<<< back to article list

Do you agree with the Public Registry for Homeownership?

Blog by Diane Cardoso | June 21st, 2018

2018  -  BC Government Deputy Finance Minister, Carole James is proposing a new Public Homeownhership Registry which will be the first-of-its kind in Canada and will provide valuable information about the true ownership of real estate in B.C. It will hold public records on the individuals behind numbered companies, offshore and domestic trusts, and corporations. As a result, the registry will help give tax auditors, law enforcement agencies and federal and provincial regulators the information they need to conduct their investigations. It will also help those government agencies to crack down on tax frauds and those engaged in money laundering. The beneficial ownership registry complements other initiatives being undertaken to crack down on tax fraud and close tax loopholes.

For instance, the BC Government is moving to require additional information about beneficial ownership on the Property Transfer Tax form to support tax audit and enforcement. They are also working with the federal government and other provinces and territories to amend corporate legislation so corporations are required to hold accurate information on beneficial owners in their own records office.