Revenu Quebec Announces New Incentive for Remittance of Unclaimed Financial Assets
August 5, 2022
On June 1, 2022, Revenu Quebec announced a new incentive program to encourage holders of unclaimed financial assets to remit these assets to Revenu Quebec.
The Unclaimed Property Act imposes obligations on holders of unclaimed property – which includes benefits under a registered pension plan – to report and remit unclaimed financial assets to Revenu Quebec, within prescribed times. Failure to do so may result in the imposition of interest and fines on the holder of such financial assets.
Under the new program, holders of unclaimed financial assets who submit prescribed forms, information and unclaimed financial assets between June 1, 2022 and November 30, 2023 will receive a waiver of interest, and relief against the institution of legal proceedings and the imposition of fines by Revenu Quebec.
Further information regarding this incentive program is available online at https://www.revenuquebec.ca/en/press-room/news/details/2022-06-01/new-incentive-for-the-remittance-of-unclaimed-financial-assets/.
Practice Area
Pension and Benefits
