Are you an individual that has an indirect interest in land in BC through a corporation, trust or partnership? If so, you should contact a legal professional at your earliest convenience to find out whether you need to file a transparency report. Pre-existing property owners and reporting bodies must file the transparency report by November 30, 2022.
The transparency must be submitted electronically by either a lawyer or notary. Unfortunately, the government has not made it possible for the general public to file the report themselves.
Who should file?
All landowners who have a pre-existing interest in land acquired before November 30, 2020, and hold the interest through a “reporting body”, such as a corporation, trust, or partnership. The transparency report requirement is not applicable to individuals who own land in their own personal capacity.
What is an “interest in land?”
An interest in land means any of the following:
- an ownership in fee simple
- a life estate in land
- a right to occupy land under a lease that has a term of more than 10 years
- a right under an agreement for sale to occupy land, or require the transfer of land in fee simple
- a prescribed estate, right or interest in land
If you held a pre-existing interest in land and acquired the interest before November 30, 2020, we suggest taking action promptly to contact a lawyer, well in advance of the November 30, 2022 deadline. Veronica Armstrong Law Corporation will be happy to help you. To contact us: http://veronica armstrong law corporation
The above only sets out a general overview of the obligations and timelines for filing a transparency report. All landowners should seek legal advice tailored to their unique circumstances.
Written by: Olivia Jang (September 1 2022)
