Economic Action Plan 2014 Act, No. 1

On Wednesday, June 4th, 2014 in Parliament, Questions on the Order Paper

Elizabeth May: Mr. Speaker, given that the FATCA buried in Bill C-31 requires that the bank search every single customer record with a fine-tooth comb, does the government have any estimates for what that is going to cost and how much of those costs will be passed on to every bank customer across Canada?

Scott Armstrong: Mr. Speaker, as I said, I can remember the finance minister standing in the House and addressing opposition questions similar to this one on this deal. This government conducted a tough negotiation with the United States of America, and we made sure that we put a negotiation in place to protect the privacy and the economic concerns of people who might be affected by this legislation that was put forward in the United States.

As for the actual financial costs, those will have to be determined as we move forward, because we cannot predict what is going to happen in the future. However, I can say that we will invest whatever money it takes to protect the finances and privacy of all Canadians who could be affected by this legislation.

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