Public Registry of Forgiven Corporate Debts

Summary#

This bill requires the President of the Treasury Board to create and run a public, online registry of large federal debts owed by corporations, trust companies, or partnerships that the government has waived, written off, or forgiven in whole or in part. It also changes tax and excise confidentiality rules so agencies can share information needed to populate the registry. The bill does not cover individuals or small debts under 1,000,000 (Bill Public registry (1)–(2); Consequential Amendments).

• Creates a searchable database listing the company name, amount forgiven, the period it covers, and the Act involved (Bill Public registry (2)(a)–(d)).
• Applies only when the total debt/claim is 1,000,000 or more and any portion is waived, written off, or forgiven (Bill Public registry (1)(a), (c)).
• Covers debts or claims under any Act of Parliament, including tax and excise laws (Bill Public registry (1)(b); Consequential Amendments).
• Lets tax and excise authorities provide confidential information solely to support this registry and related Financial Administration Act functions (Consequential Amendments).
• Gives the President of the Treasury Board discretion to add “any other information” to each entry (Bill Public registry (2)(e)).

What it means for you#

• Households

  • No direct impact on individuals. The registry lists only corporations, trust companies, and partnerships, not individual taxpayers (Bill Public registry (1)(a)).
  • You will be able to search which companies received federal debt relief of 1,000,000 or more (Bill Public registry (1)–(2)). Timing: not specified in the bill.

• Workers and Businesses

  • If your organization is a corporation, trust company, or partnership with a federal debt/claim of 1,000,000 or more, and any part is waived, written off, or forgiven, your organization’s name and details must be published (Bill Public registry (1)–(2)).
  • Published details include your legal/business name, the forgiven amount, the relevant period, and the Act under which the debt arose (Bill Public registry (2)(a)–(d)).
  • The President of the Treasury Board may require additional details to be posted (Bill Public registry (2)(e)). Timing: not specified in the bill.

• Journalists, Researchers, and the Public

  • A new online, searchable registry will centralize large federal debt forgiveness cases involving corporate entities (Bill Public registry (1)–(2)). Timing: not specified in the bill.

• Federal Departments and Agencies

  • Must supply information so the registry can be created and maintained; tax and excise agencies receive a legal carve-out to share otherwise confidential data for this limited purpose (Consequential Amendments).
  • Will need processes to capture the period of the forgiven amount and the governing statute for each entry (Bill Public registry (2)(c)–(d)). Timing: not specified in the bill.

• Local and Provincial Governments

  • No direct inclusion. The bill targets corporations, trust companies, and partnerships; it does not mention municipalities or provinces (Bill Public registry (1)(a)).

Expenses#

Estimated net cost: Data unavailable.

• No fiscal note identified. Data unavailable.
• No explicit appropriation in the bill text. Data unavailable.
• New mandate: Treasury Board must build and maintain an online, searchable registry; departments and agencies must provide data (Bill Public registry (1)–(2); Consequential Amendments).
• Ongoing administrative and IT costs are likely but not specified. Data unavailable.

Proponents' View#

• Improves transparency by publicly listing large federal debt write-offs and forgiveness affecting corporate entities, helping Parliament and the public track outcomes (Bill Public registry (1)–(2)).
• Targets only significant cases via a 1,000,000 threshold, reducing administrative burden and avoiding naming small businesses (Bill Public registry (1)(a)).
• Protects individual privacy by limiting the registry to corporations, trust companies, and partnerships, not individual taxpayers (Bill Public registry (1)(a)).
• Standardizes information by requiring the name, amount, period, and the relevant Act, which aids oversight and analysis (Bill Public registry (2)(a)–(d)).
• Enables necessary data sharing through narrow, purpose‑built exceptions to tax and excise confidentiality, limited “solely” to this function (Consequential Amendments).

Opponents' View#

• Risks disclosure of sensitive commercial or taxpayer information despite the legal carve‑out, potentially harming firms’ reputations or competitive positions (Consequential Amendments).
• Could discourage negotiated settlements or timely write‑offs that might maximize recovery or reduce costs, if firms avoid resolutions that would trigger publication. Data unavailable.
• Imposes new administrative and IT workload across departments to compile accurate, complete entries; risk of inconsistent data or errors at launch. Data unavailable.
• Broad discretion to require “any other information” may lead to over‑collection or uneven practices across cases (Bill Public registry (2)(e)).
• The threshold is based on total debt, not the forgiven portion; even a small forgiveness on a large disputed debt would be posted, which some may view as lacking context (Bill Public registry (1)(a), (2)(b)).