The deadline for pre-existing “reporting bodies” (a relevant corporation, a trustee of a relevant trust, or a relevant partnership who acquired an "interest in land" prior to November 30, 2020 and continues to own an interest) to file a transparency report with the Land Owner Transparency Registry (LOTR) has been extended from November 30, 2021 to November 30, 2022. For more information see the BC government’s Information Bulletin and OIC 600.
Lawyers who are contacted and retained by pre-existing “reporting bodies” to assist them should keep in mind that a transparency report can take some time to complete. Wherever possible, have your client execute the transparency report rather than you. Of course, this extension does not change the current obligation to file a transparency declaration by a transferee applying to register an interest in land, and if a transferee is a “reporting body”, to also file a transparency report.
For information about the offences and fines for a reporting body’s failure to file a transparency report see: Disclosure by existing landowners. 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.
For the latest updates from LIF, follow us on Twitter @Lifbc.