Finance committee  Your second question relates to, I believe, subsection 265(5) of part XVIII. An amendment would effectively insert sort of a read as rule into the operation of the IGA to require that where an electronic search of the lower value accounts in particular where U.S. indicia are foun

Finance committee  We've inserted what's selective under the agreement with respect to these accounts. It's made mandatory that they seek to cure the indicia.

Finance committee  That's my point, sir. The motion would repeal part XVIII of the Income Tax Act. That's where the requirement to retain records resides.

Finance committee  By repealing that part, you repeal the requirement to retain records.

Finance committee  Thus CRA will not be able to undertake its administration and enforcement duties.

Finance committee  Part XVIII is part of the Income Tax Act and as such it would be subject to administration by the CRA. Under section 267, part of XVIII, financial institutions required to report under part XVIII are required to retain records so that the CRA can perform in its administration an

Finance committee  This is just under Canadian law as a general matter for income tax purposes Canadians need to maintain books and records that the CRA uses to ensure compliance with the Income Tax Act. Part XVIII does contain specific record-keeping requirements and record retention requirements

Finance committee  I'll try to explain again. Even if the agreement is terminated, taxpayers or their financial institutions are required to retain records. Even if the agreement is terminated, there would be an ongoing requirement for the records that were created during the period of the agreeme

Finance committee  I think the response to the question is the one that I gave when we met on Tuesday, that we're prohibited from discussing any legal opinions or advice that we may or may not have received.

Finance committee  There is a definition of official. I'm speaking about part I of the Income Tax Act. There is, I believe, a definition; we're talking about the GST provisions at the moment. There is a definition of official. It simply provides that an official is a person in the service of Her Ma

Finance committee  Sorry, I'm not sure which circumstance you're referring to.

Finance committee  No, no. It doesn't change the search warrant process. What I've explained is that very often, the kind of information that the CRA would like to turn over to the police is actually information that has been acquired in the course of executing a search warrant. Even though the inf

Finance committee  I'll respond by making a couple of comments. First, in respect of your specific question—and I think the answer is generally the same as the one that's been provided with respect to a similar question regarding part 5—in terms of constitutionality, according to section 4.1 of t

Finance committee  Well, in response to that, I'm prohibited from discussing any legal opinions or legal advice that the department may or may not have received in respect of any provisions. It's just something I'm not capable of speaking to. I guess what I was thinking—

Finance committee  Well, it's just that if it would be useful to the committee, I can talk a bit about the CRA process.