This morning, the Province posted an Information Bulletin announcing that the mandatory filing deadline for pre-existing owners of certain interests in land to file a report with the Land Owner Transparency Registry (LOTR) will be extended by 12 months, from November 30, 2021 to November 30, 2022.
As previously noted, the Land Owner Transparency Act (LOTA) introduced new reporting requirements on certain British Columbia land owners (particularly if they are a corporation, partnership, or trust, including a nominee/bare trust) to disclose the ultimate individual beneficial or indirect owners of their land. LOTA impacts many land owners, as well as some tenants with registered leasehold interests, requiring the filing of transparency reports with LOTR that include identifying information about the registered owner as well as those individuals who beneficially or indirectly hold, directly or indirectly, the applicable interest in land. Filings will be accessible to tax authorities, law enforcement, regulators, LOTA enforcement officers and, for certain information included in the transparency report, the public.
As a result of today's announcement, BC land owners will now have until November 30, 2022 to file a transparency report with LOTR, or be at risk of enforcement action (including significant fines). However, notwithstanding this morning's announcement, those who acquire interests in land are still required to file, upon acquisition, a transparency declaration and, if necessary, a transparency report, with LOTR.
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