In early November, the British Columbia government announced that due to “overwhelming” requests from legal professionals, the deadline for pre-existing owners to file a Transparency Report has been extended to November 30 next year.
The extension comes after the government heard from legal professionals that owners need more time to gather information about ownership and prepare to file with the registry.
As per a release in November, the Land Owner Transparency Registry represents a considerable change for beneficial owners in B.C. and the province acknowledges the pandemic has also put additional administrative strain on the resources of businesses in B.C. Therefore, the filing deadline has been extended to November 30, 2022.
The extension does not affect the need to file for those that had undergone significant change in ownership or interest holders after November 30, 2020. If interest holders have changed, business owners still need to submit a Transparency Report within sixty days of the change.
Every partnership, corporation, and trust (including trusts that are not registered) within British Columbia that is the legal owner of the land (including condominiums) or holds certain interests in land, are required to file a transparency report in accordance with the Land Owner Transparency Act (LOTA) by November 30, 2022.
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