Mr. Speaker, FATCA has raised a number of concerns in Canada. The new agreement addresses those concerns by relying on the existing framework under the Canada-U.S. tax treaty.
The CRA will not assist the IRS in collecting U.S. taxes, no new taxes will be imposed, and only U.S. citizens will be affected.
We obtained a number of very important concessions, exempting certain accounts like RRSPs, RDSPs, and TFSAs. This is an agreement that works in the interests of Canada.