Mr. Speaker, I was taught by Peter Hogg as well. I got an A in the tax course.
The question is an important one. It is important for about a million Canadians who also happen to be citizens of the United States.
The Americans initially proposed that there would be a 30% withholding tax and there would be direct reporting by Canadian banks to the IRS. We got rid of that. They have agreed that we will use our existing framework under the Canada-U.S. tax treaty, which has been successful.
No new taxes will be imposed. The CRA will not assist the IRS in collecting U.S. taxes.