Land Owner Transparency Act

Bill 23, the Land Owner Transparency Act will soon become law. The law’s intention is to remove the masks of anonymity some individuals use to disguise their holdings through faceless corporations.

Finance Minister Carole James describes it as a commitment to end hidden ownership through shell companies, trusts and partnerships. Bill 23 was passed after watchdog group Transparency International Canada reported almost one third of the 100 most expensive homes in Vancouver were owned by shell companies.

Just as individuals must register land title ownership and transfers, corporations will now need to do the same. The new law requires them to list names, home addresses, citizenship and social insurance numbers of individuals behind the corporate entities holding title — the beneficial ownership.
Basic details will be available to the public. More sensitive information will be available to law enforcement, tax officials and some regulators, to help address tax fraud and money laundering.

Source: https://www.leg.bc.ca/parliamentary-business/legislation-debates-proceedings/41st-parliament/4th-session/bills/first-reading/gov23-1