The November 30, 2022, Land Owner Transparency Act (“LOTA”) deadline for reporting bodies—including pre-existing owners—to disclose their ‘interest in land’ by filing a ‘transparency report’ to the BC government is fast approaching.
A requirement under 2019’s LOTA, ‘transparency reports’ apply to nearly all corporations, trusts and partnerships with a registered interest in land in BC, with few exceptions.
Given potential complexities associated with filing, Boughton Law recommends existing clients interested in LOTA services contact our real estate team no later than September 30, 2022.
After this date, Boughton Law cannot guarantee filing will be completed before the November 30 deadline.
Failure by pre-existing owners to file ‘transparency reports’ may result in penalties up to the greater of $25,000 for individuals or $50,000 for non-individuals, and 15% of the assessed value of the property. To learn more about LOTA, click here and here.