Land Owners Transparency Filings Due Date Extended to 2022

BC’s new land ownership transparency registry, designed to root out money laundering and undisclosed property ownership, was to come into full effect on November 30, 2021 when filings for existing property owners were due. The Registry has been in operation for almost a year for new title transfers, and existing owners are gradually being drawn into the Registry system. 

Because many owners were still unaware of the pending deadline, the Land Owner Transparency Registry has extended the date to November 30, 2022, providing a full year for clients to arrange the necessary filings. 

In summary, existing reporting bodies (certain corporations, trusts or partnerships) with an interest in land (ownership, long-term leases, etc.) are required to file a transparency report (filing setting out the ownership details). Most corporations, partnerships and trusts are required to file, as are certain individuals. Filings must be submitted electronically to the Land Title office by a legal professional. The new transparency registry is searchable by the general public as well as law enforcement. 

You can access the search function here: https://landtransparency.ca/search/

Penalties will be imposed for failure to file a required report, or filing a false or misleading report. Fines can be up to $25,000 for individuals or $50,000 for a corporation, or 5% of the assessed value of a property. 

In our experience so far, the most difficult filings to complete are for large property development companies, or for national charities (religious denominations or other national organizations) that hold property on behalf of local churches, temples or offices on informal trust arrangements. 

Our office is assisting many clients with the necessary filings. For details, please contact Katrina Volkenant at katrina@dejagervolkenant.com, or call 605-953-1500.

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