The deadline to file your Land Owner Transparency Report is November 30—that's only 33 days away! 📆
What is an "interest holder in a LOTR?
The purpose of a LOTR is to identify individuals who own land in British Columbia through corporations, trusts, and partnerships.
LOTA applies to “interest holder”, including registered ownership of a property, leases with a term of more than ten years, and a right under an agreement for sale to occupy land or to require a transfer of the land. The LOTR must be completed and filed on or before November 30, 2021 unless the interest is transferred to another person before this date.
An interest holder may be:
1. Corporate interest holders: people who own, directly or indirectly, 10% or more of the issued shares or voting shares, or have the right or ability to elect, appoint, or remove the majority of the directors.
2. Trust interest holder: certain people and corporations who have power over, or are beneficiaries of trusts that have an interest in land.
3. Partnerships interest holders: people and corporations who are partners in a partnership.
Are you an interest holder? Arora Zbar LLP can help you file your LOTR FAST, get in touch with us here: https://arorazbar.com/lota/