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.
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.