Finance committee  In the case of Luxembourg, just like Hong Kong until 2009, Luxembourg was not prepared to override its domestic secrecy law. As of 2009, they decided they were prepared to incorporate in their treaty exchange agreements information that would override their bank secrecy law, but

Finance committee  Only a minority of countries have bank secrecy laws. The vast majority of our treaty partners don't. The treaties we have with them do not contain any restriction on that, on whether it's on-demand or automatic. It's a case-by-case determination of whether it is worthwhile for us

Finance committee  Our treaty policy is to achieve shared taxation of pensions. We like to tax pensions from all sources. We also like to withhold on pensions paid to non-residents in Canada to the extent that they contributed to the pension system here in Canada, with tax-assisted RSPs and the lik

Finance committee  Yes.

Finance committee  I can tell you that the OECD has started to do work on this. As an OECD member, we're very interested in that. They're examining the design issues around multilateral automatic exchanges of information. That work is just getting started, and we'll participate in it.

Finance committee  You have one minute left, Mr. Hsu.

Finance committee  You're referring to which kind of payment?

Finance committee  That's correct, so obviously this is a case-by-case determination.

Finance committee  The experience we have on the relationship where we do have automatic exchange of information is that, yes, a lot of paperwork and a lot of data are involved. In the case of Hong Kong, it was not contemplated—

Finance committee  That's not quite accurate. The TIEA with Lichtenstein applies in respect to future taxation years, so if you were to have investments in Lichtenstein and you left them there after the TIEA came into force, we could ask for your information.

Finance committee  Well, that's why we've been busy negotiating with the TIEA countries so far, and we intend to continue to do so. The exchange of information as a principle is a good thing. We should have that with everyone—

Finance committee  We've negotiated 30 TIEAs. Sixteen are in force. Six are signed. The rest are under negotiation.

Finance committee  I believe they are.

Finance committee  I believe they are. Certainly, we've been establishing a relationship with these jurisdictions, and yes, I think they are successful.

Finance committee  I'm not sure that I could put a dollar figure on it.