Did you Receive a Letter from the Land Owner Transparency Registry? 

The BC government recently sent letters to all businesses and organizations who may potentially own property in the province. They are asking you to register with the new Land Owner Transparency Registry (LOTR). If you received this letter and it applies to you, you have until November 30, 2022, to register. 

You need to disclose all individuals who have an interest in your land, like business owners, partners, directors or shareholders. This reporting is mandatory and requires a legal professional to make the filing on your behalf. Refusal to do so does carry the risk of fines.  

This report must include people 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 
  • The right to elect, appoint or remove one or more of the corporation’s directors as well as the indirect control over the election, appointment or removal of directors 
  • The ability to exercise direct and significant influence over an individual who in turn can elect, appoint or remove one of the corporations’ directors 

Even if your business doesn’t have any parties of interest like the ones mentioned, a filing will still be required. If you have any questions, please visit the LOTR website at landtransparency.ca. We highly recommend you seek out legal help to file this registry. At Rise, we have several alliances with great law firms that would be happy to assist you.  

Your Business. New Heights. 

Rise CPA provides professional accounting, tax and business advice to help you make the right decisions at the right time. Since 1979, we’ve been helping clients create businesses and lifestyles they envision by delivering expert insights and financial guidance. At Rise, we excel at advising business owners and their families in a caring and personal way. Our services cover a wide range of Tax Planning, Auditing, Accounting, Estate Planning, and Business Advisory. Please call (604) 936-4377 or use the online contact form to book an appointment with one of our accounting professionals.