Bill S-6 explained in plain English

This bill amends the Canada Elections Act to establish new accountability measures for political loans, guarantees, and suretyships by registered parties, associations, candidates, and contestants.

This bill, known as An Act to amend the Canada Elections Act (accountability with respect to political loans), aims to create new rules for political loans, guarantees, and suretyships. It introduces stricter reporting requirements and clarifies the treatment of unpaid loans, which may be considered contributions if not repaid within specific timeframes. The bill also specifies who is permitted to make or guarantee loans and sets limitations on borrowing for registered parties, associations, candidates, and contestants.

A legislative summary is currently being prepared for this bill by the Parliamentary Information and Research Service of the Library of Parliament. Meanwhile, the following executive summary is available. If you have any questions, please contact the Library of Parliament at (613) 995-1166. On 28 April 2009, the Leader of the Government in the Senate introduced Bill S-6, An Act to amend the Canada Elections Act (accountability with respect to political loans), in the Senate and it was given first reading. The bill amends the Canada Elections act as follows: • all loans to political entities, including mandatory disclosure of terms, and the identity of all lenders and loan guarantors, must be uniform and transparent; • unions and corporations are prohibited from making loans to political parties, associations, and candidates; • limiting the amount of loans and loan guarantees that individuals can make within the framework of the permitted individual annual contribution; • limiting to financial institutions and political entities the ability to make loans beyond the annual contribution limit for individuals, and only at commercial rates of interest; and • tighter rules for the treatment of unpaid loans to ensure candidates cannot walk away from unpaid loans.