GIC in side a TFSA

[jawahar]

I am a dual US / Canadian citizen living at present in Canada
I know that having a TFSA is not beneficial as we may have to pay tax on the gains each year to the IRS and if the funds in the TFSA are in mutual funds then there are additional reporting requirements.

But I heard recently that if the funds in a TFSA are in a GIC then , they do not have to be reported to the IRS , so my question is will I still be taxed for the gains?
If I put the funds in for say for three years and keep renewing for three years (or what ever term) then will I have to declare the gains every three years to the IRS and possibly be taxed ?

Thanks
Jawahar

[nelsona]

You'd have to point us to where you "heard" this from.

Canadian Interest is taxable in US if you reside in US. Even in a TFSA.