LOTR Filing Requirements and Ongoing Obligations Webinar – June 13, 2023
Answers to questions posed during the webinar
Our law firm filed to LOTR on behalf of a reporting body. Can another firm update it?
If the other firm has the Land Owner Transparency Registry (LOTR) filing ID number they can file an update. If they do not have this number they would file a new transparency report.
What would be considered an “update” to a previously filed transparency report”?
An update would include any changes to information disclosed on a filed transparency report. For example, a change of address or when new and/or additional information becomes available. Visit Policy Help for more information.
Do we have to submit an updated transparency report every time an interest holder moves (e.g. changes their address)? Would we file a new report or a correction to the previously filed one?
If the previously filed transparency report no longer contains correct information in relation to an interest holder, then section 17 applies, and a new transparency report may be filed by the reporting body. The wording in LOTA legislation refers to filing a “new” transparency report in both sections 16 and 17. If you select “Yes” and enter the filing ID number for the previously filed report you will be filing a correction to the existing report. If you select “No” you would be filing a new report. Where the lands have changed since the original filing of the transparency report you should select “No” and file a new transparency report. Visit myLTSA Help for more information.
If an address needs to be updated in a filed transparency report and a new interest holder needs to be added, do I prepare a transparency report to correct a previously filed transparency report and include only the new changes or do I include all the previously listed interest holders?
A new transparency report disclosing all the interest holders would be required. You would need to include all previous interest holders as well as the new interest holder. A correction creates a new version of the previously filed transparency report.
If the reporting body’s business address changes, do I file a correction under section 17 or a new transparency report?
If the information disclosed on a filed transparency report is no longer current section 17 of LOTA would apply and if you know the filing ID number, you can file a correction to the existing transparency report. If you do not know the filing ID number, you can file a new transparency report.
Is a transparency report required for an executor of a deceased holding property as nominee for an alter ego trust (AET)?
Under LOTA, a bare trust is considered a relevant trust while an alter ego trust is not. The exclusion of alter ego trusts in Schedule 2 of LOTA is only relevant when the trustee is the registered owner on title. In cases where land is held in an alter ego trust and a bare trust is the trustee of the alter ego trust, the trustee of the bare trust would file a transparency report identifying the beneficial owners.
When preparing estate planning documents with a beneficial interest held in trust, is a transparency report required to be filed?
Yes, if the registered owner is not the beneficial owner of the interest in land, a transparency report would be required to disclose the beneficial owner.
If there is a change in trustees is a new submission to LOTR required?
Yes, an application to change a trustee would require a transparency declaration. In addition, if the trust is a relevant trust, a transparency report would be required. Visit Chapter 31 of the Land Title Practice Manual (LTPM) or our website for a detailed list of when a transparency declaration is required.
If a trust filed to LOTR after the deadline because they were unaware of the obligation will they be penalized for their delayed submission? If so, what is the penalty?
The Province of BC advises relevant reporting bodies who have missed the November 30, 2022 deadline to file as soon as possible. Enforcement is the responsibility of the Province. Please contact the Province’s LOTA Enforcement Team for questions relating to enforcement.
If a shareholder dies and their shares are transferred to their surviving spouse, would we update the previously filed record or would we file a new transparency report?
In this situation, section 16 would apply. A new transparency report would be required since there is a change in interest holders.
If we are reversing an escheat in land do we need to file to LOTR?
We assume that this question relates to revesting of escheated lands. If so, the revesting of escheated lands requires a court order and for the land to be vested in the restored company, a transparency declaration and report is required.
Is filing a Statutory Right of Way (SRW) exempt from LOTA?
A SRW is not an interest in land as defined by section 1 of LOTA.
Can the correct/copy features be used for filings that are more than a year old?
LOTR filings are saved in the filed submission tab for up to a year and during which time you can use the correct/copy feature. The correct/copy feature is unavailable after a year; transparency records will no longer be shown in the filed submission tab.
Could you introduce a feature where the DOB, SIN and ITN of interest holders are copied or carried over to another transparency record?
Thank you for your suggestion. This feature is currently under consideration and customers will be notified when it is available.
Will relevant references (i.e. numbers) on transparency declarations and transparency reports be available on search results?
Transparency declaration/transparency report identification numbers are not statutorily part of LOTR search results. However, identification numbers can be obtained from your filed records in myLTSA or from your client.
Why do we have only two months to file a transparency report for a change of interest holders? This can be a very onerous task as there can be changes every month.
This time period is set under LOTA. Amendments to the legislation is the at the discretion of the Ministry of Finance.
When will legislative amendments to LOTA introduced earlier this year be proclaimed into force?
The Ministry of Finance, Government of BC is responsible for any legislative amendments. LTSA will notify customers when the amendment moves into force by Order in Council.