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Do you own property in B.C. through a company, partnership or trust?
October 15, 2022
Corporate Services, Personal Real Estate, Business Real Estate
Do you own property in B.C. through a company, partnership or trust?
If so, you may have received a letter from the B.C. Government stating the need to file a report with the Land Owner Transparency Registry (LOTR) by November 30, 2022. The filing’s purpose is to disclose the true owners, or “interest holders”, of land in B.C. If the deadline is missed, there are significant penalties that can result in fines of up to $50,000 or 15% of the property’s assessed value.
The Government requires a legal professional to file the report on your behalf because legal professionals are experts in land and title matters. They can advise on issues with respect to land ownership that may have far reaching effects on estate planning, taxation and other legal matters. The Government is relying on lawyers to protect the integrity and accuracy of the information in the registry, since they will complete the required identity verification.
If you received this letter from the Government or think you may own land in B.C. through a company, a partnership, or a trust, please reach out to us at 604-591-7321 or realestate@kswlawyers.ca. We can assist with your filing before the November 30, 2022 deadline and help you avoid any penalties.
Lawyer
Aman Bindra and his team assist clients with all real estate, banking, and business matters, including purchases and sales of real estate and businesses, borrowing and lending, land development and construction, and leasing.
Aman has extensive experience working with individual, business and corporate clients throughout British Columbia. He regularly advises on and prepares agreements relating to land, asset, and share purchases, financings, and construction projects, and he assists with leasing, incorporations, partnerships, corporate reorganizations, and more.
Contact
Have questions? Need insight? Our team can assist you in examining your options and determining which path best suits your needs.
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