Assets are things of value that you own. You can use them to generate income or get future benefits, or you can sell them. They include:
- Buildings and land
- Businesses that you own or in which you have a financial interest
- Investments
- Trusts
- Money owed to you
Under the Conflict of Interest Act, you are not allowed to own assets that it calls “controlled assets.” These are assets whose value could be directly or indirectly affected by government decisions or policy. They include:
- Publicly traded securities (investments that are bought and sold on a public stock exchange)
- Self-administered registered retirement savings plans (RRSPs), self-administered registered education savings plans (RESPs), registered retirement income funds (RRIFs), exchange-traded funds (ETFs), tax-free savings accounts (TFSAs) and first home savings accounts (FHSAs) that include at least one asset that would be considered controlled if held outside the plan or fund
- Commodities, futures, foreign currencies and cryptocurrencies held or traded for speculative purposes
- Stock options, warrants, rights and similar instruments
- Shares of a private company that itself holds controlled assets
Within 120 days after your appointment, you must divest any controlled assets you have, by:
- selling them in an arm’s-length transaction (where there is no special or close connection between you and the buyer), or
- putting them in a blind trust. This means transferring your assets to another person to manage. They will make all the investment decisions without you knowing where your money is being invested.
For more information, you may wish to consult our information notice on divestments of assets and blind trusts.
Your advisor in the Commissioner’s Office can help you meet the Act’s divestment requirements. Please call 613-995-0721 or send us an email.