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Land Ownership Transparency Act – Disclosing beneficial ownership of land

If you hold real property in a corporation, partnership or trust the following information may apply to you. Please contact us if you have any questions.

Last year in May 2019, BC Government enacted the Land Owner Transparency Act (“LOTA”) in its effort to prevent tax evasion, fraud and money laundering. The LOTA will come into full force when the regulations are adopted (which is expected to be in late 2020). The purpose of LOTA is to establish a new registry in BC disclosing the beneficial ownership of land in BC.

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Planning to use the Home Buyers Plan (HBP)?

There are various saving strategies individuals can implement in order to save for their first down payment on a home. One of those strategies which should not be overlooked is to utilize the Home Buyers Plan available to first time home buyers in Canada.

The basis of the Home Buys Plan is to allow individuals, who are first time home buyers, to remove up to a maximum of $25,000, tax-free, from their RRSP to put towards the purchase of a new home. Subsequent to the removal of the RRSP, the individual has 15 years to repay the loan back interest-free. There are of course specific rules to this plan, which are discussed in further detail below along with a list of important considerations to make prior to deciding to utilize this plan or not.

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