You talked about the transparency report last year. Must we file such a report by law? Is this federal or provincial! Who files it?
Thanks for the reminder. Actually, yes, we advised it was coming. Yes, it is now in force – it is a law! Effective November 30, 2021, new BC legislation mandates that all “reporting bodies”, including corporations, partnerships, and trusts that have held an “interest in land” since November 30, 2020, to file a report with the Landowner Transparency Registry. Significant control: An individual with significant control, or ISC, is someone who owns or controls a corporation. This individual: owns, controls, or directs a considerable number of shares. has considerable influence over the corporation without owning any shares. Also, you must disclose all “interest holders” (the people who benefit from the assets).
If you own land that has been held by a corporation, trust, or partnership since prior to November 30, 2020, these requirements will apply to you.
NOTE FINES: A person … is liable to a fine of not more than $100,000.00; and an individual who commits one of these offences is liable to a fine of not more than $50,000.00. Imprisonment is not a penalty under the British Columbia legislation.
Talk to your lawyer, google it…do it…Deadline is coming.