Economic Action Plan 2014 Act, No. 1

Elizabeth May: Mr. Speaker, I asked this question recently of my friend on the Conservative side, and I wonder if my hon. colleague from Skeena—Bulkley Valley could share his view with the House.

I do not think we have had any estimates put forward of what it would cost the Canadian banks, which we know they would not absorb but pass on to consumers.

Not only is FATCA discriminatory towards approximately one million Canadians, not only is it likely to waste government resources in fighting off a Supreme Court challenge on its constitutionality, which the federal government is undoubtedly going to lose, but what will it cost Canadians?

I know that the official opposition has been involved on the banking charges and fees. Has the hon. member seen any estimate anywhere of the cost to Canadian banking customers?

Imagine the cost of every single account of every single customer having to be examined by the banking institutions and, for those who have any U.S. connection, having to be turned over to the CRA to turn over to the IRS.