Mr. Speaker, I have a question on Part 5 of Bill C-31, specifically on the issue of FATCA and its application to registered savings plans, RRSPs, registered education savings plans, and registered disability savings plans. Those plans have matching grants provided by the Government of Canada, funded by the taxpayers of Canada, that are intended to go to people with disabilities or to young people to save for their educations. Under FATCA, earnings from those deposits made by the Canadian government would be taxable by the IRS.
Does the Minister of State for Finance believe that this would be consistent with the intentions of those programs and that it would be appropriate for the Canadian taxpayer to be funnelling money to the IRS and the U.S. treasury?
Second, has the government calculated how much money would be going to the IRS from the Canadian treasury as a result of FATCA and the provisions of this bill?