Gold RRSP, launched in 2015, offers a free personal finance education website that explains how investors can diversity their retirement savings plan (RSP), locked-in registered account (LIRA), and tax-free savings account (TFSA) accounts with previous metals, such as gold and silver bullion, which the Canada Revenue Agency has allowed for about 15 years
Gold RRSP’s previous national survey showed that respondents didn’t know they could use all or part of their RSP and TFSA accounts to buy physical gold and silver or transfer their current savings in those accounts into those assets, tax-free. While Rahal said Americans have been choosing this precious metal option for awhile, it’s just picking up in Canada as investors learn they can buy more than their bank’s products – stocks, bonds, mutual funds, and exchange-traded funds (ETFs).
“People in Canada are just starting to discover there is a legal, CRA-approved way to use their savings account to invest in precious metals, so these results reinforce what we’re doing,” said Rahal. “We’re teaching people how to do it step by step, and then showing them all the different companies that can help them in the process.”
Rahal said Scotiabank is one of the few banks that helps investors invest in precious metals, but Gold RRSP’s site offers several companies that advisors can partner to provide this service. Some would even pay advisors a commission for a referral.
Gold RRSP’s new study surveyed 1,506 Canadians, aged 35 and over, from across the country on May 10 and 11. It showed that:
