As I said, this legislation does not apply to non-U.S. citizens, but if someone is a dual citizen, they are a U.S. citizen as well.
Canadian financial institutions will have to report accounts held by U.S. persons, which include most bank accounts, mutual funds, brokerage accounts, and so on. An account is not reportable if it falls within an exempt category, and I talked about registered savings plans, pooled registered pension plans, and so on.