Over the summer, the Province sent letters to all businesses and organizations it thinks may own property in BC, and therefore may need to register with the new Land Owner Transparency Registry (LOTR).
If you received this letter, you may be required to make a filing with the registry by November 30, 2022. If your business or organization owns land in BC, you are likely required to file a report disclosing the individuals who have an interest in the land (such as the business owners, partners, directors or shareholders). This filing is mandatory, requires a legal professional to make the filing on your behalf, and refusal to do so does carry the risk of fines.
In general, this report must report all individuals who have
10% or more of the used shares of a corporation or 10% or more of the rights to vote at general meetings of the corporation; or
The right to elect, appoint or remove one or more of the corporation's directors; or the indirect control over the election, appointment or removal of directors; or
The ability to exercise direct and significant influence over an individual who in turn can elect, appoint or remove one of the corporation’s directors.
Even if your business or organization does not have any individuals who meet the above criteria, a filing would still be required.
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