Certain entities that hold an interest in B.C. real estate have an additional year to comply with new provincial reporting requirements under the Land Owner Transparency Act (LOTA). Specifically, reporting bodies that held registered legal title in B.C. real estate on or before November 30, 2020 and continue to hold that title, now have until November 30, 2022 to file a "transparency report" with the province's "Land Owner Transparency Registry" (instead of November 30, 2021). Under these rules, these reporting bodies (i.e., relevant corporations, trustees of relevant trusts or partners of relevant partnerships) must file transparency reports, which include personal information about certain individuals (i.e., the interest holders) who ultimately hold an interest in the relevant property (see TaxNewsNow, "B.C. Land Owner Transparency Rules — Deadline Approaching" for more on these rules).
British Columbia says that it extended the deadline after receiving feedback that pre-existing owners need more time to gather information about the interest holders and to prepare for filing with the registry. The province announced the extension on November 2, 2021.
For more information, contact your KPMG adviser.
Information is current to November 8, 2021. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500