Mr. Speaker, our government recognizes that FATCA has raised a number of concerns in Canada, which is why we came up with an intergovernmental agreement. The agreement addresses these concerns by relying on the existing framework under the Canada-U.S. tax treaty. CRA will not assist the IRS in collecting U.S. taxes, and no new taxes will be imposed.
In our negotiations, we obtained a number of concessions, including exempting certain accounts, like RRSPs, RDSPs, TFSAs, et cetera, from FATCA reporting.
We are now in a much better position than without an agreement.