Mr. Speaker, after lengthy negotiations we have reached an agreement with the United States related to FATCA. FATCA has raised a number of concerns in Canada, both among dual Canadian citizens and Canadian financial institutions. The agreement addresses those concerns. In our negotiations we obtained a number of concessions, including exempting certain accounts like RRSPs, RDSPs, TFSAs, et cetera, from the FATCA reporting. To be clear, the agreement will not impose any new or higher taxes and CRA will not assist the IRS in the collection of U.S. tax moneys.
House of Commons Hansard #42 of the 41st Parliament, 2nd Session. (The original version is on Parliament's site.) The word of the day was farmers.