Workplace Wire

The Standing Committee on Finance of the House of Commons has heard submissions on private member’s Bill C-377, which would amend the Income Tax Act of Canada to require labour organizations (including unions) to file 29 schedules of financial information with the Federal Minister of National Revenue, who would then be required to post them online for all Canadians to access.  Video of the oral submissions is available online.

Bill C-377 was adopted at second reading on March 14, 2012 by the House of Commons.  The Standing Committee on Finance has up to 60 “sitting” days to send the Bill back to the House.

The information to be provided under the Bill would include:

(a) a set of financial statements for the fiscal period, in such form and containing such particulars and other information as may be prescribed relating to the financial position of the labour organization or labour trust, including

(i) a balance sheet showing the assets and liabilities of the labour organization or labour trust made up as of the last day of the fiscal period, and

(ii) a statement of income and expenditures of the labour organization or labour trust for the fiscal period;

(b) a set of statements for the fiscal period setting out the aggregate amount of all transactions and all disbursements — or book value in the case of investments and assets — over $5,000 shown as separate entries along with the name and address of the payer and payee, the purpose and description of the transaction and the specific amount that has been paid or received, or that is to be paid or received, including

(i) a statement of accounts receivable,

(ii) a statement of loans receivable, including all loans to officers, employees, members or businesses exceeding $250,

(iii) a statement showing the sale of investments and fixed assets including a description, cost, book value, and sale price,

(iv) a statement showing the purchase of investments and fixed assets including a description, cost, book value, and price paid,

(iv) a statement of accounts payable,

(vi) a statement of loans payable,

(vii) a statement of disbursements to officers, directors and trustees including gross salary, stipends, periodic payments, benefits (including pension obligations), vehicles, bonuses, gifts, service credits, lump sum payments, other forms of remuneration and, without limiting the generality of the foregoing, any other consideration provided, and a record of the percentage of time dedicated to political activities and to lobbying activities,

(viii) a statement of disbursements to employees and contractors including gross salary, stipends, periodic payments, benefits (including pension obligations), vehicles, bonuses, gifts, service credits, lump sum payments, other forms of remuneration and, without limiting the generality of the foregoing, any other consideration provided, and a record of the percentage of time dedicated to political activities and to lobbying activities,

(ix) a statement of disbursements on labour relations activities,

(x) a statement of disbursements on political activities,

(xi) a statement of disbursements on lobbying activities,

(xii) a statement of contributions, gifts, and grants,

(xiii) a statement of disbursements on administration,

(xiv) a statement of disbursements on general overhead,

(xv) a statement of disbursements on organizing activities,

(xvi) a statement of disbursements on collective bargaining activities,

(xvii) a statement of disbursements on conference and convention activities,

(xviii) a statement of disbursements on education and training activities,

(xix) a statement of disbursements on legal activities, and

(xx) any other prescribed statements;

(c) a statement showing all labour relations expenditures, as set out in the statement referred to in subparagraph (b)(ix), and all non-labour relations expenditures, as set out in the statements referred to in subparagraphs (b)(x) to (xii), including the relative amounts of the salaries paid to officers and employees as disclosed by the statements referred to in subparagraphs (b)(vii) and (viii); and

(d) in the case of a labour organization or labour trust having its headquarters situated outside Canada, a statement in the prescribed form and containing such particulars as may be prescribed showing

(i) amounts paid or credited to the labour organization or labour trust in the fiscal period by, on behalf of or in respect of taxpayers resident in Canada, and

(ii) expenditures made by the labour organization or labour trust in the fiscal period inside or outside Canada and recorded separately in the accounts of the labour organization or labour trust as being directly related to its operations in Canada.