Prime Minister Mark Carney and other Canadian prime ministers should be required to divest their investment portfolios when they assume office, not just put them in a blind trust, the House of Commons ethics committee recommends in a new report.

In its report made public Thursday morning, the committee said putting assets in a blind trust isn’t good enough, recommending instead “that the Government of Canada amend the Conflict of Interest Act that, for the application of subsection 27(1) the prime minister, as a reporting public office holder, is fully divested from their controlled assets through sale, since placement in a blind trust does not constitute true divestment.”

The committee also wants the law amended to require public disclosure of “high-level holdings categories placed in a blind trust by reporting public office holders (sector/asset class, and whether the holdings are Canadian-market concentrated),” a recommendation that could shed new light on the financial interests of a number of top officials and cabinet ministers.

  • NotMyOldRedditName@lemmy.world
    1·
    4 hours ago

    If i have $1,000,000 in Apple (edit today) and am forced to sell it, and after rebuying it tomorrow in the blind trust i have 700,000 due to taxes I still have 700,000 in apple. The only difference is the taxes and now its easier to claim a capital loss.

    The price doesn’t matter. If it goes down and its worth $600,000 that million would have been worth 875,000 instead or whatever.

    They either pay 125k less in capital gain taxes because they haven’t sold if they sell or they get a 100k capital loss to put against a future gain tax free.

    Its ultimately the same, you just forced all PMs to pay a tax to become PM, but dont ultimately change any of the corruption youre worried about.

    Its tax + theater if what you say is true and blind trusts are conservative and dont want to change anything.

    Edit: clarity, but also the only way to not have the problem you’re worried about is to not allow them to own anything, or maybe only a broad market ETF like VEQT or one with bonds like VGRO in a blind trust, but at that point why even need a trust.

    Edit: or a rule the blind trust cant own any individual stock previously owned.