News Flash: The United States government is so desperate for cash that the IRS has put the RRSP back into the penalty base for the Offshore Voluntary Disclosure Initiative. You can read about here and at the Serbinski Forum (see comments by Tacova and tsanaha).
Imagine that. The United States is now raiding the retirement accounts of Canadians. Way to take the high ground Mr. Shulman. Way!
The United States keeps telling us that this is about punishing big tax cheats. Right. FATCA is about getting account information so that every single “United States person” resident in Canada can get FBAR fine for 50% of what is in their RRSP/TFSA/RDSP/RESP accounts. Are you watching this Minister Flaherty?