FATCA did make it so to speak as an issue to do something about.
From the recommendations:
The Canadian Bankers Association highlighted that the U.S. Foreign Account Tax Compliance Act applies to Canadian financial institutions and account holders. In its view, future trade agreements concluded by Canada should prohibit the extra-territorial application of foreign laws to Canadian financial institutions.
There is no better time to implement this policy than now. If you let it stand now then it will be next to impossible to undo at a later date. NOW is the time, not later when you can only HOPE that the Americans will accept such a prohibition.
It makes no sense to believe that you can do it in the future but not in the present. There is no existing trade agreement that accepts the unilateral extraterritorial imposition of the laws of another country. FATCA is a unilateral abrogation by the U.S. of all existing tax treaties. This must be made clear. Trying to incorporate the IGA’s into existing tax treaties is nothing less than a lie by both parties. FATCA’s extraterritorial application and the exchange of private information is a substantial structural change to the distribution the of powers that can be exercised by one party, U.S., against the other party.