We want to be sure that everyone is aware of recent legislation enacted in British Columbia which has created new filing requirements for companies, trusts or partnerships who hold title to BC real estate. The purpose of this legislation is to end “hidden ownership” of land in BC.
More information is available on the following British Columbia government websites:
Since November 30, 2020, pursuant to the British Columbia Land Owner Transparency Act, all purchasers of BC real estate have been required to file with the BC Land Title Survey Authority a “Transparency Declaration” at the time of purchase. Further, any company, partnership or trust now purchasing real estate in BC must also file a “Transparency Report” at the time of purchase to provide details regarding the ultimate owners of that real estate (i.e., the individuals who control the company, partnership or trust).
Companies, trusts and partnerships who purchased real estate in BC prior to November 30, 2020, must now file a “Transparency Report” to ensure that the ultimate owners of all BC real estate are properly disclosed at the BC land Title and Survey Authority.
The deadline to file the transparency Report has now been extended to November 30, 2022. If the Transparency Report is not filed by then, fines starting at the greater of $25,000 for individuals, $50,000 for a company or up to 15% of the value of the land or interest in land can be assessed against owners of BC real estate.