Here is Information on FATCA From CRA.
Updated link to FAQS on IGA: http://www.cra-arc.gc.ca/tx/nnrsdnts/nhncdrprtng/fq-eng.html
This information in particular jumped out at me under II
Will my financial institution be asking me if I was born in the U.S.?
A financial institution complying with the agreement will not be required to ask its account holders about their place of birth.If a financial institution, applying the due diligence rules of the agreement to its accounts, discovers any records connected to the account that have an unambiguous indication of a U.S. place of birth, the financial institution may treat the account as a reportable account or follow up with the account holder to obtain documentation that shows the account holder is not a U.S. resident or U.S. citizen.
Does the agreement require Canadian financial institutions to report to the CRA on any individuals who were told that they relinquished their U.S. citizenship when they became Canadian citizens?
The agreement does not require Canadian financial institutions to report on any individuals who have relinquished their U.S. citizenship and are not residents of the U.S.
Most of our banks won’t have an “unambiguous U.S. place of birth in their records because they were not able to ask that question when we opened accounts with them.
I don’t have the energy or concentration to review this or comment in detail tonight (just returned from the Information Session in London Ontario). However, I wanted to get it posted so others could see it and share their thoughts.