Yes, I would agree with that. I have heard from some government officials that we were offered a concession in that these wouldn't be reportable accounts, retirement accounts. But, in fact, in the U.S. model 1 IGA, they're offering that exemption of retirement accounts to every single country that signs an IGA. So it's no special exemption for Canadians.
You're exactly right to worry that even though they're exempt, non-reportable, they're still subject to U.S. taxation. This has created a great deal of fear among many Canadian taxpayers.