Mr. Speaker, without an agreement in place, our financial institutions would still have to comply with FATCA. This would have required banks to report information directly to the IRS, and deny basic banking services to clients. Furthermore, both banks and their clients would have been subject to a 30% withholding tax. With an agreement in place, this will not happen.
In the House of Commons on May 2nd, 2014. See this statement in context.