UPDATE November 2, 2021: Please see below for important information on your obligation to file a report with the Land Owner Transparency Registry. The deadline has now been extended to November 30, 2022.
The Land Owner Transparency Act is relatively new legislation and it creates obligations for “reporting bodies”. CHF BC has consulted with lawyers and others. The advice we have received is that housing co-ops (non-profits included) are “reporting bodies” and so are impacted by the Act. Please read over this summary prepared by BC Housing: Land Owner Transparency Act Summary for Co-ops.
CHF BC recommends contacting your co-op lawyer to confirm what you need to do to meet the requirements of the Act and file any necessary reports by the deadline. CHF BC has identified two firms that have agreed to assist co-ops in this filing:
You will be well served by either firm. Your co-op needs to file a transparency report by November 30, 2022.
For more information, you can also visit the Land Owner Transparency Registry website.