PAUL MARTIN OWES WIFE MONEY
Like most working Canadians, federal Cabinet ministers are carrying substantial debts, with mortgages, lines of credit and — despite their six-figure salaries — even loans from their parents or other family members, according to their liability disclosures.
The public declarations filed with the federal Ethics Commissioner show that at least four ministers — including Prime Minister Paul Martin — have turned to family for financial assistance.
Mr. Martin declared that “I am obligated to my spouse under a promissory note” but did not indicate the value of the note or what it was for.
It is unclear why a multi-millionaire like Mr. Martin, who earns $288,800 a year and is entitled to an executive pension from Canada Steamship Lines, would require extra cash from his wife, Sheila. The Prime Minister’s Office did not respond to a request for an explanation of the promissory note.
Foreign Affairs Minister Pierre Pettigrew, who owns an apartment in Paris’ fashionable Montmartre district, listed a personal loan of an undisclosed amount from “mes parents” and a mortgage from the Banque Regionale de Developpement BRED- X.
Mr. Pettigrew’s press secretary, Sébastien Théberge, dismissed questions about the details of the loans as “none of your business” but indicated both have been terminated since they were declared.
Fisheries Minister Geoff Regan lists as liabilities a mortgage on his principal residence with Scotiabank and a personal loan from his father, former Nova Scotia premier Gerald Regan.
Public Works Minister Scott Brison lists a loan from Brison Developments, a company owned by his older brother, Mitchell. He also lists jointly held mortgages with RBC Financial Group for rental income properties in Halifax and a Royal Bank line of credit. His office would not say whether any of the debt was related to the bills Mr. Brison ran up during his unsuccessful run for the Conservative party leadership in 2003.
Tony Ianno, a junior minister responsible for families and caregivers, lists a personal loan from an unnamed family member and also carries a balance on a margin account at Canaccord Capital Corporation, an investment firm.
Cabinet ministers and other public office holders are required to declare their liabilities to the Ethics Commissioner under a revision to the conflict of interest code that came into force last October.
The code requires them to list any liability over $10,000 but does not force them to publicly reveal the dollar value of their debts. A similar requirement is in place for members of Parliament.
Cabinet ministers are paid $213,500 a year.
Multiculturalism Minister Raymond Chan lists “family support obligations” on his declaration. He also carries two lines of credit from the Royal Bank.
Other Cabinet ministers’ liabilities include:
Public Safety Minister Anne McLellan: a mortgage on her principal residence with TD Canada Trust.
Public Health Minister Carolyn Bennett: a line of credit and mortgage on an apartment, both with the Royal Bank of Canada.
Justice Minister Irwin Cotler: a line of credit with the Bank of Nova Scotia.
Heath Minister Ujjal Dosanjh: a mortgage with CIBC.
Finance Minister Ralph Goodale: a mortgage with CIBC, jointly held with his wife for their principal residence.
International Trade Minister Jim Peterson: a personal loan with TD Canada Trust.
House leader Tony Valeri: a joint mortgage and a mortgage on a recreational property, both with the Royal Bank.
Veterans Affairs Minister Albina Guarnieri: a joint mortgage with TD Bank.
Northern Development Minister Ethel Blondin-Andrew: a loan with the TD Bank, and a loan and co-signed loan with Peace Hills Trust Co.