Are Canadian RRSP & TFSA accounts reportable?

For U.S. tax purposes, both RRSPs and TFSAs are considered bank accounts over which you have signatory authority. Therefore, they are required to be reportable on FBAR and Form 8938.

A TFSA (Tax-Free Savings Account) does not need to be reported as a PFIC because it is exactly what it says it is: a "Tax-free SAVINGS account",  not an investment vehicle.

Reporting regime for RRSP and RRIF was simplified by Notice 2003-75 for taxable years beginning after December 31, 2002. Income in the Canadian registered plans does not need to be recognized in the US until distribution. Upon distribution, the taxable portion reported as ordinary income. Form 8621 is not required.