On November 2nd, 2021, the B.C. government announced a one-year extension of the deadline for pre-existing owners of real property in B.C. to file their “transparency reports” with the Land Owner Transparency Registry (the “Registry”). The new deadline to file transparency reports is now extended to November 30, 2022.
What is the Land Owner Transparency Registry?
The Registry was introduced by the provincial government in the fall of 2020 in an attempt to end hidden ownership of land and money laundering in B.C. The government is requiring all “reporting bodies” (a corporation, trust or partnership which owns land in B.C.) to identify the human beneficial owners of the land, known as “interest holders” under the Land Owner Transparency Act, and file a transparency report identifying these interest holders. This often involves an in-depth legal analysis of the reporting bodies involved in order to identify the individual humans behind the scenes.
File Your Transparency Report Today
If you or someone you know owns real property in B.C. through a corporation or a partnership, or is holding land in trust for an individual or entity not registered on legal title, it is more likely than not that you are required to file a transparency report. For legal advice on your specific circumstances and to assist you with filing your transparency report, please contact any member of our Real Estate Practice Group at Lindsay Kenney LLP and we would be happy to assist. For more information on the requirements under the Land Owner Transparency Act and the Registry, please see our earlier blog posts: Hide and Go Seek: BC’s New Land Owner Transparency Registry and Understanding the Impact of BC’s Land Owner Transparency Act.
This article is intended to be an overview of the law and is for informational purposes only. Readers are cautioned that this article does not constitute legal or professional advice and should not be relied on as such. Rather, readers should obtain specific legal advice in relation to the issues they are facing.