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This doesn't make any sense.

I wonder if anyone could explain this to me? In order to make an RRSP contribution in the 1st place, it must be done with income earned in Canada. Therefore, why would the US government have any interest in accounts generated from exclusively Canadian earned sources?

The "irrevocable election" to defer them sounds like you're saying "Here's my RRSP $$$ in Canada, now I'll be quiet for the rest of my life. See ya" to Uncle Sam. Again, if this is an option, whynot just forgo the whole mess? Why have form 8891 at all? What's the point?
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