VANCOUVER—In an effort to crack down on tax avoidance, the B.C. government will create a public registry to show who owns real estate in the province.

B.C.’s finance minister says the province has gotten a reputation for being a place to invest anonymously and hide wealth.

“Right now in B.C., real estate investors can hide behind numbered companies, offshore and domestic trusts, and corporations,” said Carole James in a statement. “Ending this type of hidden ownership in real estate will help us fight tax evasion, tax fraud and money laundering.”

In May, the Canada Revenue Agency reported it had identified nearly $600 million in unpaid taxes over the past three years by taking a closer look at Vancouver and Toronto’s real estate markets.

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CRA finds nearly $600 million in unpaid taxes in B.C. and Ontario real estate sector

Canada’s taxman becoming more aggressive with real estate tax evasion in hot Vancouver and Toronto markets

CRA continues to warn of “compliance risks” in Vancouver and Toronto’s overheated housing markets. Several factors contribute to the increased risk, says CRA: a questionable source of funds to buy properties, property flipping, unreported GST, unreported capital gains and unreported worldwide income.

The B.C. government says the new registry will be the first of its kind in Canada. Government will have to pass new legislation to enable the registry, and the public can give feedback on the proposed new rules until August 19.

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