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Important LOTA Deadline: Pre-Existing Land Owners To File Transparency Report By November 30, 2022 – Real Estate

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If you are a land owner in British Columbia, you may have
recently received a letter from the province’s Land Owner
Transparency Registry (“LOTR”) indicating the need to
file a transparency report by November 30, 2022.

Effective November 30, 2020, the British Columbia Land Owner
Transparency Act
(“LOTA”) came into force. LOTA is
intended to increase land ownership transparency in British
Columbia by requiring certain corporations, trustees of certain
trusts, and partners of partnerships holding certain registered
interests in land (including registered ownership of land and a
registered lease with a remaining term of more than 10 years), to
file disclosure of the identity and certain information about
natural individuals who are deemed by LOTA to hold a significant
beneficial or indirect interest in land. Please read our previous blog post for more information
regarding LOTA.

Existing “reporting bodies” that hold an interest in
land acquired prior to November 30, 2020, are required to file a
transparency report with the LOTR by the November 30, 2022
deadline. “Reporting bodies” are defined under LOTA and
include most companies, limited partnerships and trusts. The
transparency report must contain certain prescribed information
about the reporting body, the interest holders, the land, and the
individual certifying the transparency report.

As mentioned in our previous blog post, “Land Owner Transparency Registry Filing
Deadline Extended to 2022,”
LOTA and the Land Title and
Survey Authority of British Columbia require reporting bodies to
complete and file their transparency report electronically. LOTA
requirements differ from, and are in addition to, the transparency
requirements established under the British Columbia Business
Corporations Act
. Consequences for not filing with the
registry can be substantial, with penalties up to $25,000 for an
individual, or $50,000 for a corporation, or 15% of the assessed
value of the property, whichever is greater.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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