Interested in how much your local MLA is worth? The latest public disclosure statements give an interesting snapshot of the financial holdings of Burnaby’s four provincial politicians.
The annual reports, required by law, show sources of income, assets and liabilities for all B.C. MLAs.
Burnaby-Edmonds MLA Raj Chouhan listed his MLA salary as income, but he also has a pension from the Hospital Employees’ Union. For assets, he owns a residential property in Burnaby, of which his spouse owns a third. He also has an RRSP, life insurance and no listed liabilities.
Kathy Corrigan, Burnaby-Deer Lake MLA and wife to mayor Derek Corrigan, listed numerous items under sources of income. Besides her MLA salary, she listed four of her husband’s sources of income: his mayoral salary from the city, his stipends as a director with Metro Vancouver and the Municipal Finance Authority, and his stipend from TransLink’s mayors’ council.
The two own a residential property in Burnaby, as well as various RRSPs. Under spousal assets, Derek was listed as the sole owner of the Derek R. Corrigan Law Corporation. Kathy had no liabilities listed.
Burnaby-North MLA Richard Lee’s only source of income is his MLA salary. He also owns a home in Burnaby with his spouse, and the two have various RRSPs and an outstanding loan to a family member. The only liability the two share is their mortgage and a home equity line of credit.
Burnaby’s newest politician, Jane Shin listed a few alternate sources of income, besides her salary as MLA for Burnaby-Lougheed.
Shin had a salary from Vancouver Community College, but that ran out in June. She also listed West Coast College of Massage Therapy as a source of income, but on a “fee for service” basis, since she was on contract. BCIT was also listed as a “fee for service” source of income, but that ceased in April. Shin also listed two revenue properties in Burnaby and New Westminster.
Her assets include a cabin in Mission, a partial down payment for a home in Vancouver, revenue property in Burnaby and New Westminster, and various RRSPs and a tax free savings account.
She listed herself as a minority interest in First Light Fishing Tackle, a Burnaby shop for fishermen.
She also listed pension rights (for a pension plan for faculty at BCIT and VCC), life insurance and two guarantees from family members, related to a loan her parents backed for her first condo purchase in Burnaby.
Event though Shin has a number of properties, she rents a basement suite in the Burnaby-Lougheed riding. Her New Westminster property was recently sold, and she rents her south Burnaby condo out, so she can live in her own riding.
As for liabilities, Shin listed the mortgages on her homes in Burnaby, New Westminster and Mission, as well as a loan to BMW Canada on behalf of a friend.
