Chair, we can't support the NDP's amendment to clause 27. This amendment would prevent an existing provision, which generally makes it an offence not to keep and retain records required for income tax purposes, from applying to financial institutions in respect of new part XVIII of the Income Tax Act.
Part XVIII gives effect to the Canada-U.S. Enhanced Tax Information Exchange Agreement. This offence applies in respect of the general record-keeping requirements in the act, and therefore it should also apply in respect of the record-keeping obligations of financial institutions under part XVIII.