Mr. Speaker, many of my constituents in New Brunswick Southwest have contacted me to say they are deeply concerned about the new U.S. tax reporting requirements. This affects many Canadians throughout the country. The vast majority of people being targeted by the IRS are honest, hard-working and law-abiding. They have obediently paid their Canadian taxes. Their only transgression has been failing to file IRS paperwork they were unaware that they were required to file. Many people face huge penalties for failing to file, even though they do not owe any U.S. tax.
Could the Parliamentary Secretary to the Minister of Finance please update the House on the latest developments on this issue and what steps our government is taking to protect Canadian taxpayers?