Geographical specific websites and duplicate content

I have a .com website which specifically targets the US. It has quite a few top rankings and a decent number of pages indexed.

Recently I setup a Canadian version on the .ca domain name. I needed to make it a separate site, because it will have different product availability.

So the question is, in a case where I do have the identical product for both sites, can I have a page with the same content on both the .com and the .ca site? I would like Canadian customers to find the .ca page, and US customers the .com page.

Is this possible? Or will the pages be penalized for duplicate content?

This should be fine. Matt Cutts recently addressed this type of thing. See:
‪Is the same content posted under different TLDs a problem?‬‏ - YouTube

But, Matt Cutts then seemed to have other thoughts on the subject. See:
‪GoogleWebmasterHelp's Channel‬‏ - YouTube

I have a client who has done this without any problems so far. Make sure you geo-target each domain appropriately in Google Webmaster Tools.