
Managing Your FundsFinderNB Account
What is a remitter?
A remitter is a person who may report and submit unclaimed property on behalf of a holder. Every person preparing to submit a report with the Director must create an account and establish a profile to identify them as a remitter on behalf of a holder. The remitter’s email address is their account identifier.
Does every remitter need to create a profile?
Yes. Even if you believe you will only submit a report once, you must create a profile.
Can one remitter report on behalf of multiple holders?
Yes, a remitter may submit separate reports for different holders.
What is my account identification number?
It is a number that is automatically generated when a user sets up an account. This number will appear on the user's profile and can be used to verify the identity of the user, should the need arise.
What do I do if I have forgotten my password?
If you have forgotten your password, select the Forgot your password? button on the Holder Reporting Sign in page. This will redirect you to a page where you can enter your account email address. An email with a "Reset Password" link will then be sent to you. Once you select the link, you will be redirected to a page where you can reset your password.
How do I change the email address on my account?
Complete the form on the Submit a Support Request page. You will be asked to provide your account identification number, your current email address, and your new email address.
A former employee established our holder profile. How do I get access?
To submit a request to gain access to your holder profile, complete the form on the Submit a Support Request page.
How do I upload documents?
To upload a document or set of documents, follow these steps:
- Create a folder somewhere on your computer for the documents you wish to upload.
- Place all your documents in that folder.
- When you get to the step in the process where you can upload documents, select the Choose File button.
- A dialog box will appear to select the file to upload. Navigate to the folder where your documents are and select a document to add. Select Open or Select. Your document will be uploaded and displayed on the page.
- Repeat this process (where appropriate) until all your documents are displayed on the page.
- Proceed to the next step.
How do I apply for an exemption?
Section 3 of the Unclaimed Property Act contemplates that some holders may need to seek an exemption from the application of all or parts of the Act or the Rules. If you are an individual holder or a remitter acting on behalf of an individual holder, log in to your account on the Welcome to Holder Reporting page. Under the Holder Reporting menu, select Make an Application. Enter the holder’s name, select the application type of Exemption and enter the reasons for your application. You will have the option to upload supporting documents.
A fee of $300 is required for an application under section 3 or section 10 of the Unclaimed Property Act. The Unclaimed Property Program will issue an invoice for the $300 submission fee. Upon receipt of the fee, the Director will review the application and you will receive an email with details of the Director’s decision.
If you are applying for an exemption for a class of holders, multiple holders or other circumstances where the application is not associated to a single, identifiable holder, you can submit your application at our Saint John location in paper format accompanied by the $300 fee.
Holders of small amounts
What if I hold small amounts of unclaimed property?
Section 6 of Rule UP-001 Unclaimed Property – General excludes certain holders from reporting and delivering when they hold small amounts of unclaimed property. This is provided to recognize the burden placed on holders in reporting and delivering these small amounts.
The following table shows when you may qualify under section 6 of Rule UP-001 Unclaimed Property – General:
| If: | And: | Then: | |
|---|---|---|---|
Each unclaimed property you hold is valued at less than $50. | The total value of all the unclaimed property you hold is less than $1,000. | You may rely on Section 6. You are not obligated to submit a report. | |
Each unclaimed property you hold is valued at less than $50. | The total value of all the unclaimed property you hold is $1,000 or more. | You DO NOT qualify under Section 6. You must submit a report for all unclaimed property you hold and deliver it to the Director (refer to the Holder Reporting Manual for online reporting instructions). | |
You have one or more unclaimed properties valued at $50 or more. | You DO NOT qualify under Section 6. You must submit a report for all unclaimed property you hold and deliver it to the Director (refer to the Holder Reporting Manual for online reporting instructions). | ||
I am considering the exclusion provided in subsection 6(1) of Rule UP-001 Unclaimed Property – General. How many years must I go back to determine whether I meet the under $1,000 total threshold?
You must total the fair market value of all unclaimed property you hold from the previous five years.
If I qualify under subsection 6(1) of Rule UP-001 Unclaimed Property – General, am I relieved from liability under section 13 of the Unclaimed Property Act?
You remain liable to the owner for any property you continue to hold.
I relied on subsection 6(1) of Rule UP-001 Unclaimed Property – General in previous years. How do I now submit a report and deliver unclaimed property?
When submitting a report, you need to indicate you relied on subsection 6(1) in previous years by selecting the Holder of Small Amounts report type. The report is then submitted using the standard report and delivery process.
I relied on subsection 6(1) of Rule UP-001 Unclaimed Property – General in a previous year. What date do I use to report when the property became unclaimed?
The date the property became unclaimed is established in section 5 of Rule UP-001 Unclaimed Property - General. You would report the date indicated by the Rule, even when that date is from a previous calendar year. To aid in the claim process, the Director needs to know the year in which each property became unclaimed.
If I relied on section 6 of Rule UP-001 Unclaimed Property – General, am I subject to a late fee and interest?
A report submitted on time, which includes property for which you relied on section 6 in previous years, will not be subject to late fees and interest.
I hold a small amount of unclaimed property. Can I still submit a report?
Yes. The exemption under section 6 of Rule UP-001 Unclaimed Property - General is an option available to certain holders. You may choose not to seek the exemption and report and deliver the property to the Director within the required time frame.