Land Owner Transparency Act
Do you own land in BC through a corporation, a trust, or a partnership? Did your ownership take effect before November 30, 2020? You have to use a legal professional to file the report for you by November 30, 2022. We can help you.
Penalties for not filing by the deadline can be severe – up to $25,000 for individuals and $50,000 for entities, or, in either case, 15% of the assessed value of the property.
Our fee for filing the report is $180, plus GST and PST. If you have not filed your land owner transparency report, please contact us well before the deadline, as there are documents to prepare. We will tell you the information that will be collected about the beneficial owner/s.
The BC government designed the land transparency report to uncover beneficial owners of land in BC to reduce tax evasion and money laundering. The stated purpose is to improve housing affordability in the province.
This information is general information only. If you are not sure whether the requirements apply to your circumstances, please contact us for advice.