OTTAWA – Conservative Leader Pierre Poilievre on Friday pledged to amend the Conflict of Interest Act to require that party leadership candidates make financial disclosures similar to those cabinet ministers must make — closing what Poilievre calls the “Carney loophole.”
The change would direct all leadership candidates to disclose their financial holdings to the conflict of interest and ethics commissioner within 30 days of becoming an official candidate, and make them available to Canadians within 60 days.
It also would require all future prime ministers and their cabinet ministers to “sell assets that create conflicts of interest to stop politicians from ever using political office for their own benefit,” the Conservatives said in a press release.
The Tories have accused Liberal leadership front-runner Mark Carney of exploiting a loophole in the country’s ethics laws because he has not proactively disclosed his financial interests.
“There’s nothing in the law that prevents Mr. Carney from doing the right thing today. He could voluntarily disclose to Canadians all of his holdings,” Poilievre told a press conference in Toronto Friday morning.
Carney’s campaign said in a media statement that he has promised to “surpass” the applicable ethics rules if he becomes prime minister next week.
“The office of the Conflict of Interest and Ethics Commissioner has already been contacted ahead of time to help ensure all appropriate steps can be initiated right away, and assets would be immediately placed in a blind trust,” the campaign said in an email.
The Conflict of Interest Act applies to cabinet ministers, parliamentary secretaries and the prime minister, while MPs are subject to the Conflict of Interest Code for Members of the House of Commons.
Carney, a former Bank of Canada governor, has never been elected and is not required by the current rules to make such disclosures.
If he is appointed prime minister, he will have to comply with the Conflict of Interest Act, which requires that cabinet ministers submit a confidential report to the ethics commissioner within 60 days and make disclosures to the public within 120 days.
The Conservatives point out that timeline could mean that Carney’s public disclosures don’t happen until after an election. Carney has indicated that if he wins the leadership, he may call a federal election within weeks.
Poilievre again accused Carney of being “sneaky.”
“His financial interests run against our national interest and put us in an incredibly weak position,” Poilievre said — moments after he told reporters he has no idea what Carney’s financial interests are because they have not been disclosed.
The Conflict of Interest Act requires that prime ministers and cabinet ministers divest their controlled assets — things like stocks or bonds that could rise or fall in value as a result of government actions — by selling them in an arm’s-length transaction or placing them in a blind trust.
The Carney campaign did not immediately respond to questions about how his plans would surpass those rules.
Carney’s campaign accused Poilievre of being more focused on the Liberal leadership candidate than on the tariffs imposed by U.S. President Donald Trump this week.
“Since U.S. tariffs came into effect Tuesday, Pierre Poilievre has mentioned Mark Carney’s name 10 times on the same social media account, and Donald Trump’s name not even once,” the campaign said.
Poilievre began his press conference on Friday by talking about the tariffs.
“My message to the president is this: Knock it off. Stop the chaos,” he said.
“If you want American workers to have bigger paycheques and lower prices, then let’s do more trade, not less.”
He quickly pivoted to attacking the Liberals, saying they haven’t passed any new laws or removed tax increases since the tariff threats began.
“We need to take back control of our economy and bring home our jobs, business and economic sovereignty. And what have the Liberals done to achieve that?” Poilievre said.
“They have not approved a single new LNG plant, mine or pipeline.”
As they have been doing for over a month, Poilievre’s staff chose which media outlets could ask questions at the press conference.
The Liberals will name their new leader on Sunday.
This report by The Canadian Press was first published March 7, 2025.
