Frequently Asked Questions About Municipal Official 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 within the regional district that includes the municipality, local trust area or school district for which you are elected or nominated (if a municipal official), or employed or appointed (if a municipal employee), you are not required to disclose your investment. If you own mutual funds which do contain corporate shares or interests in land located in that regional district, your investment should be disclosed either as trusts (if applicable) or to comply with the spirit of the legislation.
Q. 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, in an RRSP, corporate shares or interests in land located within the regional district that includes the municipality, local trust area or school district for which you are elected or nominated (if a municipal official), or employed or appointed (if a municipal employee), those investments must be disclosed to the same extent as if you held those investments outside an RRSP. However, if you hold investments in an RRSP 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.
What happens if I forget to include something on my form?
As a municipal official or municipal employee you are required by law to submit a complete disclosure form annually and, if you are a municipal nominee, 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 it to the appropriate disclosure clerk or, in the case of municipal nominees, to the chief election officer as soon as possible.
Who will have access to the information on my disclosure form?
If you are a municipal official, your statement of disclosure form will be available for public inspection during normal business hours. If you are a municipal employee, a copy is sent to the members of the council, board or trust council responsible for your employment or appointment.
You should approach your solicitor if you require additional information on the Financial Disclosure Act and the Statement of Disclosure. For information on becoming a candidate for local government, please see the Local Government Division website.