Rules
RRSP Eligible Gold and Silver: Which Bullion Products Qualify and How to Hold Them
RRSP eligible gold and silver rules turn on CRA purity and custody tests. Products must be Maple Leafs or LBMA bars, storage must sit with a Canadian plan custodian.
What to take away
- Gold and silver qualify for an RRSP only when they meet the Canada Revenue Agency purity and origin tests in the Income Tax Act.
- The most defensible products are Royal Canadian Mint Gold and Silver Maple Leaf coins and bars from LBMA Good Delivery refiners.
- The metal must sit in a plan custodian's vault, not in a home safe or a personal safe deposit box.
- Written CRA qualification evidence should be part of every purchase.
- The plan agreement must name the custodian and state that the bullion is held in the plan's name.
The Canada Revenue Agency (CRA) does not publish one simple list of every RRSP-eligible bullion product. The eligibility test lives in the Income Tax Act and its regulations, particularly the qualified investment rules. Dealers routinely sell more products than the CRA will accept inside a registered account.
The premium over spot for an eligible coin or bar affects the all-in cost. The bullion pricing guide explains how spot, premium and fees fit together. The qualified investments bullion test is narrower than general plan wording on a bank website.
Scopes that are actually different jobs
A bullion dealer sells metal. A plan trustee or issuer administers the RRSP. A qualified custodian stores the metal. These are separate jobs, and one company may not do all three. You need to confirm each role in writing before you buy.
Some dealers offer a bundled custody arrangement, but the plan paperwork must still name a Canadian trust company or another qualified issuer. RRSP gold storage in Canada requires a plan custodian, not a personal safe. The cross-border bullion purchases page explains what changes when the metal crosses the border.
Three separate roles
Bullion dealer
- Sells metal
- Yes
- Administers RRSP
- No
- Stores metal
- No
- One company may do all
- Maybe
- Confirm in writing
- Yes
Plan trustee/issuer
- Sells metal
- No
- Administers RRSP
- Yes
- Stores metal
- No
- One company may do all
- Maybe
- Confirm in writing
- Yes
Qualified custodian
- Sells metal
- No
- Administers RRSP
- No
- Stores metal
- Yes
- One company may do all
- Maybe
- Confirm in writing
- Yes
Questions to ask before you buy
The questions to ask are:
- Which Canadian trust company or qualified issuer will act as the plan custodian and hold the metal in the plan's name?
- Is this exact product a qualified investment, and which provision of the Income Tax Regulations covers it?
- What is the all-in costyour premium over spot, the custodian's annual fee, and any minimum purchase?
- If the metal fails the test later, who carries the tax consequence?
Questions to ask
- Show CRA or Income Tax Act qualification
- Name Canadian trust company custodian
- Confirm statement shows RRSP asset
- Get written custodian purity confirmation
The broad RRSP framework is described in the Registered Retirement Savings Plan article, but the CRA tests for bullion are narrower than the general definition.
Evidence to request in writing
The evidence to request before you commit includes:
- A written statement citing the Income Tax Regulations provision that covers the product, such as paragraph 4900(1)(d) for gold and silver bullion coins.
- The plan and custody agreement naming a Canadian trust company as custodian.
- A custodian statement or vault receipt showing the metal is held in the plan's name.
- Assay certificates for bars, the refiner's name and the bar serial numbers, or the current LBMA Good Delivery listing entry.
Evidence to request
- Income Tax Act regulation or CRA interpretation
- Refiner purity certificate with LBMA status
- Custody agreement naming trust company
- Audited inventory report in plan name
General risks of safe deposit boxes are covered in the safe deposit box article, but the registered plan point is that personal custody breaks the trust requirement.
Answers that should end the conversation with a dealer
A dealer who cannot answer the questions above with written references is not a fit for registered bullion. Three answers should end the conversation immediately:
When to walk away
Dealer gives no written CRA reference?
Stop, do not open plan
Continue to next checks
What the agreement must say
The plan and custody documents must state, in writing, the following:
- The bullion is a qualified investment for registered plans under paragraph 4900(1)(d) of the Income Tax Regulations.
- The plan issuer or trustee is a Canadian trust company, insurer, or other qualified issuer. Examples include CIBC Mellon Trust Company, RBC Investor Services Trust and Computershare Trust Company of Canada.
- The custodian will provide an annual audit or statement to the Canada Revenue Agency on request.
- If the metal fails qualification, the agreement names which party bears the tax consequence.
The custodian named on your documents depends on the plan provider and the dealer. Confirm the exact legal name before you fund.
Which products typically qualify
| Product type | CRA purity test | Examples that meet the purity and origin tests |
|---|---|---|
| Gold bullion coin | At least 99.5% fine gold | Royal Canadian Mint Gold Maple Leaf |
| Silver bullion coin | At least 99.9% fine silver | Royal Canadian Mint Silver Maple Leaf |
| Gold bar | At least 99.5% fine gold | LBMA Good Delivery bars from refiners such as Royal Canadian Mint, Perth Mint, Valcambi, PAMP |
| Silver bar | At least 99.9% fine silver | Same refiner list |
For readers comparing with US structures, the self-directed IRA page covers a parallel set of rules, but Canada's RRSP qualified investment tests are different.
How to open and fund the account
- Open a self-directed RRSP, or transfer an existing RRSP, at a bank, credit union or brokerage that allows qualified bullion. A plain mutual fund RRSP will not hold metal.
- Ask which Canadian trust company will act as custodian, and get the name in writing before you sign anything.
- Sign the plan and custody documents first. Do not buy metal in your own name and move it in later, because the CRA treats that as a sale at fair market value.
- Buy only products that meet the test, from a dealer that supplies the written CRA reference. Royal Canadian Mint Gold and Silver Maple Leaf coins are the simplest fit.
- Fund the purchase from inside the RRSP, then check the first custodian statement. It should show the metal registered to the plan.
- Keep every statement, receipt and assay certificate, because the CRA can ask the custodian for records.
Costs come in two parts: the dealer's premium over spot on the metal, and the custodian's annual account or storage fee. Retail premiums on Maple Leaf coins are commonly a few percent over spot, in the typical range of 3% to 8% depending on the coin and the quantity.
Annual custody fees are often quoted at about 0.5% to 1% of metal value, sometimes with a minimum account fee. Minimum purchase sizes are set by the custodian and the dealer. Ask for all three figures in writing before you fund the account.
