As part of its 30-Point Plan for Housing Affordability,
the B.C. government is taking steps to end the hidden
ownership of real estate to make sure people are paying
their fair share of taxes.
Currently in B.C., people can hide their ownership
behind numbered companies, offshore and domestic trusts,
and corporations. This makes
To improve tax agencies’ ability to enforce laws, the
B.C. government is proposing to collect information
about beneficial ownership of land in a public registry.
The registry would help give tax authorities and law
enforcement the information they need to crack down on
tax evasion, and identify tax fraud and money
laundering. The public registry would be administered by
the Land Title and Survey Authority of British Columbia.
Creating the registry requires a new Act. As a first
step, the B.C. government has released a
white paper (PDF)
on the draft legislation, the
Land Owner Transparency Act. Under this new law,
corporations, trustees and partners (reporting bodies)
will be required to report who the beneficial owners of
properties are through disclosure reports.
By creating a public registry, the government’s goal is
to help end hidden ownership and return a sense of
fairness and transparency to the real estate market in
The deadline for feedback is September 19, 2018. Please direct your comments in electronic form to: email@example.com
If you wish to send comments in paper format, please direct them to:
Financial and Corporate Sector Policy Branch
Ministry of Finance
PO Box 9418 Stn Prov Govt
Victoria, BC V8W 9V1
white paper (PDF)
Public Nature of Consultation Process
Ministry of Finance will share comments it receives with
other branches of government and the Land Title and
Survey Authority, which will be responsible for the
administration of the new Act.
Unless confidentiality is
specifically requested, comments received electronically
will be posted on the Ministry of Finance website to add
to the transparency and interactivity of the process.
Other written comments may be placed or referenced on
the website. Although responses requesting
confidentiality will not be placed on the website,
freedom of information legislation may require that
responses be made available to members of the public who