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13 General Rules For Filing And Completing Transparency Reports

In This Volume

  • 13 (1) If a trustee of a relevant trust is required to file a transparency report under this Division, the requirement applies whether or not a trust instrument is or will be filed with the registrar under section 180 [recognition of trust estates] of the Land Title Act.
  • (2) For the purposes of completing a transparency report, if
  • (a) a trustee of a relevant trust is also a relevant corporation, and
  • (b) the interest in land to which the transparency report relates is or will be held in trust,
  • the trustee must complete the transparency report in accordance with Division 3 [Content of Transparency Reports] of this Part as that Division is required to be applied by a trustee of a relevant trust and not as that Division is required to be applied by a relevant corporation.
  • (3) For the purposes of completing a transparency report and unless subsection (4) applies, if
  • (a) a partner of a relevant partnership is also a relevant corporation, and
  • (b) the interest in land to which the transparency report relates is or will be partnership property,
  • the partner must comply with Division 3 as that Division is required to be applied by a partner of a relevant partnership and not as that Division is required to be applied by a relevant corporation.
  • (4) If all of the partners in the relevant partnership referred to in subsection (3) are relevant corporations and the interest in land is or will be registered in the name of all of those relevant corporations, each of those partners must complete a transparency report in accordance with Division 3 as that Division is required to be applied by a relevant corporation.
  • (4.1) For the purposes of completing a transparency report, if
  • (a) a partner of a relevant partnership is also a trustee of a relevant trust, and
  • (b) the interest in land to which the transparency report relates is or will be partnership property,
  • the partner must comply with Division 3 as that Division is required to be applied by a partner of a relevant partnership and not as that Division is required to be applied by a relevant trust.
  • (5) A partner of a relevant partnership is not required to file a transparency report if all partners of the relevant partnership are individuals and the interest in land is or will be registered in the name of all of those individuals.
  • (6) A trustee of a relevant trust is not required to file a transparency report if the interest in land is or will be registered in the name of all of the beneficial owners in respect of the interest in land.

2019-23-12, effective November 30, 2020 (B.C. Reg. 250/2020); 2023-6-7, effective November 20, 2023 (B.C. Reg. 228/2023).