Prime Minister Mark Carney is facing accusations of a conflict of interest after announcing a $2 billion expansion of federal heat pump rebates that could benefit companies in which he previously disclosed financial holdings.Conservative MP John Brassard (Barrie-South-Innisfil, Ont.), chair of the Commons ethics committee, questioned whether Carney's financial ties to Brookfield Asset Management and several heating and ventilation companies could result in personal financial gains from the taxpayer-funded program.“How is that not corrupt?” Brassard asked in the House of Commons.“Trane, which is owned by Brookfield, finances and installs heat pumps,” Brassard told MPs. “Enercare is owned by Brookfield, and it finances and installs heat pumps. The conflict of interest is so blatantly obvious, but what is surprising is the Prime Minister is not even hiding it anymore.”Blacklock's Reporter said Carney's July 11, 2025, ethics disclosures identified personal financial interests involving approximately 600 corporations accumulated during his tenure as chair of Brookfield Asset Management.Those holdings included interests in heat pump manufacturers Carrier Global Corp., Mitsubishi and Trane Technologies.Carney placed his investments in a blind trust to comply with the Conflict of Interest Act, a measure intended to prevent public officeholders from making decisions based on their personal financial interests.However, Brassard argued the arrangement does not eliminate concerns about whether government policies could increase the value of Carney's assets.“How much does the Prime Minister and Brookfield stand to make off the backs of taxpayers with today’s announcement?” Brassard asked MPs.He described the rebate expansion as “another convenient example of public policy aligning with Brookfield’s.”“The Prime Minister knows exactly what is in his portfolio,” Brassard said. “Trane heat pumps and Enercare are owned by Brookfield. He stands to make millions in deferred stock units, stock options and carried interest. The $2 billion taxpayer-funded announcement increases the value of his personal assets and Brookfield’s.”The allegations have not established that Carney personally benefited from the rebate announcement or violated federal conflict of interest legislation.Cabinet ministers did not address questions about Carney's stock portfolio, according to the original report..Carney also did not discuss his financial holdings while promoting the expanded program, which is intended to encourage homeowners to replace oil furnaces, electric baseboard heating and other less efficient systems with heat pumps.“Over one million households in Canada still heat with oil, propane or diesel,” Carney told reporters. “These fuel sources are more polluting, less efficient and at the mercy of global markets.”He said millions of additional Canadian households rely on older electric heating systems that can be considerably more expensive to operate.“Another six million households heat with electric baseboards and outdated electric furnaces,” Carney said. “While these costs are not as volatile, these households are still paying more than they have to, up to 45% more.”Carney maintained heat pumps offer homeowners an opportunity to reduce energy consumption and lower heating bills.“When it comes to saving on home heating, the best option for many Canadians is a heat pump,” he said. “Heat pumps are cleaner and safer than oil and electric furnaces. They are two to three times more efficient.”The controversy comes as Parliament continues to examine whether existing federal conflict of interest rules provide sufficient safeguards against politicians benefiting financially from government decisions.In an April 23 report titled Review of the Conflict of Interest Act, the Commons ethics committee recommended requiring cabinet ministers to sell their stock holdings when taking office rather than allowing them to retain investments through arrangements such as blind trusts.“Individuals with greater decision-making authority should be held to higher standards,” the committee concluded.The recommendation would impose stricter financial requirements on senior government officials, including the prime minister, whose policy decisions can directly affect industries and publicly traded corporations.
