Sunday, February 28, 2021
ADVT 
National

B.C. says land registry makes market transparent

Darpan News Desk The Canadian Press, 01 Dec, 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

Black Friday off to a quiet start across Canada

Black Friday off to a quiet start across Canada

Many brick-and-mortar stores seemed almost deserted compared to the usual crowds and fanfare of the one-day shopping bonanza.

Black Friday off to a quiet start across Canada

Liberals face pressure for economic plan in update

Liberals face pressure for economic plan in update

Business and labour groups say the government must outline concrete proposals to manage COVID-19 in the short term, but also outline more long-term steps for recovery.

Liberals face pressure for economic plan in update

Minassian shows no anger, emotion, doctor says

Minassian shows no anger, emotion, doctor says

Minassian has pleaded not guilty to 10 counts of first-degree murder and 16 counts of attempted murder.

Minassian shows no anger, emotion, doctor says

Man dies after confrontation with Vancouver police

Man dies after confrontation with Vancouver police

Officers were called and say the man was aggressive and combative when he came out of the bathroom, leading to a physical altercation.

Man dies after confrontation with Vancouver police

Help identify robbery suspect: Surrey RCMP

Help identify robbery suspect: Surrey RCMP

The suspect was described as Caucasian, in his 40’s, wearing a dark coloured helmet, white face mask, black pants, black gloves, and Nike shoes.

Help identify robbery suspect: Surrey RCMP

AOC to join NDP leader in online 'Among Us' Friday

AOC to join NDP leader in online 'Among Us' Friday

Jagmeet Singh challenged the firebrand member of Congress to a round of "Among Us," a popular online multiplayer game, and she accepted.

AOC to join NDP leader in online 'Among Us' Friday