Mr. Chair, LIB-4 simply ensures that the regulations under this agreement won't come into force for at least a year. That gives government time to inform Canadians about any rule changes so they aren't caught off guard. I think a lot of Canadians said, “Oh, I just found out that I'm a U.S. person.” It just gives them time to adjust to this new regime.
On May 29th, 2014. See this statement in context.