Registered savings accounts are traditionally seen as a safe haven for storing your wealth. You fund your an account with your money and it accrues interest over time, growing your wealth at a slow and steady pace. But for some individuals, diversifying their portfolio with a more tangible, traditional, and physical asset like gold may provide an additional layer of security and potential value appreciation.

One of the common myths is that you cannot include physical gold in a registered savings account. However, this is not entirely accurate. The truth is that it in Canada, you can infact add Gold bullion to your registered savings account. 

Physical Gold in a Registered Retirement Savings Plan (RRSP) 

In Canada, within a RRSP, you are able to add gold and other precious metals. However, you must be aware of the regulations that must be followed in order to do so. 

First, the gold must be in the form of bars or coins and have a purity of at least 99.5 percent. Furthermore, the gold must be held by a Canadian-chartered bank or its approved equivalent. You will not physically be in possession of this gold but rather have access to it through your investment account. However, you can opt to withdraw the Gold from your account by either liquidating or simply requesting to take possession of it. 

The Benefits of Adding Physical Gold to Your Savings Account

Adding physical gold to your savings account can be beneficial in numerous ways. First, gold is often seen as a hedge against inflation. During times of economic crisis, the value of gold tends to hold or even increase, offering protection for your wealth.

Second, gold provides diversification. The price of gold often moves independently of stock and bond markets, offering a cushion against potential downturns in these markets. It’s a way to spread risk and potentially improve the overall performance of your portfolio.

Lastly, gold has an intrinsic value that is recognized globally, and it remains a sought-after asset during times of economic uncertainty or geopolitical instability. This attribute can offer a sense of financial security that many savers appreciate.

Adding physical gold to a registered savings account could be a strategic move for diversifying your portfolio and protecting your wealth. However, it’s always recommended to consult with a financial advisor to fully understand the implications, benefits, and potential drawbacks associated with this decision.
To learn more about adding physical Gold to your registered savings account, please get in touch with our team and we will guide you through the process.