The B.C. Government recently announced that the deadline for “pre-existing property owners and other pre-existing reporting bodies” to file a transparency report and disclose the information about beneficial ownership sought by the Provincial Government will be extended by one year: the new deadline is November 30, 2022. You should contact your legal professional in advance of the new filing deadline for assistance to complete and file the mandatory government report if you have an interest in land in British Columbia and are required by law to comply with the land ownership reporting requirements.

The Land Owner Transparency Act came into force in British Columbia on November 30, 2020. This law created a publicly accessible database of information about certain individuals with an indirect interest in land in British Columbia – such as through a corporation, trust or partnership.

In our most recent note, we provided insight on the substance of the legislation, its phased introduction and the three triggers for transparency filings. 

There is an upcoming deadline to file a transparency report by November 30, 2022 by all owners of “pre-existing” interests in land acquired before November 30, 2020. The only pre-existing interest holders who must make this report are individuals with an interest in land in British Columbia that is owned by a “reporting body,” such as a corporation, trust (defined broadly, including bare trusts and nominee agreements) or partnership. Many BC landowners will not have to make any filing or declaration as the November 30, 2022 filing deadline is not applicable to land that is owned individuals in their own personal capacity.

The Provincial Government of British Columbia has not made it possible for the general public to file transparency reports without the assistance of lawyers and notaries in British Columbia who have accounts with the Land Title and Survey Authority of British Columbia.

The deadline may create a rush of desired filings that may exceed the availability of lawyers and notaries in British Columbia. The filings are subject to a complex regime that requires extensive legal analysis to complete the 23-page transparency report that only lawyers and notaries are able to submit to the Land Owner Transparency Registry.

Dentons Canada LLP does not track ownership of land by existing or prior clients and will not contact clients to advise them of any filing requirements.

We recommend taking action promptly – and in any event well in advance of the November 30, 2022 deadline – to review and complete any transparency reports necessary for pre-existing owners of land in British Columbia. Due to the complex data collection requirements and the likelihood that preparing and filing the transparency report will require significant resources, we anticipate being able to assist a limited number of clients for whom we have expressly accepted a retainer to prepare and file the transparency reports by the November 30, 2022 deadline.   

As discussed in greater detail in our most recent note, filing requirements for a “pre-existing” interest in land can be illustrated as follows:

Pre-existing interest in land

1. “Interest in Land” as defined under Section 1 of LOTA and means an interest in: (a) fee simple; (b) life estate; (c) leasehold estate for a term more than 10 years; and (d) an agreement for sale with a right to occupy land or require the transfer of the fee simple interest.
2. “Reporting Body” as defined under Section 1 of LOTA and means relevant corporations, partners of a relevant partnerships and trustees of a relevant trust.