Taxation  Speaker, I have heard from many constituents in my riding and across Canada worried about troubling U.S. tax laws that would punish Canadians. For many of these constituents, their only transgression was failing to file IRS paperwork they were unaware they were required to file. As such, our government called on the U.S. government to look upon these individuals with leniency.

Jobs and Growth Act, 2012  We have a good idea what the actions the government is taking today will mean in terms of a reduced ability by Canadian young people to contribute to the economy, whether it is in the tax base, or purchasing homes and taking part in the homebuyers' market or consumption in the economy, which is something in which the government seems to be interested.

Taxation  Mr. Speaker, the new U.S. rules also require all Canadian financial institutions to disclose the personal financial information of Canadian and U.S. citizens directly to the IRS. This will be a costly process that will compromise privacy obviously.

Canada-Jordan Economic Growth and Prosperity Act  It was badly negotiated. We could have driven a truck through the anti-circumvention clause. Canadian taxpayers and the industry have had to pick up the tens of millions of dollars in fines that have been levied ever since the bad deal was signed, supported by the Liberals and the Conservatives.

Canada-Panama Free Trade Act  They have not dealt with it in any way, and that is why the NDP is standing up in the House and saying this is irresponsible. Canadians are calling out for a fairer tax system, calling out for an end to the shell game where big Canadian corporations and the wealthy can transfer their money overseas and not have to pay taxes on it, while the hard-working middle class and poor Canadians have to work and pay their taxes.

Taxation  Mr. Speaker, there is concern across the country among many law-abiding Canadian citizens and taxpayers about the long arm of the U.S. tax collection department. Even the Canadian Bankers Association is upset. The Americans are trying to enforce their laws beyond their borders and are threatening Canadians to that effect.

Bill C-13 An Act to implement certain provisions of the 2011 budget as updated on June 6, 2011 and other measures

First Session, Forty-first Parliament, 60 Elizabeth II, 2011 STATUTES OF CANADA 2011CHAPTER 24 An Act to implement certain provisions of the 2011 budget as updated on June 6, 2011 and other measures ASSENTED TO 15th DECEMBER, 2011 BILL C-13 RECOMMENDATION His Excellency the Governor General recommends to the House of Commons the appropriation of public revenue under the circumstances, in the manner and for the purposes set out in a measure entitled “An Act to implement certain provisions of the 2011 budget as updated on June 6, 2011 and other measures”.

Canada-Panama Economic Growth and Prosperity Act  It has an impact right across this country. We are looking at a 2% real wage fall for our middle class and hard pressed, poor Canadian families. We are seeing Canadians living through a substantial problem. Tragically, the result is that Canadian families across this country from coast to coast to coast are now living with a record level of debt like we have never seen before in Canadian history.

Canada-Panama Free Trade Act  One would think the Conservative government would then say that it would negotiate hard on behalf of Canadians, that it would put a stop to the money laundering of dirty drug money and that it would demand a tax information exchange agreement with the Panamanian government. It did not do that.

Finance committee  I also understand that the NDP has said that the U.S. compiles an amount as to how much money is lost to tax havens. Mr. Layton was calling on Mr. Harper to begin publishing annual estimates of the tax dollars Canadians are losing to wealthy tax cheats in some corporations. The United States is doing this now.

Finance committee  The “revenue rule” is a well-recognized rule that the authorities of one state will not assist in the recovery of taxes due to another state. It is clear that the United States will not assist in the recovery of Quebec tax, and it appears that other provinces will not do so either. It is also arguable that the U.S. will not assist in the recovery of federal tax when the liability of U.S. residents' children arises under Canadian law because of an inheritance.

Taxation  Mr. Speaker, I would like to thank the hon. member for his question. We share Canadians' concerns about this situation. We raised those concerns directly with the American government. Most Canadians who are affected by this are honest, hard-working people who obey the law. We have to do more, which is why we asked the United States government to treat these people with clemency.

Income Tax Act  This private member's bill must be supported in order to ensure that we have full disclosure of this information. The other reason we must support this bill is to protect taxpayers. In the most recent year, the taxpayers of Canada contributed almost $3 billion in federal tax credits. Every Canadian has the right to know the salaries of such executives and provide reasonable limits to these taxpayer-supported activities.

Criminal Code  When we look at its fiscal management and its record deficit and the appallingly misspent or misallocated money, the tens of billions of dollars for corporate tax cuts, and at the economy and government's throwing away of 600,000 well paying full-time jobs and its replacement of them with 400,000 low paying part-time jobs, and it then coming into the House and saying, this is a triumph, these are the contradictions that Canadians see.

Income Tax Act  I would argue this could be enough to damage the confidence some Canadians have in our charitable sector. Worse, news only emerged about this case because the amounts were discovered in publicly available IRS documents, as this charity operates on both sides of the border.