Amendments to the Land Owner Transparency Act (LOTA) come into effect on November 20. New provisions will include:
- Correcting information in a previously filed transparency declaration. Similar to transparency report corrections, before accessing the appropriate form in myLTSA, filers select a new filing or a correction. (Section 10.2)
- Correcting information on a transparency declaration when previously it incorrectly or otherwise omitted the reporting body. Reporting bodies are reminded that a transparency declaration and a transparency report are required to be submitted. (Section 15.2)
- Requiring reporting bodies to file a transparency report within two months after receiving a Surveyor of Taxes notification regarding a revested property. (Section 15.1)
Other highlights include:
- Additions to the following definitions:
- “Surveyor of Taxes” has the same meaning as in the Taxation (Rural Area) Act;
- “transferee” includes a grantee, an assignee and a person entitled by transmission to be a registered owner of an interest in land.
- Amendments to Section 1 of Schedule 1 [Excluded Corporations and Limited Liability Companies]:
- (m) a corporation that operates an independent school within the meaning of the Independent School Act;
- (s) a corporation that is wholly owned by one or more Indigenous nations.