What is LOTA?
The first-of-its kind in Canada, the Land Owner Transparency Registry (LOTR) is a registry of information about individuals who are deemed to have an indirect As defined in section 1 of LOTA, this term refers to an estate 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, or a right under an agreement for sale to occupy land, or require the transfer of an estate in fee simple.interest in land as defined in section 1 of LOTA (e.g. through corporations, trusts and partnerships) which is housed in a searchable, public database.Read the LOTA in full
What are Transparency Reports?
Transferees that are reporting bodies must further disclose certain information about themselves and about the indirect owners of the interest in land. These indirect owners are called “interest holders” or “beneficial owners” depending on their nature. The main purpose of LOTA is to force reporting bodies to disclose the true or beneficial owners of any interest in land. There are three categories of interest holders under LOTA: corporate interest holders, partnership interest holders, and beneficial owners.
Who must file Transparency Reports
LOTA describes three types of reporting bodies that are required to file a transparency report. These reporting bodies are:
- Relevant corporation: These are corporations, except those set out in Schedule 1 of LOTA.
- A partner of a relevant partnership: These include general partnerships, limited partnerships and limited liability partnerships, as set out in section 9 of LOTA.
- A trustee of a relevant trust: These are trusts such as express trust and bare trusts, except those set out in Schedule 2 of LOTA.
When is the deadline to file Transparency Reports?
Reporting Bodies which were pre-existing owners of an interest in land at the time LOTA came into force must file a Transparency Report by November 30, 2021. Certain other situations trigger the requirement to file a Transparency Report or other documents under LOTA. Summary of LOTA deadlines
|Pre-Existing Owner of an interest in land||By November 30, 2021|
|Registration of an interest in land||Upon application to register the interest in land|
|Change in Interest Holders||Within 2 months of becoming aware of the change|
|Registered Owner Becomes a Reporting Body||Within 2 months of becoming a Reporting Body|
|Registered Owner ceases to be a Reporting Body||Within 2 months of ceasing to be a Reporting Body|
|Pre-Existing Owner ceases to be a Reporting Body or transfers title||Must cease to be a Reporting Body or transfer title before November 30, 2021 to be exempt|
|Need to complete or correct information in Transparency Report||Any time|
By enacting LOTA, the provincial government is seeking to end “hidden” ownership of real estate and to
eliminate tax evasion and fraud. LOTA creates new disclosure requirements for land owners in British
– any person or entity that owns an “interest in land” or that will acquire an “interest in land” will need
make a disclosure filing called a transparency declaration, identifying whether the registered owner of the
interest in land is a “reporting body“. If the registered owner is a reporting body, it will be required to
file a transparency report in addition to the transparency declaration, which will include certain
about the registered owner and the “interest holders,” which are the individuals that are the indirect or
beneficial owners of the interest in land.
Disclosures made under LOTA are maintained in the Land Owner Transparency Register (the “Register“), and certain information stored in the Register will eventually be accessible to the public.
The Land Title and Survey Authority of British Columbia (the “LTSA“) is the government body that administers
LOTA and the Register.
At present, only legal professionals are able to submit filings in the Register, however the LTSA has noted that it hopes to make certain filing functions available to the general public in the future.
For more information about LOTA and the Register, please visit: LandTransparency.ca.
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