Purpose and summary
This post is motivated by another incredibly frustrating discussion I had with someone this morning. The problem is aggravated by the reliance on a financial planner selecting the composition of a TFSA portfolio aggravated by what (in my opinion) is unnecessary churning of the account.
While it is important that U.S. citizens in Canada DO have TFSAs, it is important that they keep track of the income earned in the TFSA. It is also important that they do NOT invest in mutual funds or ETFs inside the TFSA or ISA*. People should invest in individual stocks which pay dividends. I will now explain why.