- The deadline for corporations, partnerships, and trusts that own real property in British Columbia to file a transparency report is soon approaching
- Failure to file a transparency report could result in considerable fines to individuals and corporations
- This article contains important information about the upcoming deadline and disclosure requirements under the Land Owner Transparency Act
- Please contact us should you have any questions, or require assistance in the preparation and filing of the transparency report
Every corporation, partnership, or trust that is the legal or beneficial owner of land in British Columbia is required to file, by November 30, 2021, a transparency report (“Transparency Report”) in accordance with the Land Owner Transparency Act (the “LOTA”). The Transparency Report is intended to disclose information about interest holders of land, to determine the individual(s) with ultimate beneficial interest of such property.
Under the LOTA, “interest holders” may include shareholders, directors, partners of a partnership, trustees, and trust beneficiaries. The Transparency Report requires disclosure of primary identification of each interest holder, including full legal name, address, citizenship, residency, social insurance number, as well as other information.
It is important to note that such filings are a continuing obligation, and a subsequent Transparency Report may be required whenever there are changes in interest holders. Such circumstances can include the sale/transfer of shares, sale of beneficial interest in land, and changes to the partners of a partnership. Additionally, the interest holder signing the Transparency Report is required to notify the other interest holder(s) both before and after the Transparency Report is completed.
The B.C. government has imposed sizable penalties for failure to comply with filing requirements under the LOTA. Please make sure that the Transparency Report is correctly completed and filed before the November 30th deadline to avoid paying a fine.
The Transparency Report can only be prepared and submitted by a legal professional. If you require further information about the filing requirements under the LOTA, or would like assistance in the preparation and filing of the Transparency Report before the upcoming deadline, please contact your primary lawyer(s) at DBH Law at (403) 252-9937, or via email.