Mr. Speaker, we are less than five months away from the implementation of the U.S. Foreign Account Tax Compliance Act. This law will compromise Canadian privacy laws and cost all Canadians, as banks will bear significant compliance costs. Meanwhile, dual citizens, even accidental dual citizens, will have their registered disability and registered educational savings plans and their tax-free savings accounts deemed offshore trusts and subject to U.S. capital gains taxes.
What is the government doing to protect Canadians and their assets from the cash-starved Obama administration?