Business
Watchdog Calls Out Carney’s Lack of Ethics Code

Democracy Watch Demands PM Re-Enact Full Ministerial Code and End Conflicts by Selling Investments as House Committee Probes Loophole-Ridden Ethics Law
The House of Commons Ethics Committee is finally cracking open the federal Conflict of Interest Act. It’s the first real review in years. And it’s overdue. Today, Democracy Watch is calling on Prime Minister Mark Carney to do something simple and obvious: re-issue the Prime Minister’s code for ministers and staff—publicly, in full—and work with every party to shut the gaping loopholes that have turned Canada’s ethics rules into a suggestion box.
The only publicly posted rulebook is still the 2015 “Open and Accountable Government” guide. It wasn’t signed by Mark Carney. It was signed by Justin Trudeau. Before that, Stephen Harper had his own “Accountable Government” code in 2007, which he strengthened in 2011. Paul Martin re-issued the code in 2004 as “Responsible Government,” and Jean Chrétien was the first to bring it in back in 2002. Every Prime Minister for more than two decades has put their name to a code—except Carney.
That’s a problem. Canadians deserve crystal-clear, enforceable standards: honesty, no apparent conflicts, decisions based on merit, real guardrails on political activity, fundraising, and dealings with lobbyists—and ministerial staff held to the same line. Put the rules in the PM’s own name or admit you plan to weaken them.
“Failing to re-enact the code—or watering it down—would gut already weak rules and further trash public trust,” said Duff Conacher, PhD (Law), Co-founder of Democracy Watch. “Canadians want standards with teeth, not press releases dressed up as ethics.”
Here’s what’s driving the urgency. The Conflict of Interest Act still lets the Prime Minister park massive holdings behind instruments branded as “blind trusts” or “ethics screens.” In practice, those devices often conceal participation; they don’t prevent it. That’s not oversight. That’s camouflage. Democracy Watch’s position is blunt: if you want to end the conflicts, sell the assets. Full divestment, including buyouts of stock options by Brookfield and any other connected companies, as past inquiries recommended.
“Prime Minister Carney’s so-called blind trust is not blind, and his ethics screen is an opaque mechanism that invites doubt about who benefits when the government acts,” Conacher said. “The fix is obvious: sell the investments. Anything less keeps Canadians in the dark.”
Parliament now has a choice. Use this committee review to close loopholes around blind trusts and ethics screens. Spell out what “improperly furthering private interests” really means. Put real independence, transparency, and penalties into law. And stop the double standard: cabinet and staff should face rules at least as tough as those on public servants and senators.
Democracy Watch is also urging broader reforms: clean up lobbying secrecy, slash the federal donation limit to cut off cash-for-access politics, protect whistleblowers who tell the truth, fix the federal access-to-information black box, and take the appointment of watchdogs out of the hands of the very politicians they’re supposed to police—no re-appointments, no cozy incentives.
And let’s be clear: this isn’t just Democracy Watch griping. It has credible grounding in the history of Canadian ethics law. The 1984 Starr–Sharp Task Force laid out a blueprint for a comprehensive ministerial code. Justice Parker’s 1987 commission went further, flatly recommending an end to the shell game of so-called blind trusts and, in cases of serious conflicts, requiring divestment. Parliament’s own research notes confirm it: the idea that you can “screen” away conflicts was discredited almost forty years ago. The fix was spelled out back then.
And yet here we are, in 2025, with a Prime Minister sitting on massive investments, hiding behind loopholes, and ducking responsibility to even sign his own code of conduct. Canadians see it. They know the difference between rules with teeth and ethics theatre.
Enough posturing. Enough smoke and mirrors. Re-enact the full PM Code today. Tighten the Act tomorrow. And end the Prime Minister’s conflicts by selling the assets outright. That’s how you rebuild trust, by earning it, by setting an example, and by standing on principle.
But let’s be honest: he won’t do it. He won’t because these Liberals are swamp creatures to their core. They talk transparency while cashing in behind the curtain. They preach accountability while hiding their own dealings. Canadians know it, and they’re sick of it.
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Business
BC Ferries: Emails Change Everything- Committee to Haul In Freeland & Co.

Freeland, Public Safety, Seaspan, Irving, Ontario yards and unions to appear as MPs probe what Ottawa knew and when.
In Ottawa they call it “arm’s-length.” Out in the real world, people call it duck-and-cover. At Meeting No. 6 of the House of Commons transport committee, MPs confronted a simple, damning timeline: Transport Canada’s top non-partisan official was warned six weeks before the public announcement that BC Ferries would award a four-ship contract to a Chinese state-owned yard. Yet the former transport minister, Chrystia Freeland, told Parliament she was “shocked.” Those two facts do not coexist in nature. One is true, or the other is not.
There’s an even bigger betrayal hiding in plain sight. In the last election, this Liberal government campaigned on a Canada-first message—jobs here, supply chains here, steel here. And then, when it actually mattered, they watched a billion-dollar ferry order sail to a PRC state yard with no Canadian-content requirement attached to the federal financing. So much for “Canada first.” Turns out it was “Canada… eventually,” after the press release.
Conservatives put the revelation on the record and asked the only question that matters in a democracy: what did the minister know and when did she know it? The documents they cite don’t suggest confusion; they suggest choreography—ministerial staff emailing the Prime Minister’s Office on how to manage the announcement rather than stop the deal that offshored Canadian work to a Chinese state firm.
Follow the money and it gets worse. A federal Crown lender—the Canada Infrastructure Bank—underwrote $1 billion for BC Ferries and attached no Canadian-content requirement to the financing. In plain English: taxpayers took the risk, Beijing got the jobs. The paper trail presented to MPs is smothered in black ink—hundreds of pages of redactions—with one stray breadcrumb: a partially visible BC Hydro analysis suggesting roughly half a billion dollars in B.C. terminal upgrades to make the “green” ferry plan work. You’re not supposed to see that. You almost didn’t.
How did the government side respond? With a jurisdictional shrug. We’re told, over and over, that BC Ferries is a provincial, arm’s-length corporation; the feds didn’t pick the yard, don’t run the procurement, and therefore shouldn’t be blamed. That line is convenient, and in a technical sense it’s tidy. But it wilts under heat. The federal lender is still federal. The money is still public. If “arm’s-length” means “no accountability,” it’s not a governance model—it’s a get-out-of-jail-free card.
The fallback argument is economic fatalism: no Canadian shipyards bid, we’re told; building here would have taken longer and cost “billions” more. Maybe that’s true, maybe it isn’t—but it’s the sort of claim that demands evidence, not condescension. Because the last time Canadians heard this script, the same political class promised that global supply chains were efficient, cheap and safe. Then reality happened. If domestic capacity is too weak to compete, that’s not an argument for outsourcing permanently; it’s an indictment of the people who let that capacity atrophy. And if you swear “Canada first” on the campaign trail, you don’t bankroll “China first” from the Treasury bench.
Even the process looked like a master class in delay. The committee repeatedly suspended to “circulate” and “review” lengthy motions, while edits ricocheted across the witness list. There were pushes to pare back which ministers would appear at all, and counter-moves to tuck sensitive testimony behind closed doors. In the end, members nudged toward a compromise—Public Safety in open session, other national-security witnesses in camera—but the pattern was unmistakable: every procedural minute spent on choreography was a minute not spent on the timeline.
And after all that stalling, here’s who they’re hauling in—because even Ottawa’s fog machine couldn’t hide the paper trail forever.
They moved to recall Chrystia Freeland herself—the minister who claimed to be “shocked” after her own department had a six-week head start. She’s the centerpiece witness, and rightly so.
On the security front, the Public Safety Minister is slated for an hour in public, followed by an hour with officials, while the national-security reviewers will give their evidence in camera—translation: the part you most want to hear will happen behind closed doors.
Industry voices are on deck too: Seaspan (the transcript garbles it as “C-Span”), Irving Shipbuilding, plus labour and trade heavyweights—the BC Ferries & Marine Workers’ Union, BC Building Trades, the BC Federation of Labour, the Shipyard General Workers Federation, and the Canadian steel producers—the people who can say, under oath, exactly what Ottawa knew and when the alarm bells rang.
They even tacked on Ontario shipyards via a “friendly amendment”—because apparently no one thought to ask central Canada’s yards until the story blew up.
And then the hedge: Liberals worked the amendments to pare back which ministers would face the lights—especially Revenue and Labour—prompting Conservatives to call the move “intolerable.” In other words, invite the easy witnesses, bury the consequential ones. The fight over those two remained live at that point.
So yes, the committee will finally hear from the people who matter—Freeland, Public Safety, shipyards, unions, steel. But notice the choreography: showcase the safe bits in public, tuck the sensitive parts out of view, and keep chipping away at the ministerial witness list. That’s not transparency; that’s stage management with a security badge.
Strip away the talking points and what remains are questions no serious government would duck. When did the minister learn the contract was going to China? What did her office tell the PMO and when? Why did a federal loan—the leverage Ottawa actually controls—carry zero requirement to build any of it here? And why are the documents that might answer those questions buried under redactions thick enough to pave a road?
Canadians are not children. They understand that ferries are essential and that delays are costly. They also understand something else: when a government runs on Canada first and then cheers from the dock as the jobs steam away, that’s not “arm’s-length.” That’s arm’s-length accountability—which is to say, none. Until the emails are unredacted and Chrystia Freeland answers the timeline under oath, the government’s position amounts to this: trust us, the money’s independent, the decisions were someone else’s, and the facts you’re not allowed to see fully vindicate us. Sure. And the check is in the mail.
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Business
PBO report projects soaring deficit and debt interest charges

The Canadian Taxpayers Federation is calling on Prime Minister Mark Carney to cut spending following today’s Parliamentary Budget Officer report forecasting the deficit to “increase sharply.”
“The PBO report should be a five-alarm siren to end the government’s debt-fueled spending spree,” said Franco Terrazzano, CTF Federal Director. “Carney must change course and cut spending because taxpayers can’t afford to pay more than $1 billion every week to cover the government’s debt interest charges.”
The PBO’s Economic and Fiscal Outlook projects this year’s “deficit to increase sharply to $68.5 billion.”
Carney’s annual borrowing will add about $255 billion to the debt over four years, according to today’s PBO report. For comparison, former prime minister Justin Trudeau planned on increasing the debt by $131 billion over those years, according to the most recent Fall Economic Statement.
Debt interest charges will cost taxpayers $55.3 billion this year, according to the PBO. That means the federal government will waste more money paying interest on the debt than it sends to the provinces in health-care transfers ($54.7 billion). Debt interest charges will cost taxpayers $82.4 billion in 2030.
“The federal debt-to-GDP ratio is projected to increase from 41.7 per cent in 2024-25, rising above 43 per cent over the medium term,” according to the PBO.
The Carney government’s spending is projected to increase by billions of dollars every year, according to the PBO.
“Carney sold Canadians on the idea he wasn’t like Trudeau and when it comes to the debt here’s the truth: Carney plans to borrow billions of dollars more than Trudeau,” Terrazzano said. “After a decade of out-of-control spending, Carney must make government more affordable and cut spending.”
The Carney government will release its first budget on Nov. 4.
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