On November 2, 2021, the British Columbia Government announced that the deadline for pre-existing owners to file with the Land Owner Transparency Registry was extended by 12 months from November 30, 2021 to November 30, 2022.
The Land Owner Transparency Act ("LOTA") is the first of its kind of legislation that was introduced by the British Columbia Government as part of an initiative to end the hidden ownership of land. Under LOTA, the Land Owner Transparency Registry was created. For more information, see our bulletins on the introduction of LOTA.
Now, on or before November 30, 2022, every relevant corporation, relevant trust, or relevant partnership (each, a "Reporting Body") holding a registered interest in land in British Columbia is required to complete and file a Transparency Report under LOTA. This requirement to file a Transparency Report applies to all Reporting Bodies that held a registrable interest in land prior to November 30, 2020, and continue to hold that interest. On the Transparency Report, a Reporting Body is required to disclose information on every individual that is deemed to be an "interest holder" of the Reporting Body.
For detailed information on the reporting requirements, see our bulletin on the LOTA reporting requirements.
If you have any questions regarding whether you are required to file a Transparency Report or not, please contact us at LOTA@fasken.com.
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