Canadian High Interest Savings Bank Accounts

Almost all investments have risks (even with cash: after taxes and inflation you lose purchasing power almost every year with interest rates below ~3-4%). Stock and mutual fund risk is just more obvious in the short term, while the benefits accrue over time.
The tax treatment within a TFSA is the same as that within a RRSP, and per the above most people should have stocks (either directly or within mutual funds) within their investment portfolio so that then can keep ahead of inflation in the long term.
You need to balance the overall risks of the different investments (i.e. cash,GICs, gov't and corporate bonds, stocks, mutual funds,etc), with an overall plan for asset allocation within your own risk tolerance. Once this overall plan is in hand, then the different investments can be optimized into different accounts (regular, RRSP, TFSA) based on the specific tax advantages/disadvantages of each.