Beginning November 30th, anytime an individual has indirect ownership of land through corporations, partnerships or trusts, the “reporting body” (the legal owner on paper) must file a “transparency report” in the Land Owner Transparency Registry identifying the “interest holder” (the true beneficial owner).
The purpose of the Registry is to increase housing affordability by addressing hidden ownership and tax fraud. Please watch this short video to learn more.
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
- 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
For property purchases and transfers occurring on or after November 30th of this year, your notary or lawyer will ensure that the report is filed when required.
Existing property owners will have until November 30th, 2021 to file an initial 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 us at 604-824-5500 or email us at info@simsponnotaries.com.
