Land Owner Transparency Registry
As of November 30th 2020, anytime an individual has indirect ownership of land through corporations, partnerships or trusts, the legal owner of the property must file a “transparency report” in the Land Owner Transparency Registry identifying the the true beneficial owner.
The purpose of the Registry is to increase housing affordability by addressing hidden ownership and tax fraud.
Does this apply to you?
You will need to file a transparency report if:
- you are on the title of another person’s property to help them qualify for a mortgage, but did not contribute financially.
- you are on the title of another person’s property for estate planning reasons (i.e. to avoid probate)
- you own a property that is held by a corporation
- you are the trustee of a trust that owns property
- you are a partner in a partnership that owns property
This registration applies not only to the new owners of the property that are purchasing currently, but also to anybody that registered this kind of ownership in the past.
Existing property owners will have until November 30th, 2021 to file an initial/retroactive transparency report.
If you fall into any of the above categories, it is your responsibility to ensure that the report has been filed by this date.
If you are concerned that you may need to file a transparency report or if you have any questions, please call my office at
604-575-7494 or email me at info@ibnotary.com
Sincerely,
Irina Bartnik
Notary Public
604.575.7494
