I would distinguish between two stages in this information sharing.
Normally, in terms of privacy, the information that a government institution receives should be directly from the individual concerned. Here, there is an intermediary, which is the financial institution, but that is provided for under the arrangement and the agreement. Although an exception to the general rule, it is an exception that is authorized by law. Should information on funds owned by a U.S. person be collected by somebody other than a U.S. person? By law, the answer is yes, it can be collected from a financial institution.
The question that was asked earlier this morning was this: assuming this regime, should the CRA inform the individuals in question that their information has been shared with the IRS? I think there is no reason why not. What we heard is that under access to information provisions, if somebody makes an access request, he or she will be entitled to that information, and that is absolutely true. If that is true, then why not provide a mechanism that provides for more systematic information being given to individuals?