U.S. indicia means any sign that you have ANY U.S. connection and that doesn't mean you have to be a citizen of the U.S. For instance foreign spouses and children will have their bank data turned over too. It has nothing to do with U.S. assets. You do not have to have ANY U.S. assets to be reported on by your bank.
If you or your family have any U.S. indicia then TFSA's are NOT a good savings vehicle for you or your family. RRSP's will have to be reported if you share one with a Canadian or have one yourself.
For some people the only way to continue to bank normally where you live or save for your future or your kids future is to renounce. Yes, it takes time. The consulate in Toronto is backed up with these right now but, it's not impossible. Sad to say that's what it has come to.
I suggest if you are Canadian that you go look up support from perhaps Maple Sandbox or Isaac Brock Society as there are questions on the side bar to guide you through the process of some of this. Also, you could pm me any questions. I've known about this for two years. My spouse objected strenuously to having his banking data turned over to the U.S. and he's the only wage earner in our family since I stayed home our son who has disabilities. Therefore we went though quite a time figuring out what to do. We just couldn't justify his not being able to save, bank or live just because he married me. Also couldn't justify decades more of compliance for our family including our son who the U.S. claims as also American for tax purposes. Yes it's kind of a big fat mess in many, many ways.
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