This page covers the ways Canadians can invest in gold (bullion ETFs, physical coins and bars, mining stocks and certificates), how each is taxed and which accounts can hold it. It is part of our investing basics guides; the individual gold ETFs, their fees and returns are compared in best gold ETFs in Canada. Gold is one of several alternatives to stocks and bonds covered on the crypto and alternative investments hub.
Ways to Invest in Gold in Canada
| Method | Cost to Start | Storage | Liquidity | TFSA/RRSP Eligible | Best For |
|---|---|---|---|---|---|
| Gold ETFs | Price of 1 share | None | High: trade on the TSX | ✅ Yes | Most investors |
| Physical gold coins | Gold price plus a dealer premium | You store or pay vault | Low: sold to a dealer or privately | ❌ Not if you hold them yourself (qualifying coins held by a plan trustee can be) | Tangible asset believers |
| Physical gold bars | Gold price plus a dealer premium | You store or pay vault | Low: same as coins | ❌ Not if you hold them yourself (qualifying bars held by a plan trustee can be) | Large allocations |
| Gold mining stocks | Price of 1 share | None | High: trade on the TSX | ✅ Yes | Growth + leverage to gold |
| Gold mining ETFs | Price of 1 share | None | High | ✅ Yes | Diversified mining exposure |
| Royal Canadian Mint products | Varies | You store | Low-moderate | ❌ Not if you hold them yourself | Collectible + investment |
| Gold certificates | Varies by bank | Bank holds gold | Moderate | Can be, if issued by the Royal Canadian Mint or a regulated financial institution and backed by qualifying bullion | Bank clients |
Gold ETFs
Gold ETFs come in two kinds. Physical bullion ETFs and trusts hold gold bars in a vault and track the gold price, less a management fee; some Canadian-listed versions are currency-hedged and some are not. Gold mining ETFs hold shares of mining companies, which tend to rise and fall more than the gold price itself and may pay small dividends. The current funds, their fees, hedging and historical returns are compared in best gold ETFs in Canada.
Physical Gold vs Gold ETFs
| Factor | Physical Gold | Gold ETF |
|---|---|---|
| Ownership | You hold the metal | Fund holds gold on your behalf |
| Storage | Home safe, safety deposit box, or vault | No storage needed |
| Insurance | Your responsibility | Included in fund |
| Buying/selling | Dealer premium when buying and a lower buy-back price when selling | Exchange bid-ask spread plus any trading commission |
| Annual cost | Storage and insurance, if you pay for them | The fund’s MER (see the gold ETF comparison) |
| Liquidity | Days to sell | Seconds to sell |
| TFSA/RRSP | Only qualifying bullion held by the plan’s trustee | Eligible |
| Counterparty risk | None if you hold it yourself | Fund custodian risk (low) |
Buying Physical Gold in Canada
Royal Canadian Mint
| Product | Purity | Sizes Available | Where to Buy |
|---|---|---|---|
| Gold Maple Leaf coins | 99.99% | 1 oz, plus fractional sizes | Mint website, banks and dealers |
| Gold bars and wafers | Stamped on each bar by the refiner | Vary by refiner | Banks and dealers |
For a coin or bar to qualify for a registered plan through a trustee, CRA requires at least 99.5% gold purity, a purchase from the Mint (or the refiner) or a regulated financial institution, and, for coins, a price no more than 110% of the gold content’s value.
Banks and Dealers
| Seller | Type | How to Buy |
|---|---|---|
| TD Precious Metals | Bank | Online |
| CIBC Precious Metals | Bank | Through CIBC Online Banking or at a CIBC branch |
| Kitco | Bullion dealer | Online |
| Silver Gold Bull | Bullion dealer | Online |
Premiums over the gold price, buy-back prices and shipping terms differ by seller and by product size, so it is worth comparing the quoted buy and sell prices before ordering.
Gold Mining Stocks (Canadian)
| Company | TSX Ticker | Type | Revenue Source |
|---|---|---|---|
| Barrick Mining (formerly Barrick Gold) | ABX | Miner | Gold and copper mines worldwide |
| Agnico Eagle Mines | AEM | Miner | Mines in Canada, Australia, Finland and Mexico |
| Franco-Nevada | FNV | Royalty and streaming | Royalties and streams on other companies’ mines |
| Wheaton Precious Metals | WPM | Streaming | Precious metals streams |
| Kinross Gold | K | Miner | Mines in the Americas and West Africa |
Tax Treatment of Gold in Canada
| Investment | TFSA | RRSP | Non-Registered |
|---|---|---|---|
| Gold ETFs (Canadian-listed) | Tax-free | Tax-deferred | Capital gains on sale (50% inclusion) |
| Physical gold | Only qualifying bullion held by the plan’s trustee | Only qualifying bullion held by the plan’s trustee | Capital gains on sale (50% inclusion) |
| Gold mining stocks | Tax-free | Tax-deferred | Capital gains + dividends taxed |
| US-listed gold ETFs | 15% withholding on any dividends (physical gold ETFs pay none; see withholding by account) | No withholding (treaty) | Capital gains + FX gains/losses |
Gold Allocation by Investor Type
There is no standard gold allocation; how much, if any, depends on the rest of the portfolio. How different investors tend to use it:
| Investor Profile | How gold is used | Common Method |
|---|---|---|
| Conservative, capital preservation | A diversifier alongside bonds and cash | Physical gold ETFs (CGL, VALT) |
| Balanced portfolio | A small slice within the asset allocation | Gold ETF |
| Growth-oriented | Often none, or a small position for leverage to the gold price | Gold miners ETF (XGD) |
| Crisis hedger | A hedge against financial-system stress | Physical gold plus gold ETFs |
| Income-focused | Usually none, since gold pays no income | None |
Frequently asked questions
Is gold taxable in Canada? Yes. Physical gold and gold ETFs are subject to capital gains tax when sold. For individuals, 50% of the gain is included in income at your marginal tax rate. Gold ETFs held in a TFSA grow tax-free, and in an RRSP tax-deferred; the gold ETF comparison lists the Canadian-listed options.
Is physical gold a good investment in Canada? Physical gold (bullion or coins) you hold yourself gives direct ownership of the metal, with no fund or financial institution in between. However, storage costs (vault fees or home insurance) reduce effective returns. Physical gold is also less liquid: selling means going to a dealer. For most Canadians, a gold ETF in a TFSA or RRSP is more practical.
Does gold pay dividends or interest? No. Physical gold and gold bullion ETFs pay no income: they only appreciate (or depreciate) in price. Gold mining ETFs pass on the small dividends some mining companies pay.
How much of my portfolio should be in gold? Investors who hold gold usually keep it to a small share of the portfolio. Gold has tended to move independently of stocks, so a small allocation can reduce overall volatility, but it pays no income. The mix of stocks, bonds and other assets for each age is covered in asset allocation by age.
Related Resources
Sources
The figures and rules on this page come from these sources, last checked against them between September 23, 2026 and September 25, 2026. How we check facts.
- Canada Revenue Agency: Capital Gains – 2025
- Department of Finance Canada: Convention between Canada and the United States of America with Respect to Taxes on…