What Is the BC Land Owner Transparency Registry and Do I Have to File?
This answer covers the law of British Columbia.
The BC Land Owner Transparency Registry is a public registry that shows who really stands behind certain properties, and whether you must file depends on how you hold the land. The LTSA administers it, and filing is done through myLTSA.
Unless an exception applies, each transferee must file a transparency declaration whenever an application is made to register an interest in land, stating whether the transferee is a reporting body, meaning a relevant corporation, trustee of a relevant trust or partner of a relevant partnership. Pre-existing owners that were relevant corporations, trusts or partnerships had to file a transparency report by November 30, 2022, and must keep it up to date. Some are excluded: a partnership whose partners are all individuals, or a trust whose beneficial owners are the only registered owners, need not file a report.
Anyone can search the registry free of charge through myLTSA Explorer, but it does not show dates of birth, social insurance numbers or home addresses. The maximum penalty for failing to file is the greater of $25,000 for an individual ($50,000 for others) or 5% of the property's assessed value. Your exact structure decides which rules apply, so confirm with a lawyer.
Key takeaways
- Each transferee must file a transparency declaration when an application is made to register an interest in land, unless an exception applies.
- Reporting bodies are relevant corporations, trustees of relevant trusts and partners of relevant partnerships, though a partnership of only individuals need not file a report.
- The public registry does not show dates of birth, social insurance numbers or home addresses, and an individual can apply to have information omitted if publication could threaten their or their household's safety or health.
- The maximum penalty for failing to file is the greater of a fixed amount ($25,000 for an individual, $50,000 for others) or 5% of assessed value, and an enforcement officer may use discretion where a filer acts in good faith.