Do you own property registered under a corporation, trust or partnership? If so, you’ll want to read about the new Land Owner Transparency Act.
The Province of British Columbia initiated the Land Owner Transparency Act on Nov 30, 2020. This registry was put in place to end “hidden ownership” (e.g. registering a property under a Numbered Company, where the owner isn’t identified).
What does this new transparency act mean?
As of Nov 30, 2020 a transparency declaration must be filed with the Land Title and Survey Authority of British Columbia (LTSA), for every change in title to a property in British Columbia.
All properties owned by a company, or properties held in trust for another party under a trust or partnership, must file a transparency declaration to confirm who the interest holders of the corporation, the trust, or the partnership are.
What about properties registered prior to Nov 30, 2020?
If your property was registered under a company name, partnership or trust prior to Nov 30, 2020 you must still file a transparency report by Nov 30, 2021, disclosing who the interest holders of the property are.
Failure to file, or providing false or misleading information, could result in fines up to $100K or 15% of the assessed value of the property.
You may want to reach out to your legal professional to assist with filing the report.
Click below to read more about the Land Owner Transparency Registry