September 29, 2021

As of November 30 last year, any transferee applying to register an interest in land must file a transparency declaration with the Land Owner Transparency Registry (LOTR). Each transferee that is a “reporting body” as defined by the Land Owner Transparency Act (LOTA) must also file a transparency report with the LOTR. In addition, existing “reporting bodies” that hold an interest in land (acquired prior to November 30, 2020) are required to file a transparency report with the LOTR by November 30, 2021. Failure to file a transparency report is deemed to be an offence under the LOTA and could trigger a significant fine, the greater of: (i) $25,000 for individuals or $50,000 for corporations or other entities; and (ii) 15 per cent of the assessed value of the property. See section 92 and section 61 of the LOTA. It is also an offence and could trigger significant fines if “false or misleading information” is contained in the transparency report. Wherever possible have your client execute the transparency report rather than you. Visit the LOTR’s web page on policy help, the government’s web page for enforcement information and resources regarding interpretation, and subscribe here to receive emails with the most recent updates.