Holding foreign equities in a TFSA can result in a bit of tax leakage since foreign dividends are generally subject to a 15 % withholding tax before they hit your TFSA, so your yield is slightly lower than it might otherwise be. (moneysense.ca)
If the dividend yield is 2 %, a 15 % withholding tax rate results in an annual tax leakage of 0.30 %. (canadiancapitalist.com)
I totally agree with the point that if equity premium is 3 to 4 percent and you are paying 2.5 percent in fees and another 1 to 2 percent in performance chasing, tax leakage etc., you might as well buy GICs. (canadiancapitalist.com)