Once a reporting body has filed a transparency report, they should be mindful of their ongoing requirements and obligations. This blog articles provides an overview of the typical circumstances that trigger further obligations under the Land Owner Transparency Act.
You now qualify as a Reporting Body
If at the time of filing the transparency declaration, you were not a reporting body, but you are now, you must file a transparency report to update your status. A reporting body is a relevant corporation, a trustee of a relevant trust, or a partner of a relevant partnership. If your circumstances change and you are now a reporting body, you must file the transparency report within two months from the date you become a reporting body.
If you owned property prior to the implementation of the British Columbia Land Owner Transparency Act, and you are considered a reporting body, you must file a transparency report by November 30, 2021.
Changes to your Reporting Body
If the interest holders of your reporting body change, you must file a new transparency report within two months of this change. Additionally, if a determination of incapacity has been made in respect of an interest holder, this is a change that requires the filing of a new transparency report.
If you realize that the information provided on the transparency report was inaccurate, you must file a transparency report to correct this information. This includes correcting personal information of any interest holders.
Ceasing to be a Relevant Body
If you were a relevant body at the time of filing, but no longer meet the requirements, you must give appropriate notice to the Administrator that you now cease to be a relevant corporation, relevant trust or relevant partnership. This notice must be given within two months of ceasing to be a reporting body.
Click the links below to read the other blogs in our Land Owner Transparency Registry series:
Author: Sasha Platz
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