Finance committee  Right. When you look at the exchange of information that's coming under FATCA, how does that compare to our existing tax exchange? I guess there would probably be a lot of detail within the existing tax exchange agreements. Is it comparable information? I can't imagine it would be the same as tax evasion, for example.

Finance committee  Then you have your dual citizens of course, which some of those people would be. What does FATCA do to ensure the protection of these citizens living in Canada against any possible penalties from the IRS? Where is the line as to where CRA will help or not help the IRS to act against someone living in Canada?

Finance committee  If they are considered a U.S. person under FATCA, and they don't want to be, what is the appeal process?

Finance committee  It's not a complete list but it's nearly so: registered retirement savings plans, registered retirement income funds, pooled registered pension plans, registered pension plans generally, tax-free savings accounts, registered disability savings plans, registered education savings plans, and deferred profit-sharing plans. These are all exempt from reporting under the IGA in support of FATCA.

Finance committee  As opposed to FATCA itself applying, there would have been many more issues and a much higher compliance burden in that circumstance. So on that measure, yes, they were much better off. We are much better off as a result of this agreement.

Finance committee  If a Canadian were to volunteer the information to the Americans or someone who is considered a U.S. person, a Canadian who's considered a U.S. person under FATCA, are they subject to federal U.S. taxes?

Finance committee  It is our understanding that the FATCA would have raised potential privacy issues because that involved a foreign law ostensibly requiring the provision of information from Canadian financial institutions in relation to Canadians.

Finance committee  Thank you very much to the witnesses for being here. The intergovernmental agreement related to FATCA without doubt is one of the most complicated provisions of Bill C-31, and we, as the official opposition, have taken the position that it deserves a great deal more study than it is going to get through this process.

Finance committee  There are Canadians married to U.S. persons, as that term is defined in FATCA, or children who were born in the United States but had no relationship to that country their entire lives. Those people living in Canada are also subject to it. Is that part of the one million you estimate?

Finance committee  Chair, to have the officials for the first part of part 6 available, and nothing else, in the event that we don't use all the time on FATCA?

Finance committee  Keddy was asking about or learning about how we're doing here today. Our preoccupation is that our ability to get through parts 5 and 6 around FATCA and certainly the details of almost 30 sections in part 6.... The opposition is not going to ask any questions on part 2 to enable as much time as possible for the committee to get into some of the more complex parts of this omnibus legislation.

Finance committee  My first question is regarding the Foreign Account Tax Compliance Act, more commonly known as FATCA.

Finance committee  I say this for our officials, as it is good to have half the civil service with us here today, and we appreciate your being here. The sections on FATCA, certainly a large treaty with our largest trading partner, the Americans, preoccupies us a great deal, as well as the rather extensive sections in part 6 that encompass.... The challenge we have, Chair, as we've spoken about, is that with such a massive omnibus bill, is being able to have the committee properly understand all the implications.

Finance committee  Chair, but committee members on both sides will be looking at legislation, the impact of which we will not understand simply because we don't have the time as is outlined. I appreciate that FATCA is going to get some attention. I would imagine that everybody will be interested in that attention because it's a major tax treaty with the United States, our major trading partner. One might argue it could be a stand-alone bill, but the fact of the matter remains—and I'll stop at this, Mr.

Finance committee  I want to remind him that there was a significant amount of compromise on this. For example, we doubled the length of time that we're going to be studying FATCA. We extended the number of hours of the study of this report. We've increased the number of committees that will be studying the report along with our committee. There has been a significant amount of compromise.