Filing joint IRS return with US spouse - Canadian interest income?

[ezgrower]

I am a Canadian citizen residing in Canada. My wife is a US citizen residing in the US (for now). We filed a Section 6013(g) election with IRS for me, allowing my wife to file as married filing jointly, substantially reducing her tax burden. My only income is interest on my savings at Canadian credit unions. Does IRS' worldwide income reporting requirement include unearned income like bank account interest?

[cqhg]

If you file jointly married, the interest outside US bank will be reported on 1040 Schedule B.

[nelsona]

And any tax that you pay in Canada on that interest can be used on form 1116 (passive) to overcome the US tax.