Land Owner Transparency Registry – An Initiative to End Hidden Ownership of Land in BC

The Land Owner Transparency Registry is a publicly searchable registry of information about beneficial ownership of land in BC. Beneficial land owners are people who own or control land indirectly, such as through a corporation, partnership or trust. The registry is intended to end hidden ownership of land in BC.

The Expert Panel on Money Laundering in BC Real Estate reported that this beneficial ownership registry is the single most important measure to combat money laundering. The Land Owner Transparency Act was passed in 2019. Since then, any transfer of title triggers a disclosure into the registry. By November 30, 2022 all corporations that currently own land, or individuals who own land through a trust or partnership, must disclose information in the registry.

While local governments are excluded from filing a transparency report, there are over 300,000 known entities that must disclose information. Those who do not file risk large penalties for non-compliance.

The Surveyor of Taxes (Rural Property Tax) is including a short message about the registry in their tax notices. Similarly, BC Assessment is including a short “call-out box” in their 2022 Property Assessment. Please see an example below.

The Ministry of Finance is asking if local governments would be willing to include a short message in their 2022 property tax notices. Spreading awareness of the registry will increase compliance, which can decrease money laundering in real estate and ultimately support housing affordability.

“Action required - If you own land for the benefit of a corporation, a trust or legal partnership, you must check if you need to file with the Land Owner Transparency Registry. More info at landtransparency.ca.”

Please email me at Matthew.ParkerHall@gov.bc.ca if you are interested and/or would like to learn more about this initiative.

MATTHEW PARKER HALL is a Senior Policy and Legislation Analyst with Property Taxation

Branch, Ministry of Finance. He is currently focussed on supporting the Enforcement Officer of the Land OwnerTransparency Act.