Mr. Speaker, he actually just said it. He said that, in fact, earnings on these matching grants will be considered taxable income in the U.S., and he is right.
He spoke of an exemption. He is half right. There is an exemption for Canadian banks under FATCA, but there is no exemption for Canadian citizens under FATCA. Regarding these registered plans, for which there ought to have been an overall exemption for Canadian citizens because of the matching grants, the government did not negotiate a good deal in Washington.
In the same way that the government lacks the capacity to get a pipeline built in the U.S., because of the lack of relationships with the Obama administration, it failed to defend Canadian interests in terms of FATCA.