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Obviously, Canadian drugs are manufactured to be as safe as drugs here in the US. What the FDA is saying is that they, the FDA, cannot guarantee the safety of Canadian drugs since they, the FDA, do not monitor Canadian manufacturers. So it's kind of a technicality.
There are two legitimate concerns regarding imported drugs that fall out from this. First, no one can ensure that imported drugs are being sold within their expiration dates. Secondly, no one can ensure that imported drugs are approved for the indication they're being sold for. If the US had an agreement with Canada to address these issues, there would be no problem.
You are correct, that Health Canada's regs are similar to those of FDA, since like a lot of Western countries, they follow the same international rules for drug testing and approval, known as ICH (International Committee on Harmonization, covers US, EU and Japan). But the agencies are still autonomous and make their own decisions regarding safety and efficacy. So all the FDA is saying is that when an American buys drugs from a Canadian supplier, he/she is getting something the FDA may not itself have approved.
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