Mr. Speaker, when I gave my comments before, I said that one of the unfortunate things about the FATCA part of it is that people are confusing the need to file a tax return in the U.S. with the requirement that we have under FATCA. The situation that the member raised, as troubling as it is, does not change with FATCA, because that is a tax compliance issue that the individual and his family have.
If we look through FATCA, assuming that we start with a million individuals as I went through the numbers here a while ago, every account with less than $50,000 would be non-reportable. All registered accounts would be non-reportable. Between $50,000 and $1 million, there would be an electronic scan. If there are no U.S. indicia, guess what? It would be non-reportable. Most people have never given that on their bank account, whether it be an address or taxpayer identification number. The only amount that we get into a real challenge with is over $1 million, where there would have to be a manual check.
I am just encouraging the member to clarify the comments. There is a difference between the tax compliance and filing of this issue and the FATCA and, more importantly, the intergovernmental agreement that we signed to protect Canadians.