Thursday, January 21, 2021
ADVT 
National

B.C. says land registry makes market transparent

Darpan News Desk The Canadian Press, 30 Nov, 2020
  • B.C. says land registry makes market transparent

The B.C. government has launched a new land registry that it says will help combat money laundering and make the real estate market more transparent.

Beginning Monday, any corporation, trustee or partnership that buys land in B.C. must disclose the interest holders of that land through the Land Owner Transparency Registry.

 

                         WATCH VIDEO WITH LAWYER SONIA VIRK 

Existing registered land owners have one year to register and disclose their interest holders.

The government says in a news release the information provided may be used by tax and law authorities to investigate and crack down on illegal activity.

It says the registry was formed after an expert panel on real estate said the disclosure of beneficial ownership is the "single most important measure" that can be taken to address money laundering.

The panel's 2019 report estimated that $7.4 billion was laundered through B.C. in 2018, including $5 billion through real estate.

"British Columbians expect that when they buy a home, they are entering a housing market based on fairness. But for decades, that didn't happen when they were in competition with fraudsters flush with illicit cash," Finance Minister Selina Robinson said in a news release.

"This first-of-its-kind registry will help return transparency and moderation to housing markets throughout B.C."

Photo courtesy of istock. 

MORE National ARTICLES

Ottawa beefs up loans for hard-hit businesses

Ottawa beefs up loans for hard-hit businesses

The Liberal government's fiscal update sketches out a program that will provide low-interest loans of up to $1 million for badly hurt entrepreneurs.

Ottawa beefs up loans for hard-hit businesses

Feds promise national daycare in spring budget

Feds promise national daycare in spring budget

As a start, the Liberals are proposing in their fiscal update to spend $420 million in grants and bursaries to help provinces and territories train and retain qualified early-childhood educators.

Feds promise national daycare in spring budget

Vancouver Police issue $2300 ticket to the party host over the weekend

Vancouver Police issue $2300 ticket to the party host over the weekend

Police responded to a condo building and found 16 people at a party in one unit. The party was dispersed and a $2,300 violation ticket was issued to the primary resident of the unit.

Vancouver Police issue $2300 ticket to the party host over the weekend

Federal Government records deficit of more than $381 billion in face of COVID19 pandemic

Federal Government records deficit of more than $381 billion in face of COVID19 pandemic

Freeland defends the federal government's record deficit of more than $381 billion as affordable and necessary, arguing the government would make a bigger mistake by spending too little than by spending too much.

Federal Government records deficit of more than $381 billion in face of COVID19 pandemic

Charges laid in arson investigation: Surrey RCMP

Charges laid in arson investigation: Surrey RCMP

Three individuals from inside the residence were rushed to an area hospital suffering from smoke inhalation, one of whom also suffered from injuries consistent with having been assaulted.

Charges laid in arson investigation: Surrey RCMP

Get on with gun-control measures, advocates say

Get on with gun-control measures, advocates say

Public Safety Minister Bill Blair has pledged new measures, including a buyback of recently outlawed firearms, stricter storage provisions and steps to control handguns.

Get on with gun-control measures, advocates say

PrevNext