Again, I appreciate what the honourable member has brought forth here. There's a fairly lengthy explanation. The reality is the motion would contribute to increasing the cost rather than decreasing the cost of compliance. If you look at the IGA, in various instances it stipulates that an account is not reportable if the financial institution has obtained a self-certification from the account holder indicating, in the case of the entity account, the person controlling the entity is not a U.S. citizen, not a U.S. resident for tax purposes, nor a specified U.S. person using an IRS form W8, W9 or similar agreed form.
The motion would require that such self-certifications may only be provided on a form similar to the IRS form W8, which has been established by the Minister of Finance. The motion would remove the flexibility of financial institutions to use the existing IRS forms already filed with them by their clients or a new form containing similar information that financial institutions might develop as a part of their account-opening procedures. It really makes it more complicated instead of less complicated.