Finance committee  It was not, to my knowledge. In fact, when you read the intergovernmental agreement, the preamble of it states that one of the objectives of the agreement is to make sure that all Canadians have access and are able to sustain access to financial services. That's in fact one of th

Finance committee  Again, the only reason the bank may ask is that there's something in there that would suggest there's an indicator. If there's an indicator, as stipulated in the agreement, then we'll follow up. Other than that, there's no reason to follow up.

Finance committee  Absolutely. In addition, you'd also then have to build a withholding system on top of that, which you don't have to do as a consequence of going through the intergovernmental agreement process. So yes, is it expensive? It's always expensive, but this is far better for everyone co

Finance committee  I'm sorry?

Finance committee  The obligations on the financial institution are clear, and they're laid out in the agreement. If somebody is a U.S. citizen, but there's no indicia in the indicators in their account suggesting they are—

Finance committee  No, that's—

Finance committee  The bank will then do its due diligence to show it, to say, look, they've done their process, they've gone through and checked their indicia, and they've assessed whether or not somebody is a U.S. person, and if they are not a U.S. person, they're done.

Finance committee  Okay.

Finance committee  The members' obligation, the institutional obligation, the legal obligation, is to the CRA, not to the IRS.

Finance committee  So in that instance, then, as with any tax compliance issue, we have to discuss it with CRA.

Finance committee  I appreciate the challenge, but that's a separate issue, from my perspective, from the intergovernmental agreement. That's a tax issue associated with the United States as opposed to the information sharing agreement.

Finance committee  Bear in mind that in the process if indicators come up, I go back to you to give you an opportunity to clarify whether or not you are a U.S. person, so as a consequence, everything is passing along as part of the process.

Finance committee  What's required in the process is that I have to go back to you. I literally have to go back to you and say, “I've got information on an account that you are a U.S. person, and is this correct, yes or no?” There's an engagement requirement right in there.

Finance committee  The only time it might not happen would be if literally in the file you've already said, “Yes, I'm a U.S. person, and I've acknowledged that.”

Finance committee  Well, with due respect, I believe I've just answered that question.