LOTA Compliance Reminder: Notices Issued to Companies Since July 2024

Since July 2024, the Land Owner Transparency Act (LOTA) Enforcement Office has been actively sending out notices to companies reminding them to either file their required LOTA transparency report or confirm they are exempt from filing. This step is part of ongoing efforts to ensure compliance with LOTA requirements.

Failure to comply could result in significant penalties, including fines up to the greater of $50,000 and 15% of the property’s assessed value for companies. Companies that have not yet filed or confirmed their exemption are encouraged to act promptly to avoid penalties.

For further details on LOTA compliance for individuals and/or companies, please refer to our previous articles: Guide for BC Family Trusts & Their Beneficiaries and LOTA Reporting Deadline.

For assistance with LOTA filings, contact Justin Park from our Real Estate Group.