Favorably, by cross-border standards. Under the US-Canada treaty, income accruing inside an RRSP is tax-deferred for US purposes, and since Rev. Proc. 2014-55 that deferral is automatic: no annual election is required. You pay US tax when you take distributions, coordinated with the Foreign Tax Credit.
The reporting does not go away: an RRSP counts toward the FBAR $10,000 aggregate threshold and toward Form 8938 thresholds. The deferral protects the income, not the paperwork.