Canada: Land-owner transparency filing deadline extended to 30 November 2022 (British Columbia)

“Reporting bodies” that hold an interest in British Columbia real estate have an additional year to comply with new provincial reporting requirements

Land-owner transparency filing deadline extended to 30 November 2022

Certain corporations, trusts or partnerships that hold an interest in British Columbia real estate have an additional year to comply with new provincial reporting requirements under the “Land Owner Transparency Act.”

Specifically, “reporting bodies” that held registered legal title to British Columbia real estate on or before 30 November 2020 (and continue to hold that title) will now have until 30 November 2022 to file a "transparency report" with the province's "Land Owner Transparency Registry" (instead of 30 November 2021). British Columbia extended the deadline after receiving feedback that pre-existing owners needed more time to gather information about the interest holders and to prepare for filing with the registry.

Under these rules, these reporting bodies must file transparency reports that include personal information about certain individuals (i.e., the interest holders) who ultimately hold an interest in the relevant property. Read TaxNewsFlash

Read a November 2021 report prepared by the KPMG member firm in Canada

 

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