Published

New Incentive for the Remittance of Unclaimed Financial Assets

If you hold unclaimed financial assets (UFAs) that have not been remitted in accordance with the Unclaimed Property Act, you can now take advantage of the remittance incentive to correct the situation. It's win-win: you can remit the UFAs without having to pay interest or fines all while facilitating their return to the people who are rightfully entitled to them.

Duration

The incentive will be in effect for 18 months: from June 1, 2022, to November 30, 2023.

Relief granted

Under the incentive, you can avoid the consequences that usually apply to late remittances:

  • Revenu Québec will waive the interest (based on the value of the assets) that would otherwise apply.
  • Revenu Québec will not institue legal proceedings against you or charge any fines.

Eligibility requirements

You must meet the following requirements:

  • You must submit the following form when you remit the UFAs: Statement Concerning Unclaimed Property Remitted Under the Remittance Incentive: Unclaimed Financial Assets (BD-81.5.A-V).
  • The information provided in form BD-81.5.A-V must be accurate and complete.
  • You must remit all the UFAs and form BD-81.5.A-V by November 30, 2023.
  • Revenu Québec must not have instituted legal proceedings against you under the Unclaimed Property Act.
  • The assets you are remitting became unclaimed in fiscal years ending:

If you fail to meet any of these requirements, you will be ineligible for the incentive.

For more information, see Remittance Incentive for Unclaimed Financial Assets.

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