Hope you are well!
Our team hit up the pumpkin patch for some waffles and sunshine last Friday to celebrate our achievements this past summer, and now we’re knee deep in puddles, apple pies, cinnamon everything, and of course, all we could talk about are Land Owner Transparency Registry filings!
There is no better time than right now to let you know that you have just over a year left to meet the new requirements under the Land Owner Transparency Registry (there’s a filing deadline of November 30, 2022) after the newest extension. Don’t let this task carry over to your 2022 to-do list! These still take time and we’re going to make this as painless as possible and make sure you get it done, if you need to, that is.
First of all, not everyone needs to file a declaration or report under the LOTR. So, let’s get that out of the way. If your company, trust or partnership did not purchase property before December 1, 2020, then you can stop reading and go back to your pumpkin-spiced treat and we’ll be in touch in a couple of weeks about some exciting news! That was easy.
Now comes the hard(er) part. For those 200,000 to 300,000 properties that were purchased by companies, trusts or partnerships before December 1, 2020, you now need need to file a transparency report for each property owned.
So to be clear, you need to file a LOTR Declaration and Report by November 30, 2022, if:
- you are a relevant corporation (private corporations), a trustee of a relevant trust or a partner of a relevant partnership;
- that owns an interest in land (fee simple, life estate in land, right to occupy land under a lease with more than 10 years, or right under an agreement for sale to occupy land, or require the transfer of an estate in fee simple but does not apply to Indigenous land or prescribed land).
If you are married or in a common law relationship and are also partners in carrying on a business, you should contact us for advice in your specific circumstances about the requirements for completing a LOTR Declaration and Report.
If you must file a LOTR Declaration and Report, we recommend that you let us know right away and provide us with the information in the Land Owner Transparency Registry LOTR Worksheet to get started and ensure that you do not miss the deadline. There can be significant penalties assessed against individuals for violations so get started as soon as you can.
Once we have the information, we will prepare and email the LOTR Transparency Declaration and Report for your signature digitally, then file the reports at the Land Title Office for a fee of $250.00 plus disbursements (of about $50.00) and taxes. If you give us a like on Facebook and Instagram, wherever you have accounts, and write us a quick 5 star review on Google, we’ll pay for the disbursements. Feel free to forward this to your family, friends, accountants, lawyers (what! you have another one?), realtors, mortgage brokers, investors to ensure they are in compliance. They can even hop onto your review for the discount.
Kit Lawrence, our new Legal Projects Manager, will be here to help me help you get this crossed off your list in time. His email is linked below.
As always, thanks for the support and please reach out if you have any questions!
Have a great weekend!
Elizabeth and Kit