Adding Precious Metals to Your RRSP in Canada

gold canadaMore and more people all over the world are starting to see the benefits of investing in gold, and the same is true for Canada. However, this is a relatively new opportunity, which means many Canadians are not quite aware yet of how to go about this, and why it would benefit them. Many financial experts now recommend that Canadians convert at least part of their RRSP (Registered Retirement Savings Plan) into a precious metals plan, including physical silver and gold bullion. This has been accepted since 2005, when the CRA (Canadian Revenue Agency) first allowed those holding an RRSP to invest it in precious metal bars and coins of pure investment grade. This includes the Austrian gold and silver philharmonic coins, the American gold and silver eagle bullion coins, and the Canadian gold and silver maple leaf bullion coins to name but a few.

It is possible to also include other bars and coins, so long as it is at least 99.5% pure, which is part of the rules that the CRA has set. Additionally, they must be purchased directly from a refiner that is fully accredited, or from a financial institution that is properly regulated by the government. Another important rule is that the value of the coin must be derived from the precious metal content. This means that any numismatic value cannot be considered. Indeed, the CRA does not allow numismatic collections to be part of an RRSP, even if they are of the right purity and have come from a registered financial institution or accredited refiner.

How to Use an RRSP to Invest in Gold

rrspThe easiest way to invest in gold is through an RRSP. This is mainly due to the tremendous tax advantages it provides. Furthermore, it is a secure investment and one that ensures only high purity bullion is included. High purity equates to high value, and this in turn means that you will have a stable investment that you can come to rely on when you want to retire. However, it is very important that you stick to the various rules when you take out a gold RRSP, or a TFSA (Tax-Free Savings Account) for that matter.

What Is a TFSA?

The TFSA is a Canadian program that was originally launched in 2009. It has been designed to give individuals aged 18 or over with a valid Canadian social security number, the opportunity to save money tax free throughout their career. When you contribute to a TFSA, you do not have to deduct this from your income taxes. Rather, any money that is contributed to the TFSA, as well as any money that is earned through the TFSA (this includes capital gains and investment income) is tax free. In fact, even when the money is withdrawn, you don’t have to pay taxes for it. However, you cannot deduct money borrowed to fund the TFSA, or interest on the TFSA from your taxes.

Where to Invest in Gold and Silver RRSPs or TFSAs

If you want to hold physical gold or silver bullion in an RRSP or TFSA, you will have to pay certain costs. The first cost, naturally, is the purchase price of the bullion itself. Secondly, you must have this verified by a custodian, which is a third party who reports directly to the CRA. Next, you have to pay the cost of transport to a secured location. Finally, you have to pay for that storage as well. For some people, all of these costs make it feel as if the investment is not worthwhile, particularly since bullion does not earn any interest.

tfsa rrspWhile this is a consideration to make, and determining whether a gold RRSP or TFSA is the right solution for you is a personal decision, the truth is that these types of investments come highly recommended by financial experts. The reason for this is because bullion is one of the most secure types of investments, above and beyond what any other type of investment can offer. Furthermore, gold has always been and will always be in high demand, it is not susceptible to geopolitical unrest, and it doesn’t respond to either inflation or deflation. While there are some small fluctuations in the price of gold, the reality is that it will always be worth a lot money and is therefore a solid investment that will give you the value that you expect once you decide to turn it into cash. It is also for this reason, for instance, that people who believe the world is heading for an apocalyptic event try to hoard precious metals, knowing that they will always be valuable as currency regardless of where they are in the world and the economic situation.

In addition to that is the fact that any investment portfolio should be a diverse portfolio. Every type of investment has potential risks, and they all have their own pros and cons. While you should never put all your eggs in one basket, leaving out precious metals in favor of other types of investments is not the right decision either. Bullion gives you the security of knowing that, should the global economy completely collapse and your stocks, bonds, options, and securities suddenly become worthless, you still have a substantial amount of capital in precious metals.

Opening a Gold RRSP

There are numerous third party companies in Canada that enable you to take out a gold RRSP. It is your responsibility to research those in order to find the one that will best meet your needs. A few things to look out for is how easy they make it for you to set up an account, that they report to the CRA, that they can buy back your bullion, and that they have an excellent reputation. One company that meets all of those needs is Regal Assets.

Why Regal Assets

regal assetsRegal Assets was originally founded in 2009. Just one year later, it was rated as the top company of its kind by various financial institutions. Today, they have a presence in numerous countries, including Canada, United States, and United Arab Emirates(Dubai). For the past seven years, they have been able to maintain their reputation of being the best, something that they take very seriously. They work tirelessly to make sure they continue to deserve this reputation, and therefore have a number of specific strategies in place:

  • They ensure that their customers always come first, which is also why they educate them on precious metals and RRSPs/TFSAs. Anyone who signs up with them will receive a free roll over kit that explains all there is to know about this form of investing. Furthermore, no documents have to be signed until people feel 100% comfortable with their decision.
  • They don’t push for sales. They do not encourage people to purchase collectibles and proof coins, even if they mean higher fees for the company. This is due to the fact that the CRA does not approve numismatic coins for RRSP investments anyway, focusing solely on the value of the precious metal content in the coin.
  • They have multiple options for storage, including Canada, Singapore, and Dubai. The latter is the gold capital of the world and one of the most stable financial jurisdictions as well.
  • They are fully transparent about their fees and commissions, meaning people know exactly what they will have to pay should they decide to sign up.

The company is known the world over for excellence, which is demonstrated by their having performed hundreds of millions of transfers. They were also the first company in the world to create a video documentary of gold being received and stored, so people can see exactly how the precious metals are stored, which are not commingled. Additionally, they give people the option of storing their precious metals abroad, which avoids further taxes and penalties. They also offer a shipping guarantee, so that clients know that their purchases will be stored within seven days or less. Importantly, they buy back any precious metals and guarantee that funds are transferred and received within 24 hours.

customer ratingRegal Assets has been officially endorsed by prominent figures such as Lars Larson, Jerry Doyle, Laura Ingraham, and Dennis Miller. Furthermore, they are highly rated on various important channels. For instance, they:

  • Have over 1,000 positive five stars TrustLink reviews
  • Are ranked #20 in the USA by Inc 500
  • Have an A+ rating from the BBB (Better Business Bureau)
  • Have an AAA BCA (Baseline Credit Assessment) rating
  • Have received a wealth of positive reviews from their thousands of happy customers the world over

It is obvious from the above that Regal Assets is the top choice in Canada for anyone who wants to use an RRSP or TFSA to invest in gold. The company was originally launched by a Canadian and he has dedicated himself to making his programs available to more people all over the world. Regal Assets first started to operate in Canada in 2015 and they are now the most established company of its kind in the country. The fact that it is so well-reviewed and that it is endorsed by so many experts is, of course, beneficial. In addition, they are the only ones in Canada who also offer an offshore facility.

Check Out the #1 Most Preferred Gold RRSP Firm Today – Give them a call: 1-855-353-3915

Here’s a quick screenshot of what the clients have to say about Regal Assets on Trustlink: