Mr. Speaker, my colleague talked about the testimony that we received at committee with respect to the accounts under the IGA that are going to be excluded from the actual reporting to the CRA and then to the IRS. There is a significant number of them.
We also heard testimony in committee that their taxation of those was going to be conditional. They would not be taxed on the way in, but on the way out, just like they are in Canada. It was stated to us in committee that it was going to be on the way out, not the government contribution on the way in. One can imagine an education savings plan, for example, being used by a low-tax individual. The chances of that being taxable or creating any tax on it in the U.S. is virtually zero.
The hon. member is mixing up a lot of the IGA with tax filings. U.S. citizens have had to file, or are supposed to have filed, since 1913. FATCA came about in 2010. Does the member remember the testimony in committee that it is actually going to be taxable on the way out, so it might not necessarily even apply?