You are not allowed to own assets that the Conflict of Interest Act 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 of 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. The trustee will make all the investment decisions without you knowing where your money is being invested.
If you are not a minister or parliamentary secretary, the Commissioner may let you keep some controlled assets, if their total value is less than $60,000. He must believe they are of such minimal value that they do not pose any risk of conflict of interest in relation to your official duties and responsibilities.
With the Commissioner’s approval, you may not have to divest controlled assets that are given as security to a lending institution.
Educational sessions offered by the Commissioner’s Office can help you understand the Act’s divestment rules. Your advisor in the Commissioner’s Office can also help. Please call 613-995-0721 or send us an email.