Frequently Asked Questions

Unclaimed Property Office (OCG)

Q:
Where is the Unclaimed Property program?

A:
Effective April 1, 2003 the Unclaimed Property program was transferred to the British Columbia Unclaimed Property Society. For additional information, go to their website at http://www.bcunclaimedproperty.bc.ca

General Questions

Q:
Whom do I contact for policy/procedures questions?

A:
Go to the Financial Management Branch (FMB) contacts for the FMB analyst assigned to your ministry or entity, or call the Financial Management Branch at 250 387-4671.

Q:
How do I get help in navigating the Internet manuals?

A:
Email your questions to OCGMANUALS.gov.bc.ca or call the Financial Management Branch at 250 387-4671.

Goods and Services Tax (GST) Questions

Q:
Whom do I contact for questions on Goods and Services Tax (GST)?

A:
Call the Financial Management Branch at 250 387-4671. By agreement with the federal government, the province, certain Crown Corporations, boards, agencies and commissions are exempt from GST. For more information, see CPPM B.6.

Financial Legislation Questions

Q:
What legislation is OCG responsible for, and whom do I contact for information?

A:
OCG is the lead agency for the administration of two primary statutes – the Financial Administration Act (FAA) and the Financial Information Act (FIA).

Financial Administration Act (FAA)
Questions concerning the FAA should be directed to the appropriate branch within OCG.

• Financial Management Branch (FMB) – for direction and advice about financial management policy and procedures internal to government.
  
  
• Financial Reporting & Advisory Services (FRAS) – for all aspects related to accounting policies and financial reporting for the Public Accounts and the fiscal year end for government.
  

For assistance with your inquiry, contact the receptionist for the appropriate branch. (Other divisions of the Ministry of Finance, such as the Provincial Treasury, are also responsible for administering certain parts of the FAA.)

Financial Information Act (FIA)
FMB, in cooperation with the ministries, is responsible for administering the FIA. Each ministry must have one contact person familiar with the provisions of the FIA to ensure that corporations reporting to the ministry meet FIA requirements and procedures. FMB is responsible for coordinating the reporting process government-wide and assisting ministries with questions about the legislation and reporting requirements. (More details)

Q:
Is the financial information for public bodies reported for purposes of the Public Accounts the same as that for the Financial Information Act? Does this information need to be sent only to Financial Reporting and Advisory Services (FRAS) of OCG?

A:
The financial statements for public bodies submitted to FRAS for purposes of the Public Accounts are different from the financial information provided for purposes of the FIA. Also, the FIA information has different time frames, submission times and is sent to different sources.

Financial statements for public bodies for Public Accounts purposes should be forwarded to FRAS by specified times (check with FRAS).

Under the FIA, each reporting corporation is required to provide statements of financial information to the ministry's Senior Financial Officer (SFO) or FIA contact. The ministry must ensure that each reporting corporation submits:

• a statement of assets and liabilities, an operational statement, a schedule of debts, and a schedule of guarantee and indemnity agreements within three months of its fiscal year; and
  
  
• a schedule of employee remuneration and expenses and a schedule of payments of goods and services to suppliers within six months of its fiscal year.

The ministry must also:

• determine if corporations with fiscal years ending between November 1 and October 31 have complied with FIA requirements;
  
  
• retain one copy of each corporation's statements of financial information and forward a copy to the Legislative Library; and
  
  
• submit a compliance report to the Director, FMB, by May 31 of the current year.