Mr. Speaker, I am glad to have the opportunity to clarify this important point for the House and to say that for the 1996 tax filing year, Canadians will not have to complete the section of the income tax form dealing with the reporting of foreign assets.
As the House knows, Revenue Canada prints its forms in advance, often in anticipation of legislation. In this case, legislation was changed late in the year and Canadians will not have to report on their foreign assets until April 30, 1998.