Mr. Speaker, as of July, the U.S. Foreign Account Tax Compliance Act, or FACTA, will require all Canadian financial institutions to provide the U.S. government with confidential financial information on Canadians deemed to be U.S. persons. Millions are affected. This includes Canadians who emigrated from the U.S. and their children born in Canada, and Canadian citizens who share accounts, investments or property with an American spouse, as well as small family-owned businesses in Canada with a U.S. family member.
Negotiations are being held behind closed doors with a complete lack of transparency. Our Minister of Finance is on the record saying that the Canada Revenue Agency will not collect U.S. tax liability or penalties on Canadian citizens.
However, we must do more. I call upon the Prime Minister to inform the U.S. President that Canadian financial institutions will not provide any financial disclosures about Canadian citizens to the U.S. Internal Revenue Agency.
This is not only a blatant violation of our constitutional rights and privacy, but also an attack on Canadian sovereignty.