Notice to Dhot Law Corporation Clients: Land Owner Transparency Act – November 30, 2021 Deadline
As per the Land Owner Transparency Act (“LOTA”), every “Reporting Body”, including every corporation, trust and partnership, that is the legal owner of land or has certain interests in land must file a transparency report by November 30, 2021 with the Land Owner Transparency Registry. The Transparency Report must include information about the Reporting Body and the “interest holders” of the Reporting Body. Interest holders may include shareholders, directors, partners of a partnership, trustees and/or trust beneficiaries. As these disclosure obligations are an ongoing requirement, an updated Transparency Report may have to be filed when there is a change in the interest holders.
The Transparency Report must be signed. For example, the director or officer of a corporation will sign the Transparency Report. Further, the said director or officer must provide notice to all other interest holders. Filing of the Transparency Report is mandatory and the Transparency Report must be filed by November 30, 2021 to avoid any applicable fines. Failure to file a transparency report is deemed to be an offence under the LOTA and could trigger a significant fine starting at the greater of $25,000 for individuals or $50,000 for corporations or other entities or 15 percent of the assessed value of the property.
Please note that Dhot Law Corporation does not track ownership of land by prior or existing clients and will not be contacting any prior or existing clients to advise them of any filing requirements.
It is suggested that you take action well in advance of November 30, 2021, which is the deadline for filing the Transparency Report. If you require assistance with filing the Transparency Report or have any questions, please contact our office immediately, and no later than November 15, 2021.
As per the Land Owner Transparency Act (“LOTA”), every “Reporting Body”, including every corporation, trust and partnership, that is the legal owner of land or has certain interests in land must file a transparency report by November 30, 2021 with the Land Owner Transparency Registry. The Transparency Report must include information about the Reporting Body and the “interest holders” of the Reporting Body. Interest holders may include shareholders, directors, partners of a partnership, trustees and/or trust beneficiaries. As these disclosure obligations are an ongoing requirement, an updated Transparency Report may have to be filed when there is a change in the interest holders.
The Transparency Report must be signed. For example, the director or officer of a corporation will sign the Transparency Report. Further, the said director or officer must provide notice to all other interest holders. Filing of the Transparency Report is mandatory and the Transparency Report must be filed by November 30, 2021 to avoid any applicable fines. Failure to file a transparency report is deemed to be an offence under the LOTA and could trigger a significant fine starting at the greater of $25,000 for individuals or $50,000 for corporations or other entities or 15 percent of the assessed value of the property.
Please note that Dhot Law Corporation does not track ownership of land by prior or existing clients and will not be contacting any prior or existing clients to advise them of any filing requirements.
It is suggested that you take action well in advance of November 30, 2021, which is the deadline for filing the Transparency Report. If you require assistance with filing the Transparency Report or have any questions, please contact our office immediately, and no later than November 15, 2021.