Finance committee  --so I brought it down to $100 billion, and I compared that against the yardstick of the $5.6 billion that apparently Canadians have with UBS, which made it sound reasonable. So I figure there's $100 billion, and I would guess, based on my experience, that there is $20 billion o

Finance committee  I think it's important, and there are some very delicate aspects to it. There are people who came here to escape from dangers to their lives and regarded money in Switzerland as being a source of security in case they had to escape again. It was something that was almost hard-wir

Finance committee  Yes, and Canada has been party to that, because Canada has signed an international convention but has not yet ratified it with respect to international assistance in collection. It's a difficult issue. There's a rule called the revenue rule that says one country won't allow its

Finance committee  Generally, there is no problem between Canada and the U.S. It's virtually an automatic exchange of information between the two. The problem is with other countries. The automatic exchange of information was suggested by the OECD in G-20, and turned down by the G-20. There's ano

Finance committee  I don't think it's the problem of changing the form. I think it's the problem of compliance with the form.

Finance committee  Canada has a form called a T1135, which requires disclosure of all foreign assets over $100,000.

Finance committee  I think that may have been to purchase data that was stolen from Crédit Suisse.

Finance committee  I might add that Canada doesn't have the muscle of the United States to have as effective a deterrent. We're a small country. They're a large country; they have much greater resources. UBS, for example, had 28,000 employees--more employees in the United States than they had in

Finance committee  From my personal experience, there would be a dramatic short-term increase, with no significant effect on tax compliance. People who cheat, younger cheaters, will continue to cheat. They don't cheat because they think they're going to clean up the money in the future through a v

Finance committee  It would continue. The international efforts that are taking place will eventually become effective, but not in the short term.

Finance committee  Good morning ladies and gentlemen, committee members. My name is David Sohmer, and I practise tax law in Montreal. This morning, I will discuss a topic of national interest. Since I express myself better in English, I ask you to forgive the fact that I will speak only in that lan