SHOPIncome and capital gains taxes can viciously eat into your assets, especially if they’re treated as an afterthought. While many of our clients are already aware of tax-relieving vehicles like RRSPs and TFSAs, they’re pleasantly surprised to learn that these and other registered accounts can be used to hold eligible physical gold and silver purchases.
We believe that our clients deserve every opportunity to retain their hard-earned wealth, and straight-forward access to tax savings is one way to accomplish this. That’s why Guildhall partnered with Questrade to introduce Registered Precious Metals Accounts in 2015.
Our outside-the-box thinking allows Guildhall clients to benefit from a unique scenario: receiving tax advantages while still keeping those assets separate from mainstream banking and investment systems. Because this is a novel opportunity innovated by Guildhall, our team offers complimentary step-by-step assistance in earmarking your precious metal purchases in the Registered Savings Plans (RSP) of your choice.
RSP Section – to be styled similar to this section on the Strategies page
What is an RSP?
Registered Savings Plans (RSPs) or “registered accounts” are government-recognized financial vehicles designed to encourage Canadians to save for the future by providing tax deferrals or tax exclusions. An RSP can hold different financial products, like stocks, bonds, and – as of 2005 – certain precious metals. RSPs include:
- Life Income Fund (LIF)
- Locked-In Retirement Account (LIRA)
- Registered Education Savings Plan (RESP)
- Registered Retirement Income Fund (RRIF)
- Registered Retirement Savings Plan (RRSP)
- Tax-Free Savings Account (TFSA)
Each RSP has its own purpose, pros and cons, and maximum contribution levels. The type of account(s) you choose will depend on your individual situation and goals. We recommend speaking with a financial advisor if you’d like help determining what’s best for you.
- Our Registered Precious Metals Accounts are free to open and we don’t charge RSP account management fees. Guildhall is not a financial advisory firm and we therefore do not provide investment advice. We do, however, offer complimentary assistance in handling the administrative tasks related to this RSP account. We can open the account with Questrade on your behalf, assist in funding the account (which can include overseeing your cash payment or a transfer of funds from your existing registered accounts), and provide you with an inventory report. We only charge our clients for the purchase and physical storage of precious metals.
- We partner with Questrade to formally register your account and act as your RSP custodian. Questrade is a trusted online brokerage that is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF). Guildhall is one of the country’s only precious metals brokers with access to an IIROC-approved vault and a partnership with Questrade. This puts our clients in a unique position to outright own and access their physical assets while including those assets in an RSP – the best of both worlds.
- Only eligible gold and silver purchases can qualify for RSP inclusion. Canadian tax laws require a specific standard of authenticity, quality, and security in order for gold and silver purchases to be eligible for RSP inclusion. For example:
- Gold and silver purchases must be verified by a third-party custodian.
- The metals must be authenticated as at least 99.9% pure and purchased as bullion approved by the London Bullion Market Association (LBMA).
- Precious metals in a registered account must be stored and insured in an IIROC-approved facility.
- When you purchase and store precious metals through Guildhall, we can guarantee that all of these requirements are met.
- We provide trusted documentation you can depend on. When you need to verify your new purchase or what’s presently in your account, our team is there for you. By purchasing silver and gold through Guildhall and using our secure IIROC-partnered vault, the audit and authentication systems and processes are already in place. We can easily, efficiently, and authoritatively confirm your precious metals inventory to meet your requirements.
Good news!
For our American clients who would also like to take advantage of tax savings, we can work with you to place gold and silver bullion into your Individual Retirement Account (IRA).
