Bill Detail
An Act to amend the Financial Administration Act and to make consequential amendments to other Acts (debt forgiveness registry)
This enactment amends the Financial Administration Act to require that the President of the Treasury Board establish and maintain a public registry of large debts and obligations owed by certain entities to His Majesty, as well as claims by His Majesty against such entities, that have been waived, written off or forgiven. It also makes consequential amendments to other Acts.
This bill, known as Bill C-230, aims to increase transparency regarding large government debts. It requires the President of the Treasury Board to create and maintain a public online registry. This registry will list significant debts or obligations owed to the government, as well as claims the government has against entities, if these amounts have been forgiven, written off, or waived and are $2 million or more. The registry will include details like the entity's name, the amount forgiven, the reason, and when it occurred.
This measure will affect corporations, trusts, and partnerships that owe large debts to the Crown or have claims against it that are subsequently remitted or forgiven. It also makes related changes to other tax and financial laws to allow for the sharing of necessary information for this registry. The goal is to provide the public with more information about how taxpayer money is being managed when large debts are not collected.