Quite frankly, involving the CRA does not resolve our privacy concerns. What the IGA does, and what the implementation act does is it's actually unprecedented, as I understand it in Canadian law, in that it for the first time singles out one group of Canadian citizens, and it prevails over all other Canadian laws for the benefit of a foreign nation.
The IGA may legally protect the banks under privacy laws, but it does not in any way address privacy concerns. Instead, sending the information to the CRA places us in a double jeopardy situation.
First, our private financial information is going to be much more comprehensive than any other Canadians have to submit. It includes our total assets, our account balances, all our transactions, our account numbers, other personal identifying information, and any other information the IRS demands.