Mandatory Reporting about Indirect Ownership of Land – Land Owner Transparency Act

The Land Owner Transparency Act (the “Act”) came into effect on November 30, 2020.  The Act requires mandatory reporting about indirect ownership of land (i.e. ownership interest not reflected in the Land Title Office register) which will be a searchable public database called the Land Owner Transparency Register.

Corporate entities, partnerships and trustees are all considered a reporting body under the Act.  All reporting bodies are required to file a Transparency Report under the Act.

If you have a company, partnership or trust that owns real property in British Columbia, you must file a Transparency Report by November 30, 2021 for each property owned by the company, partnership or trust.

The Transparency Report will disclose the significant shareholders of the company, significant individuals of the partnership or beneficial owners of the trust, as applicable.  Any future changes made to the shareholders of the company, partners of the partnership or beneficial owners of the trust, as applicable, will require filing an updated Transparency Report.

Please note that failure to comply with the above requirements may result in a fine of the greater of $50,000 and 5% of the assessed value of the property to which the Transparency Report relates.

If you would like our assistance with filing a Transparency Report for your company, partnership or trust, please use the form below to contact us.