Frequently Asked Questions About Members of the Legislative Assembly Financial Disclosure
Do I need to list mutual fund investments?
The Financial Disclosure Act was written many years ago and does not specifically address mutual fund investments. If you own mutual funds which do not contain corporate shares or interests in land located in British Columbia, you are not required to disclose your investment. If you own mutual funds which do contain corporate shares or interests in land located in British Columbia, your investment should be disclosed either as trusts (if applicable) or to comply with the spirit of the legislation.
Do I need to list investments held in my RRSPs?
It depends on the type of investments you hold in your RRSPs. If you hold corporate shares or interests in land located in British Columbia in an RRSP, those investments must be disclosed to the same extent as if you held those investments outside an RRSP. However, if you hold in an RRSP investments which would not be disclosable if you held them directly (e.g. term deposits or GICs), they do not become disclosable because they are held in an RRSP.
Do I need to list credit card debt for other than ordinary household or personal living expenses?
Yes, credit card companies for which you owe a debt for other than ordinary household or personal living expenses must be disclosed.
Do I need to provide information about land holdings outside the province?
No, unless the land holdings are owned by a corporation in which you individually (including through a trustee), or with family members, own shares (other than by way of security) carrying more than 30% of votes for electing directors.
What happens if I forget to include something on my form?
As a nominee for election to provincial office you are required by law to submit a complete disclosure form with your nomination papers. If you have forgotten to include something on your form, you should submit a supplement to your filed disclosure form or complete a new disclosure form and submit to the Chief Electoral Officer as soon as possible.
Who will have access to the information on my disclosure form?
Your statement of disclosure form will be available for public inspection during normal business hours.
How long is the information kept on file?
Elections BC keeps a copy of the information for one year. Following the close of nominations, the original form is sent to the Clerk of the Legislative Assembly (the disclosure clerk for provincial nominees) and it is kept indefinitely.
You should approach your solicitor or your political party's legal counsel if you require additional information on the Financial Disclosure Act and the Statement of Disclosure. The Chief Electoral Officer does not administer the Financial Disclosure Act. Neither the Chief Electoral Officer nor the Clerk of the Legislative Assembly (or their staff) are able to provide any assistance or advice regarding completion of the Statement of Disclosure.