In addition, existing “reporting bodies” that hold an interest in land (acquired prior to November 30, 2020) are required to file a transparency report with the LOTR by November 30, 2022. Failure to file a transparency report is deemed to be an offence under the LOTA and could trigger a significant fine, the greater of: (i) $25,000 for individuals or $50,000 for corporations or other entities and (ii) 15 percent of the assessed value of the property. See: section 92 and section 61 of the LOTA.