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15 Transparency Report Required From Pre-existing And Other Owners

In This Volume

  • 15 (1) Subject to section 13 [general rules for filing and completing transparency reports], this section and the exemptions, if any, in the regulations, if, immediately before the coming into force of this section,
  • (a) a relevant corporation
  • (b) a trustee of a relevant trust; or
  • (c) a partner of a relevant partnership
  • is a registered owner of an interest in land, the corporation, trustee or partner must, within the prescribed period, file with the administrator a transparency report completed in accordance with Division 3 [Content of Transparency Reports].
  • (2) A registered owner of an interest in land is not required to file a transparency report under subsection (1) if, before the end of the prescribed period, the interest in land is registered in the name of another owner.
  • (3) The following are not required to file a transparency report under subsection (1):
  • (a) a corporation or limited liability company if, before the end of the prescribed period, the corporation or limited liability company ceases to be a relevant corporation;
  • (b) a corporation or limited liability company if, before the end of the prescribed period, the corporation or limited liability company ceases to be a relevant corporation;
  • (c) a partner of a partnership if, before the end of the prescribed period, the partnership ceases to be a relevant partnership.
  • (4) Subject to section 13, this section and the exemptions, if any, in the regulations, each of the following must file a transparency report completed in accordance with Division 3:
  • (a) a corporation or limited liability company if the corporation or limited liability company
    • (i) is a relevant corporation,
    • (ii) is a registered owner of an interest in land, and
    • (iii) was not a relevant corporation at the time the interest in land was registered;
  • (b) a trustee of a trust if
    • (i) the trust is a relevant trust,
    • (ii) the trustee is a registered owner of an interest in land, and
    • (iii) the trust was not a relevant trust at the time the interest in land was registered;
  • (c) a partner of a partnership if
    • (i) the partnership is a relevant partnership,
    • (ii) the partner is a registered owner of an interest in land, and
    • (iii) the partnership was not a relevant partnership at the time the interest in land was registered;
  • (5) A transparency report required under subsection (4) must be submitted within 2 months after the date on which
  • (a) the corporation or limited liability company becomes a relevant corporation,
  • (b) the trust becomes a relevant trust, or
  • (c) the partnership becomes a relevant partnership.
  • (6) A transparency report required under this section must be filed by submitting the report to the registrar electronically.
  • (7) A transparency report submitted under this section must be certified in accordance with section 25 [certification of transparency declarations and transparency reports].
  • (8) If a transparency report is submitted under this section,
  • (a) the report must be signed in accordance with section 26 [electronic signing], and
  • (b) the report must be signed in accordance with section 26 [electronic signing], and
  • (9) The registrar must refuse to accept a transparency report submitted under this section if the requirements referred to in subsection (8) are not met.

2019-23-15, effective November 30, 2020 (B.C. Reg. 250/2020).

PRACTICE

An existing reporting body with an interest in land must file a transparency report by the prescribed period setting out information about the reporting body and its interest holders. Different information is required, depending on whether the reporting body is a relevant corporation, a relevant partnership, or a relevant trust.

Prescribed Period

The Province of British Columbia has set November 30, 2022, as the prescribed period for the purposes of s. 15 of the LOTA.

Electronic Submissions

Electronic transparency record forms must be completed online and submitted to the registrar using a myLTSA Enterprise account and comply with the instructions provided in the Administrator’s Requirements for Filing and Applications, v. 1.1, available at www.landtransparency.ca/wp-content/uploads/2021/02/Administrator-Requirements-for-Filing-and-Applications-v1.1.pdf.