The B.C. Government enacted the Land Owner Transparency Act (“LOTA”) in an effort to prevent tax evasion, fraud, and money laundering. The LOTA came into effect, in full force, on November 30, 2020. The purpose of LOTA is to establish a new registry for disclosing the beneficial ownership of land in B.C.
The thrust of the Law is to “drill down” from the registered owner of the land, through any and all layers of entities to find out the particulars of the Individual owner who are the beneficial owners of that land.