The BC Land Titles Registry has a record of the legal owners of land in British Columbia, but does not record beneficial owners. An act that came into effect in BC in November of 2020 requires certain types of reporting bodies to register a report in the Land Owner Transparency Register. The deadline for reporting is November 30, 2022. Find out who needs to file a report, and how to do so.
What Is the Land Owner Transparency Act (LOTA)?
The Land Owner Transparency Act (LOTA) came into force in BC on November 30, 2020, creating a registry for the beneficial ownership of land. The core of LOTA requires companies, trusts and partnerships, called “reporting bodies”, to provide information about the beneficial ownership of land in a government registry. The legislation is not easy to read.
Who Must File a Report by November 30, 2022?
Since November 30, 2020, reports are filed at the Land Owner Transparency Registry (LOTR) with all new transfers of real property. On or before November 30, 2022, all existing registered owners of real property who are reporting bodies, and all registered owners who hold beneficial interest in real property for others, must file disclosure reports.
LOTA includes detailed legal definitions for reporting bodies and for the purpose of the requirement to file a transparency report. Most, but not all corporations, partnerships and trusts are included. Only legal professionals can file these reports.
What Are the Penalties for Failing to Report?
There are penalties for failing to report, of up to $50,000 for a corporation and $25,000 for an individual, or 5% of the assessed value of the property, whichever is greater. If you are not sure whether one of these applies to your circumstances, you should contact a legal professional for advice to ensure that, if required, your report is filed before the deadline.
The team at BKS Law is familiar with this legislation and is happy to help you with your reporting requirements.
Contact BKS Law, 604-542-5344
309 – 1688 152 Street, Surrey, V4A4N2