Transparency Report Deadline – November 30, 2021
As of November 30, 2021, all pre-existing “Reporting Bodies” that hold an interest in land – including a registered lease with a term of over 10 years, and an option to purchase land – with the BC land title registry must complete and file a “Transparency Report” disclosing certain information on all “Interest Holders”. Failure to comply may result in penalties for non-compliance. The Transparency Report and the obligations under the Land Owner Transparency Act (the “LOTA”) are in addition to the Transparency Registry currently maintained in a company’s minute book.
In most circumstances, a Reporting Body who acquired an interest in land after November 30, 2020 may have already complied with the obligation under the LOTA at the time of transfer/purchase. As and from November 30, 2020, the BC land title registry will not permit a transfer of land without the submission of a “Transparency Declaration” and if applicable, a “Transparency Report”.
Notwithstanding the foregoing, the reporting obligations of the LOTA apply in the following circumstances:
- If you are a Reporting Body that currently holds an interest in land and have not yet submitted a Transparency Report (including a transfer of beneficial interest);
- If the information listed on any previously filed Transparency Report is no longer accurate, including if the interest holders have changed; and
- If you hold an interest in land and have subsequently become a Reporting Body or ceased to be a Reporting Body.
Definition of “Reporting Body”
A “Reporting Body” includes relevant corporations, relevant partnerships and relevant trusts as defined under the LOTA. Please refer to our December 2020 blog post for an expanded definition of a Reporting Body, as well as Schedule 1 and Schedule 2 of the LOTA for exemptions.
Not sure if you or your entity is a “Reporting Body”? Please reach out to a member of our team noted below.
What You Need to Do
You must file a Transparency Report if you or your entity:
(i) meets the definition of a Reporting Body;
(ii) is not exempted from the reporting requirements under LOTA;
(iii) holds an interest in land in British Columbia; and
(iv) have not already filed a Transparency Report.
Transparency Reports must be completed and filed electronically by a legal professional. We recognize that gathering all of the necessary information and preparing to complete these reports may be a challenging task. If you believe you fall under the category of a Reporting Body and want to find out more, we would be pleased to assist you.
If you have any questions about the new requirement or would like assistance with LOTA filings, please reach out to a member of our team: