The government heard from legal professionals that more time is needed to meet new requirements to file under the Land Owner Transparency Registry, and has extended the deadline an additional year to November 30, 2022.
The new LOTA legislation is intended to prevent hidden property ownership in BC and to reduce the risk of money laundering through property purchases. The regulation initially required all owners to file information on ownership by November 30, 2021. This has been extended a full year to November 30, 2022.
CBABC made a submission to government on October 25, 2021 requesting an extension of one year; concerns were raised about the lack of notification to property owners about the new requirement and that there would be insufficient time to carry out the requirements for all property owners by the original November 30th, 2021 deadline.
CBABC’s submission resulted in an announcement on November 2, 2021 that the deadline is extended to November 30, 2022, as recommended by CBABC in its submission.
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