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These are the assets disclosed by Canada's party leaders, and the rules that govern them

These are the assets disclosed by Canada's party leaders, and the rules that govern them

CBC
Wednesday, April 02, 2025 12:34:03 PM UTC

It's an election centred on U.S. President Donald Trump's threats, Canada's sovereignty and the cost of living.

From the start, however, Liberal Leader Mark Carney's past work in the private sector and the rules that govern the assets of political leaders have also been in the spotlight.

Carney has said he put all of his publicly traded assets into a blind trust, and he'll have no control over what happens to those assets while they're in there. He's also said there will be a conflict of interest screen to prevent him from taking part in any discussions or decisions that involve Brookfield Asset Management or Stripe, since he sat on the board of directors for both companies.

The ethics commissioner's office has yet to post Carney's financial disclosure, and Carney has been tight-lipped on what exactly he put into the blind trust.

According to Brookfield Asset Management's 10-K report filed with the Securities and Exchange Commission, Carney had $6.8 million US worth of unexercised stock options as of Dec. 31.

However, shares of Brookfield have dropped since then — from $54.21 US to $49.43 US — meaning those stock options, if they're still unexercised, would now be worth around $4.8 million US. 

The Prime Minister's Office (PMO) won't say whether Carney exercised those stock options before he put his assets in the blind trust, whether he sold shares or whether the trust is now holding the stock options, which don't expire until 2033 and 2034.

Nor has Carney revealed what other assets he may have placed in the blind trust.

Asked about his assets, Carney has repeatedly said they all went into the blind trust with the exception of cash, a cottage and their family home.

Carney and his wife purchased their home in Ottawa's upscale Rockcliffe Park neighbourhood for $1.3 million in August 2003, the same year he became deputy governor of the Bank of Canada. A land registry search shows the $600,000 mortgage they took out with the Royal Bank of Canada at the time is still registered, although it's not known how much of the mortgage may have been been paid off over the years.

The PMO refuses to say where Carney's cottage is located. 

Carney isn't the first prime minister whose publicly traded assets have been shielded from view. 

When former Liberal prime minister Justin Trudeau entered politics, he declared his company JPJT Canada and an interest in a numbered company that owned a property. But his publicly traded assets were held within a separate numbered company, and later within a blind trust. 

The ethics rules that govern Canada's federal politicians vary considerably, depending on their job. 

Read full story on CBC
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