B.C. government extends deadline for transparency rules for corporations by one year, says pandemic placed administrative strain on businesses
The B.C. government is extending by a year the deadline for corporations, partnerships and trusts that own property to disclose who is the ultimate owner of the real estate, a move that will delay efforts to shine more light on the province’s hot housing market.
“If they can get their money out before the curtain rises on who owns what, they have a better chance at keeping themselves and their money invisible,” he wrote in an e-mail. “People who want to stay hidden need more time to sell.” “While I’m sympathetic to the complications posed by COVID, I think the citizens of B.C. are likely eager to get dirty money out of their real estate market,” he said.
Ron Usher, a lawyer for the organization representing 430 B.C. notaries public, agreed, adding there was a huge last-minute rush of people trying to ask for advice on compliance.
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