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“I hope (the B.C. government) acknowledges that the information they collect now is of limited value,” Ross said.

In examining Vancouver’s 100 most valuable homes, his report found that 46 per cent — amounting to more than $1 billion in assets — have opaque ownership. Of the 100 properties, 29 are held through shell companies, at least 11 are owned through nominees (listed as students or housewives on land titles), and at least six are disclosed as being held in trust for anonymous beneficiaries, the report says.

Photo by Transparency International Canada.

For its part, the B.C. Ministry of Finance pointed to B.C. government changes to the property transfer tax form this year that require foreign buyers to disclose their citizenship. Property buyers are also asked to disclose one particular form of ownership transfer, a so-called bare trust, and whether any of the trustees involved are foreign. And corporations must also provide identification and citizenship for directors, a statement from the ministry said.

But Ross said there are many ways to get around the reporting requirements outlined by the Finance Ministry. For example, some trusts do not have to be disclosed or revealed on land titles. They are private contracts, administered by lawyers adhering to anonymity clauses.

Its believed millions of trusts exist in Canadian companies and property ownerships which even the Canadian Revenue Agency is not informed of, Ross said. Therefore, his research suggests that trusts can be layered on top of ownership structures that are reported to government agencies, providing another layer of anonymity. Ross said a “one line” citizenship disclosure for property transfer documents required by Victoria “is insufficient.”