Own Land In B.C.? Important Information You Need To Know!
If you own land in BC through a company, trust or partnership, or hold land in trust for another person or entity, you are required to file a transparency report with the Province by November 30th, 2022.
The Land Owner Transparency Registry (“LOTR”) requires filings to be submitted electronically by a legal professional. The LOTR requirements apply to both existing and future owners of land in BC .
What is the LOTR?
The LOTR is operated by the Land Title and Survey Authority of British Columbia (“LTSA”), and is designed to combat money laundering and improve housing affordability in BC.
The LOTR is a registry of individuals who are deemed to have an indirect interest in land (e.g. through corporations, trusts, or partnerships). This information is kept in a searchable, public database administered by the Land Owner Transparency Act (“LOTA”).
Who is affected?
If you are a reporting body and are registered on title of a property, then you are required to file a transparency report under LOTA.
The following are Reporting Bodies:
- Companies
- A trustee of a Trust, including:
(a) an express trust, including a bare trust,
(b) a prescribed trust, or
(c) a legal relationship, created in another jurisdiction, that is similar to a legal relationship referred to in paragraph (a) or (b)
- Partner of a relevant partnership
Information filed in a transparency report includes names, addresses, and if relevant, applicable jurisdiction of owners.
Certain lands and organizations are excluded from this requirement, such as Indigenous Treaty lands and charitable organizations.
What are my government filing fees to comply with LOTA?
Here are some fees you’ll need to pay for filing:
- Filing of transparency declaration $5.00
- Filing of transparency report $35.00
- Application under section 42 (correct/change information) of the Act $150.00
What happens if I don’t comply?
You’ll be fined if you don’t comply – the fine will likely be significantly more money than you would have paid if you had just complied. A reporting body that fails to file a transparency report or provides false or misleading information in a transparency report may be subject to a fine of not more than the greater of:
- $50,000 for a corporation or other entity, or $25,000 for individual; OR
- 15% of the assessed value of the property to which the transparency declaration or transparency report relates.
Other offences under the Act may be subject to a fine up to $100,000 for corporations or other entities, or $50,000 for individuals.
If you have any questions regarding the LOTR requirements and need assistance with filing your application, contact Segev LLP by emailing [email protected] or calling +1 604-629-5400. We are here to help.
Disclaimer
***The above blog post is provided for informational purposes only and has not been tailored to your specific circumstances. This blog post does not constitute legal advice or other professional advice and may not be relied upon as such.**
