FAQ
General Guidelines for Debate
Yes, you are obligated by law to declare the income(s) of your spouse.
Failure to do so will have two consequences:- (1) Commission to publish the fact in the Gazette and send a report to the appropriate authorities. (2) You will also be guilty of an offense and liable upon summary conviction, to a fine of $15000 or to imprisonment for a term of one year.
Reasonable efforts must be made to ascertain this information. Failure to disclose may be subject to further enquiries by the Commission to confirm you have taken all reasonable steps to obtain the information required. If the Commission is satisfied with your explanation you may be issued a Certificate of Compliance.
The deadline for the current filing is June 30, 2012. Filing after this period will be due June 30, 2014, if you remain a person in public life at that time.
No, loans are not income.
You are still required to file within three months of ceasing to be a person in public life.
Duty concessions are considered benefits and should be declared as income. The value of the benefit should also be taken into consideration in deciding the vehicle’s value on page 11 “Other Assets”.
Yes, you are still required to file within three months of becoming a person in public life.
ALL, the property must be declared stating lot or parcel number, location, and estimated or appraised value at the time of disclosure.
Declare your present employer and all the positions held during that period.
YES, all property purchased jointly or otherwise, for and on behalf of family members or relatives must be declared.
If the child is partially maintained by the parents, then YES, he/she is a dependent child.
ALL property, whether inherited or received as a gift must be declared. Its estimated or appraised value must be given at the time of the declaration.
Yes, all sources of income must be declared.
Additional investment means money spent to improve the capital value of a property, for example, additions to buildings or development work on the land. Where sums have been spent to improve the value of a property, the amount spent should be reported.
All outside interests in the form of “directorships”,” partnerships” or other business interests, including those of spouse must be declared.
No, a valuation is not absolutely necessary if the declarant can otherwise provide a realistic estimate of its value. This can be ascertained through various means e.g. ascertaining information on valuations for similar properties
Cash or Surrender Value means if a life insurance policy is voluntarily terminated before maturity, or is being used as collateral, then it would have built up a cash value from the premiums paid. This value can be ascertained by a table in the policy document, annual reports or can be had by calling the insurance company.
Have the gift valued or make a reasonable estimate based on market trends or check retail prices within stores or online.
All outside interests in the form of “directorships”,” partnerships” or other business interests, including those of spouse must be declared.
A report or an application shall be made to the Commission within 30 days of the receipt of the gift. ( Form 2 enclosed in Declaration Package)
Items that are held in Safety Deposit boxes should be declared. These items may be in the form of jewelry or other valuables.
Declare all gifts received, in the course of duty, over or under $1000 within the 12 months up to the declaration period; whether in your opinion, the gift is personal or official.
This information should be available from the financial institution if you provide them with the relevant details.
Any person who fails to report a gift or make an incomplete or false declaration shall be liable to a fine not less than the value of the gift and to imprisonment to three months or both.
Any monies borrowed, including interest owed, that is material in relation to the declarant’s assets must be reported.
Yes, you will need to declare this but you but there is no need to declare the terms of the Trust.
All assets acquired by the declarant, whether partly or wholly, must be declared.
ALL, the property must be declared stating lot or parcel number, location, and estimated or appraised value at the time of disclosure.
ALL property, whether inherited or received as a gift must be declared. Its estimated or appraised value must be given at the time of the declaration.
YES, all property purchased jointly or otherwise, for and on behalf of family members or relatives must be declared.
All assets acquired by the declarant, whether partly or wholly, must be declared.