Finance committee  I think the determination of who is impacted is already a done deal. That's a decision that was made under U.S. tax law, which, unfortunately, taxes U.S. citizens based on citizenship, not on residence.

Finance committee  I would argue that they are, yes.

Finance committee  It's difficult to answer that. I'm not sure exactly what he meant by Canadian. If he was narrowing it—

Finance committee  It's a good question. There are clearly a lot of issues to be resolved. The problem we've got is that for the last several years, as the negotiations on the IGA have been progressing, our members and financial institutions in Canada generally have been expending significant amou

Finance committee  —and reporting requirements should result in an efficient process, with reduced administrative burden and costs. This benefits both investors and those who must administer FATCA. I wish to leave no doubt that even with the IGA and the implementation regime established by the leg

Finance committee  Good afternoon. As you've heard, I am Ralf Hensel, general counsel, corporate secretary, and director of policy at the Investment Funds Institute of Canada. I thank the committee for inviting IFIC to participate in its consideration of Bill C-31 and I'm privileged to be its repr