New Brunswick Unclaimed Property Act Comes Into Force

 First Reports Due in 2023

The new Unclaimed Property Act for the Canadian province of New Brunswick received proclamation on January 1, 2022, bringing it into effect.  The enactment means that New Brunswick joins three other provinces -- Alberta, British Columbia, and Quebec -- in having custodial unclaimed property laws similar to those in the United States.  

The Act sets a reporting deadline of March 31 for property due as of the end of the preceding calendar year, with the first report under the Act will be due March 31, 2023.  There is a three year dormancy period for most items.  In addition, the Act also applies by its terms, to the preceding five years.  In other words, in the first report, holders are directed to include property that became unclaimed in 2017 to 2021, as well as 2022 (i.e., property issued or last owner contact in 2014 and later). 

The Act also includes a due diligence requirement for property valued at $100 or more, with such notices to go out at least 90 days, but not more than 180 days, before filing the report.  The notice must include the name of the owner, a statement that the holder may be holding unclaimed property in the owner’s name, a statement indicating that continued failure to communicate with the holder will result in delivery of property to the Director, the estimated
date of delivery to the Director, and instructions how the owner can claim the property from the holder.

A copy of the Act, the Rules, the Holder Reporting Guide and additional helpful information can be found website set up by the New Brunswick Financial and Consumer Services Commission, www.fundsfindernb.ca.