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The Lay of the Land DEVELOPMENTS IN CANADIAN REAL PROPERTY LAW

Tag Archives: beneficial owner

New Québec Transfer Duty Regulations

Posted in Commercial, Policy, Residential

The Quebec government has deposited new regulations to give effect to measures ann‎ounced in the March budget.

Among the clarifications are confirming that exemptions for inter corporate transfers are based on 90 per cent issued shares and not voting shares, a trigger on change of control within 24 months of an exempt transfer, clarifying that options to purchase shares are captured within the anti-avoidance provisions as well as clarifying that amalgamations are exempt transfers.… Continue Reading

Gone but not forgotten: restrictive covenant restored to title against the interests of a beneficial owner

Posted in Commercial, Land Use, Policy

Is a beneficial owner of real property affected by a restrictive covenant that was mistakenly removed from title? The BC Supreme Court considered this question in BC Retail Partners (Boitanio Mall) Ltd. v. Overwaitea Food Group, 2015 BCSC 404.

In 2004, BC Retail Partners General Partnership (the “General Partnership”) and BC Retail Partners (Boitanio Mall) Ltd. (“BC Retail”) purchased one of the three lots comprising Boitanio Mall in Williams Lake, British Columbia. BC Retail was the registered owner of the lot, and the trustee, nominee and agent for the General Partnership, which was the beneficial owner of the lot.… Continue Reading