- an estate in fee simple [the usual method of owing land/the company is registered on title];
- a life estate in land;
- a registered lease with a remaining term of more than 10 years (calculated as of November 30, 2020, and not including any periods for which the lease may be extended or renewed) [this is rare as most commercial lease terms are 10 years or less, but this may include leasehold land like UBC, SFU, and some Whistler properties]; or
- a right under an agreement for sale to occupy land, or require the transfer of an estate in fee simple [NOT an option to purchase].
A very helpful website and chart is located at https://landtransparency.ca/general-help/ to assist you in determining these two factors.
No action is required at this time if:
- the Company does not have an interest in land;
- the interest in land was acquired on or after November 30, 2020 (and a transparency report was already filed);
- the interest in land will be transferred to another person by November 30, 2022;
- the land is excluded under Section 6 of LOTA; or
- the Company is not a reporting body.
However, if the Company has a current interest in land that was registered prior to November 30, 2020, and none of the exclusions listed above are applicable, you will require the assistance of a legal professional to complete and file a transparency report by November 30, 2022. We are here to help.
If your company is not on title, but is the beneficial owner of land, and you/other individual persons, or one of your other companies is registered on title, this still triggers a registration requirement. However – contact us as this is slightly more complex.
If you are not sure whether any of this applies to your circumstances, you should contact us for advice.