B.C. government intends to crack down on hidden ownership of real estate
VICTORIA — The British Columbia government is taking steps to end opportunities to anonymously invest and hide wealth in real estate.
Finance Minister Carole James says a new, publicly accessible registry is being created to identify the owners of real estate in the province.
A news release from the Ministry of Finance says the first-of-its-kind registry in Canada is aimed at improving transparency in the real estate market while ensuring owners pay their share of taxes.
Law enforcement agencies, tax auditors, as well as federal and provincial regulators will be able to access the registry when seeking details for any investigations.