Requirements for a Transparency Report:
When a relevant corporation, trustee of a relevant trust or partner of a relevant partnership is registered on a land title as the owner of a property, a transparency report must be filed electronically by a legal professional.
A transparency report may be filed on its own, under certain circumstances, but is usually filed along with a transparency declaration when an 'interest in land' as defined in LOTA is registered by a reporting body.
There are four circumstances where a stand-alone transparency report must be filed:
- Existing reporting bodies with an interest in land will have until November 30, 2022 to file a transparency report under s. 15 of LOTA
- Each time the interest holder(s) in a reporting body change, the reporting body must file an updated transparency report under s.16 of LOTA
- A determination of incapacity has been made in respect to an interest holder or settlor under s. 16 of LOTA
- A reporting body may file a new transparency report under section 17 at any time the reporting body considers it necessary in order to correct or complete information contained in a previously filed transparency report.
When filing under section 15 – 17 of LOTA, a transparency declaration is not required and should not be created. In the event that a transparency declaration is erroneously created, the associated transparency report will remain unfiled in the LOTR dashboard unless the proper procedure is followed.