Human Resources Legislative Update
Union Financial Disclosure Bill Receives Royal Assent
Date: July 2, 2015
On June 30, 2015, Bill C-377, An Act to amend the Income Tax Act (requirements for labour organizations), received Royal Assent.
Bill C-377, a private member’s bill, requires unions to file certain financial information with the Canada Revenue Agency (“CRA”) within six months from the end of each fiscal period. Among other things, information to be disclosed includes:
- details of transactions or disbursements in excess of $5000;
- details of disbursements (including salary) to officers, directors and trustees, to employees with compensation over $100,000 and to certain persons in positions of authority who would have access to certain material information;
- details of disbursements to employees and contractors; and
- details of disbursements and percentage of time spent by specified persons on certain non-labour relations (e.g. political or lobbying) activities.
Information from the unions will be posted on the CRA website. The Bill applies in respect of fiscal periods that begin after January 1, 2016.