If you're buying a property today or in the future, the filing of the landowner transparency registry will be part of the document package your lawyer or notary prepares for you. Just as your lawyer or notary will be filing the transfer of the property land title and property transfer tax return with the property transfer tax department, your lawyer or notary will also be filing your declaration in the land owner transparency registration. You'll be asked to sign a declaration confirming that the property is held for you and you alone, that you're not holding in trust for any person or corporation, and especially that there is no foreign ownership.
However, if you are what is defined as a ‘reporting body’ that is a corporation, trust or partnership, even if you already own the property, you will need to file in the land owner transparency registry. The government has extended the deadline for this filing in 2022 to November. It is important that you file this before the deadline given that the government provided an extension. If you have not filed by the deadline you could be subject to fines as much as $50,000.
For a corporation to file their declaration at this point, it is a fairly straightforward process. You should speak to your lawyer or notary as they'll prepare the forms for you and they will help assess what additional information they need from you, including a review of your corporate records to complete the forms and file them for you. The costs to file this landowner transparency declaration will depend on what work needs to be done to assess the corporate records to see what information needs to be filed.
Michael Dupuis is a proud associate at CBM Lawyers LLP, specializing in business and real estate law. Reach out to Michael or a member of our team to learn more about filing Land Owner Transparency Registry. Contact Us Today!
