The Lies of Mark Carney
“But Carney is unique in that he is a virtual fountain of claims and comments that are easily disprovable.”
“But if it was all fakery, we are entitled to disregard anything he says about anything. And if not, his current economic plans are fakery, so again we’re entitled to disregard anything he says about anything. He lied. He lies all the time, about big things and small, without shame or hesitation. And we know it. The question is whether we care.” 1
I was asked to provide proof of Misleading Mark Carney’s consummate & pathological lies. There is far too few characters in a Blue Sky to even begin to touch the incredible “tranche” of outright lies.
Role in Brookfield Head Office Move
Carney of lied about his involvement in moving the headquarters of Brookfield Asset Management, where he was chair, from Toronto to New York. While Carney suggested the decision occurred after his departure, reports indicated he chaired the board meeting that voted for the move and signed a letter supporting it.
Oh, and remember how he claimed the formal decision to move Brookfield’s headquarters to New York from Toronto was made after he left the company, even though he’d written a letter as board chair encouraging shareholders to support it? And how he’d “resigned all my roles, cut all my ties” to run for Liberal leader while still among other things chairing the Group of Thirty? He lies chronically, casually and recklessly on everything from personal gain to big political issues and now, we learn, their problematic connections. 1
When running for the party leadership, he tried to say he had nothing to do with Brookfield Asset Management’s decision to move its headquarters to New York from Toronto. Carney, who served as Brookfield’s board chair until January, told reporters in February that the “formal decision” was made after he left the company. “I do not have a connection with Brookfield,” he said at the time. 2
While the move may have officially happened shortly after Carney resigned, he wrote a letter to Brookfield’s shareholders on Dec. 1, encouraging them to support the move, and noted that the board, of which he was the chair, endorsed the decision. 2
Balancing the Budget
During a leadership debate, Carney stated he worked with Paul Martin to balance the federal budget. Critics pointed out that this period was between 1995 and 1998, while Carney did not join the Department of Finance until 2004.
“It was my privilege to work with Paul Martin when he balanced the books and kept the books balanced,” Carney said. “One of the lessons of that is the need for government to continue to focus on how effectively it is spending precious taxpayer dollars.” 5
Official records show Carney was still with Goldman Sachs in 2003 before joining the Finance Department in 2004 — six years after the budget was balanced. 5
Misrepresenting 2008 Financial Global Meltdown
Mark Carney took credit for policies implemented under the direction of then-Finance Minister Jim Flaherty.
We saw it during the campaign, repeatedly. He said Canada avoided a recession in 2008 thanks to his brilliant leadership at the Bank of Canada, which … um … declared a recession in 2008. He “suspended” his campaign to deal with big grownup issues then went on “Tout le monde en parle.” 21
During the campaign, repeatedly. He said Canada avoided a recession in 2008 thanks to his brilliant leadership at the Bank of Canada, which … um … declared a recession in 2008. He “suspended” his campaign to deal with big grownup issues then went on “Tout le monde en parle.” 1
Resigned From All Of His Roles
When running for the leadership, Carney claimed to have resigned from all his roles before throwing his hat into the race,
And how he’d “resigned all my roles, cut all my ties” to run for Liberal leader while still among other things chairing the Group of Thirty? He lies chronically, casually and recklessly on everything from personal gain to big political issues and now, we learn, their problematic connections. 21
Also when running for the leadership, Carney claimed to have resigned from all his roles before throwing his hat into the race, even stating on Jan. 16, “Just to be clear: I resigned all my roles, cut all my ties. I am all in.” 2
However, this also proved to be untrue. According to reporting by National Post’s Ottawa bureau, as of Feb. 28, Carney still had connections to at least five organizations, including as president of Chatham House, a British charity that claims to help “governments and societies build a sustainably secure, prosperous and just world,” as a board member of the Peterson Institute for International Economics and as chair of the Group of Thirty, an international non-profit, among others. 2
Carbon Tax “Sign Away”
Following his rise to a leadership position, Carney held a public, televised signing of a document to end the consumer carbon tax. Critics described this as a “Trump-style” stunt, alleging the document was a “fake” or “useless” because removing the tax required an act of Parliament, not a signature.
Conservative MP Michelle Rempel Garner said on X that the paper “isn’t worth the Sharpie it’s signed with. 6
“The carbon tax still exists, and Mark Carney is apparently busy signing fakes while trying to copy [U.S. President] Donald Trump’s daily executive signing ceremonies,” she said.6
Conservative MP Michael Barrett said at a press conference Sunday that Carney can’t repeal the legislation without a vote in Parliament.6
Environmental Credentials – touted Brookfield’s green credentials
Mark Carney Claimed Brookfield is Net Zero:
“Brookfield is in a position today where we are net-zero,” Carney told Bloomberg Live last month, in what Bloomberg Green describes as a reference to all the company’s assets. “The reason we’re net-zero is that we have this enormous renewables business,” so that “all the avoided emissions that come with that” compensated for the climate impacts of its other investments. 9
In his time at Brookfield Asset Management, Liberal Leader Mark Carney personally co-chaired two investment funds dedicated to the transition to a net-zero carbon economy, worth a total of $25 billion. 7
“The dialogue has shifted from viewing climate change as a risk, to seeing the opportunity, and really translating that into a single objective, which is to move our economies to net zero as quickly as possible. That’s a tremendously exciting development because what we have now in private finance is a focus on a clear goal – net zero – and finding the opportunities to advance that and to be rewarded by it.” 8
Net Zero Funds used as Tax Havens (Used Ontario Teachers’ Pension Funds)
The latest scrutiny comes after Radio-Canada reported this week that Carney co-headed a pair of green investment funds worth a combined $25 billion that were headquartered in Bermuda — a country widely viewed as a global tax haven. 10
Xuereb said it may seem “ironic” that environmental funds were registered in a tax haven. 7
During a news conference in Windsor, Ont., on Wednesday morning, Carney said the “structure of these funds is designed to benefit the Canadian pension funds that invest in them,” citing the Caisse de dépôt et placement du Québec and the Ontario Teachers’ Pension Plan. 7
The Ontario Teachers’ Pension Plan are partners and co-Investors in infrastructure projects, such as the acquisition of Compass Datacenters and Boralex Inc. 7
Investor in Brookfield Funds: OTPP is a founding investment partner in the Brookfield Global Transition Fund, a fund managed by Brookfield. 7
Conflicts of Interest
Concerns have been raised about his, at times, contradictory statements regarding his financial independence, his roles in private equity, and his environmental advocacy. Of the 567 companies he invested in 103 were disclosed.
“As he did about his “blind trust” being blind. As Democracy Watch notes, “he knows what he put in the trust, chose his own trustee, was allowed to give the trustee instructions such as ‘don’t sell anything’ and the trustee is also allowed to give him regular updates.” As Norman Spector wisecracked, it’s a “venetian blind trust.” 1
He owns extensive investments, mostly American, on which the potential conflicts of interest across the board, from net zero to tariffs, is glaringly obvious. Including on the digital services tax. It’s to prevent exactly this kind of thing that we have conflict-of-interest rules, however feeble. (Remember when Paul Martin gave his shipping company to his sons to sidestep them?) But Carney doesn’t care. Do we? 21
Financial disclosure
Mr. Carney claimed he owned nothing but personal real estate and cash.
“I own nothing but cash and personal real estate.” 21
In the early days of the election Carney said he had set up a blind trust. “I actually don’t own – directly – any stocks in those companies,” and “I own nothing but cash and personal real estate,” Carney said at the time. 1
Asked about his assets, Carney has repeatedly said they all went into the blind trust with the exception of cash, a cottage and their family home. 13
The prime minister has said that the only assets he’s kept out of the blind trust are some cash, a cottage and the family home. 12
The committee learned that neither of the administrators of Prime Minister Mark Carney’s screen has knowledge of the specific assets that constitute the Brookfield Global Transition Fund from which Mr. Carney is set to draw future bonus pay—potentially in the tens of millions of dollars—based on the Fund’s performance. The committee also learned that 95% of Brookfield’s portfolio companies are not subject to the Prime Minister’s screen. As was confirmed by Mr. Justin Beber, COO of Brookfield Corporation, Mr. Carney stands to benefit financially if the holdings he retains in Brookfield increase in value. Policy decisions the Prime Minister is involved in may certainly have an impact on the values of these holdings. 14
The accusations follow the disclosure Friday by the ethics commissioner of a report on Carney’s conflicts of interest involving over 100 companies that the prime minister had interests in. Carney had agreed with the commissioner to establish an extensive conflict-of-interest screen that would include recusing himself from any discussions directly involving Brookfield Asset Management, payment-processing giant Stripe, or a wide range of companies those organizations owned or controlled at the time the prime minister set up a blind trust earlier this year. 11
Out of 567 Financial Interests, Disclosed 103
Prime Minister Mark Carney’s investment portfolio includes three Canadian firms out of 567 entities, according to an analysis conducted by the Investigative Journalism Foundation. 15
He owns extensive investments, mostly American, on which the potential conflicts of interest across the board, from net zero to tariffs, is glaringly obvious. Including on the digital services tax. It’s to prevent exactly this kind of thing that we have conflict-of-interest rules, however feeble. (Remember when Paul Martin gave his shipping company to his sons to sidestep them?) But Carney doesn’t care. Do we? 21
About That Ethics Screen
As he did about his “blind trust” being blind. As Democracy Watch notes, “he knows what he put in the trust, chose his own trustee, was allowed to give the trustee instructions such as ‘don’t sell anything’ and the trustee is also allowed to give him regular updates.” As Norman Spector wisecracked, it’s a “venetian blind trust.” 21
PM Carney’s so-called “blind” trust isn’t blind at all because he knows what he put in the trust, chose his own trustee, was allowed to give the trustee instructions such as “don’t sell anything” and the trustee is also allowed to give him regular updates. In addition, Mr. Carney owns stock options in Brookfield Corporation and Brookfield Asset Management that he can’t sell for years, so he knows for sure that he has those investments. Click here to see the list of shares in 550+ companies that Mr. Carney owns. 16
And PM Carney’s so-called “ethics” screen (which only applies to 103 additional companies that are within or connected to the Brookfield conglomerate of companies) is a loophole-filled, unethical smokescreen that allows him to participate in, and hide that he is participating in, almost every decision that affects the companies in which he is invested. 16
But the prime minister isn’t barred from all discussions that may affect those companies. Carney’s screen contains a caveat where he can participate in discussions or decisions on matters that broadly affect any of the 103 companies if they are part of a larger group, “unless those interests are disproportionate to the other members of the class.” 11
Nor is the ethics screen without challenges, because the prime minister’s job involves virtually every issue and public policy question and Carney’s screen involves so many companies. 11
One of the screens the prime minister will be subject to involves Westinghouse, one of the world’s largest nuclear power companies. Brookfield Asset Management acquired a majority ownership stake in Westinghouse while Carney was co-head of the investment fund.11 (He mentioned Westinghouse on the campaign trail).
Mr. Beber (COO of Brookfield Corporation) confirmed that it was possible for Mr. Carney, upon his departure from Brookfield, to arrange to be compensated from his holdings in Brookfield rather than retaining his potential for future financial benefit. Despite this option being available, Mr. Carney did not choose to make such arrangements which would have reduced the serious, ongoing ethical concerns that will now continue to surround Mr. Carney so long as he remains Prime Minister. 14
15% Budget Reduction
The budget cuts were to be 15% over three years.
From 2026-2027 Estimated Budget Department/Agency Cuts
The Phone Call Lie about the 51st State
Claim that 51st State Threat
On Thursday, it was revealed that during Carney’s phone call with Donald Trump, the U.S. president did, in fact, bring up his desire to annex Canada and make it the 51st state, contradicting Carney’s claim that Trump “respected Canada’s sovereignty” during the call. 2
Greenwashing is a lie
LNG is not clean nor a low emission energy source. Fracking and processing methane (CH4) into LNG has huge ghg emissions, burning CH4 is not clean as simple chemistry will tell you it produces C02, as well as CH4, CO, NOx, VOCs, UHCs, particulate matter, S)2 and N2) and transporting it across the ocean makes it 33% worse than coal.
Source: Chemistry
“Too often, historically, you’d have a provincial approval process, and then the federal approval process would start, but different federal departments would start their approval processes at different times and not take into account what others were doing,” Carney said, after touting the projects as “the world’s lowest-carbon LNG facilities.” 17
Over 20 years, the carbon footprint for LNG is one-third larger than coal, when analyzed using the measurement of global warming potential, which compares the atmospheric impact for different greenhouse gases. Even on a 100-year time scale – a more-forgiving scale than 20 years – the liquefied natural gas carbon footprint equals or still exceeds coal, Howarth said. 18
Claim of Pierre Pouillievre repealing Abortion & would use notwithstanding clause to do so.
Also this week, Carney claimed that it was “a fact,” not merely “an accusation,” that Conservative Leader Pierre Poilievre would use the notwithstanding clause to override abortion rights. Poilievre has, of course, said he would not seek to restrict abortion. 2
Liberals have long tried to argue that their Conservative opponents wouldn’t protect abortion rights, or stand up for the right to choose, or otherwise imply that Conservatives want to make “The Handmaid’s Tale” a reality. Yet rarely have Liberals made such a pointed and false claim as Carney did — or one that could so easily be shown to be wrong. 2
It wasn’t enough for him to say he doesn’t trust Poilievre to respect abortion rights, he had to say it is a “fact” that the Conservative leader would use the notwithstanding clause to restrict abortion, which is obviously false. 2
Mark Carney promised fiscal responsibility but doubled the budget well beyond the promised $62 billion deficit
“Our plan is built on a new, disciplined fiscal anchor: we will separate what we spend to run the government from what we invest to grow the country. By reining in operational spending, we will keep the overall deficit at $62 billion this year—a necessary and responsible limit as we make the generational investments needed to secure our sovereignty and our future”.
Overall, in 2025-26 the Liberal platform predicts that the annual deficit will be 1.96 per cent of GDP at $62.3 billion. The following year, the debt-to-GDP ratio would drop to 1.83 per cent as the annual deficit shrinks slightly to about $60 billion. 22
This year’s deficit is far more than the $42 billion the last Liberal government promised it would be — and what the Conservatives said they would be willing to support. 23
Public Service
Carney promised caps on public service jobs not cut. 10,000 federal public service jobs were lost last year and wit the cuts, thousands have already lost their jobs while another 2,000 PSAC members were given notice their jobs were at risk. Federally, there is a 30,000 job loss. Same as Harper. (Actually it is now 40,000, but it will be much more based on 2026-2027 estimated budget.
“We are also committed to capping, not cutting, public service employment,” the platform says.19
The Liberal platform plans for $28 billion in unspecified cost reductions through “increased government productivity.” Carney has said he expects his government would actually “exceed those cost reductions.”19
The platform says the spending review would focus on “clear targets” and that a portion of savings would be redeployed to investments in technology and people. 19
The party says the review could focus on amalgamating service delivery or reducing the government’s reliance on outside consultants. 19
Budget 2025 marks a significant shift in the federal government’s approach to public sector management, with plans to reduce the size of the federal public service by about 40,000 positions—or 10 per cent—by 2028-29. 20
The public service will see a drop in about 40,000 positions over the coming years. 23
CITATIONS
1 Carney’s conflict-of-interest falsehoods part of a long history of mistruths. How can we trust him on anything, from balancing the budget while running deficits to ethics or even climate, https://nationalpost.com/opinion/mark-carneys-long-track-record-of-mistruth
2 Carson Jerema: Mark Carney is a misinformation machine. Can anyone keep up with the Liberal leader’s false statements?, https://nationalpost.com/opinion/carson-jerema-mark-carney-is-a-misinformation-machine.
3 Carney continues to lie his way through campaign, 22 April 2025, https://ca.news.yahoo.com/lilley-carney-continues-lie-way-123520306.html.
4 Carney ‘lied’ about his support for relocating company from Canada to U.S., https://nationalpost.com/news/canada/tories-say-carney-supported-brookfield-move-new-york?utm_source=twitter&utm_medium=organic&utm_campaign=NP_social&utm_content=news.
5 Carney faces scrutiny over contradictory claims, 27 Feb 2025, https://www.westernstandard.news/news/carney-faces-scrutiny-over-contradictory-claims/62577.
6 Carney’s move to kill carbon price now official but debate over it not dead, 17 Mar 2025,
https://www.ctvnews.ca/politics/article/carneys-move-to-kill-carbon-price-now-official-but-debate-over-it-not-dead/.
7 Carney’s green funds at Brookfield used Bermuda tax haven to attract investors, Liberal leader says funds go to Canadian entities that ‘pay the taxes appropriately’, 27 Mar 2025, https://www.cbc.ca/news/politics/carney-brookfield-bermuda-tax-havens-1.7493419.
8 Mark Carney: Investing in net-zero climate solutions creates value and rewards, , https://www.un.org/en/climatechange/mark-carney-investing-net-zero-climate-solutions-creates-value-and-rewards#:~:text=The%20dialogue%20has%20shifted%20from,to%20be%20rewarded%20by%20it.
9 Carney Walks Back Net-Zero Claim, SBTi Faces Criticism as Corporate Carbon Plans Draw Closer Scrutiny, 1 March 2021, https://www.theenergymix.com/carney-walks-back-net-zero-claim-sbti-faces-criticism-as-corporate-carbon-plans-draw-closer-scrutiny/.
10 Carney’s Brookfield funds are in the spotlight. Here’s what you need to know, 28 Mar 2025, https://www.ctvnews.ca/politics/article/carneys-brookfield-funds-are-in-the-spotlight-heres-what-you-need-to-know/.
11 Poilievre says Carney lied about conflicts after ethics disclosure reveals investment portfolio, 14 Jul 2025, https://nationalpost.com/news/canada/mark-carney-lied-about-conflicts-of-interest-pierre-poilievre.
12 Ethics commissioner publishes list of PM Carney’s investments, 11 Jul 2025, https://www.cbc.ca/news/politics/mark-carney-financial-assets-1.7583443.
13 These are the assets disclosed by Canada’s party leaders, and the rules that govern them, https://www.cbc.ca/news/politics/election-2025-leaders-assets-1.7499198.
14 Fourth Report: Standing Committee on Access to Information, Privacy and Ethics (ETHI), 25 Sep 2025, https://www.ourcommons.ca/documentviewer/en/45-1/ETHI/report-4.
15 Mark Carney has investments in 567 organizations. Only three are Canadian, https://www.msn.com/en-ca/money/other/mark-carney-has-investments-in-567-organizations-only-three-are-canadian/ar-AA1IMJSd.
16 PM Carney’s ethics screen and blind trust are loophole-filled, unethical smokescreens, 14 Jul 2025, https://democracywatch.ca/pm-carneys-ethics-screen-and-blind-trust-are-loophole-filled-unethical-smokescreens/.
17 As More and More Studies Expose Fossil-fuel Health Harms, Mark Carney Doubles Down, 14 Nov 2025, https://pressprogress.ca/fossil-fuel-health-harms-mark-carney-lng-expansion/.
18 Liquefied natural gas carbon footprint is worse than coal, 23 Oct 2024, https://www.policyalternatives.ca/news-research/is-carneys-climate-credibility-crumbling/.
19 Here’s what federal parties are pitching for the federal public service, 27 Apr, 2025, https://www.ctvnews.ca/federal-election-2025/article/heres-what-federal-parties-are-pitching-for-the-federal-public-service/
20 Federal public service to shrink by 10 per cent, 04 Nov 2025, https://www.hrreporter.com/news/hr-news/budget-2025-federal-public-service-to-lose-40000-jobs/393688#:~:text=Federal%20public%20service%20to%20shrink,down%2C”%20the%20budget%20notes.
21 John Robson: Carney’s conflict-of-interest falsehoods part of a long history of mistruths ,16 Jul 2025 ,https://nationalpost.com/opinion/mark-carneys-long-track-record-of-mistruth
22 Liberal platform promises $130B in new measures over 4 years, adding $225B to federal debt, 19 Apr 2025, https://www.cbc.ca/news/politics/liberal-costed-platform-1.7514272#:~:text=The%20platform%20follows%20on%20Carney%27s,slightly%20to%20about%20$60%20billion.
23 A $78B deficit, public service cuts, new tax measures: Highlights of budget 2025, 04 Nov 2025, https://www.cbc.ca/news/politics/budget-highlights-9.6966595