What You Need To Know –
The Land Owner Transparency Act (LOTA) came into force in British Columbia on November 30, 2020 as part of the provincial government’s campaign to end hidden or undisclosed ownership of land and property in British Columbia. The LOTA requires every reporting body such as a corporation, trust or partnership that owns land in British Columbia to file a transparency report with the land title office disclosing the beneficial ownership of the property by November 30, 2022. Certain information gathered from these reports will be publicly searchable in the newly created database called the Land Owner Transparency Registry (LOTR).
Extensive legal analysis is required to complete the lengthy transparency report that only qualified legal professionals should prepare and submit to the LOTR.
The LOTA provides penalties for non-compliance with the November 30, 2022, filing deadline. Those who fail to file, or provide false or misleading information in the transparency report may be subject to a fine up to the greater of:
• $25,000 for individuals, or $50,000 for corporations; and
• 5% of the assessed value of the property.
We encourage all those with a current interest in land to seek legal advice in a) determining whether a transparency report must be filed by the November 30, 2022 deadline, and b) assistance with completing such filings.
Our lawyers at Origin Law Group would be happy to assist you to ensure compliance.