What is the best way to invest in gold in Canada?

For most Canadians, gold ETFs are the best option. iShares Gold Bullion ETF (CGL) or CI Gold Bullion Fund (VALT) give you physical gold exposure without storage hassles, and can be held in a TFSA or RRSP. For physical gold, the Royal Canadian Mint sells coins and bars directly.

Can you hold gold in a TFSA?

You can hold gold ETFs in a TFSA, but you cannot hold physical gold bars or coins directly in a TFSA. Gold ETFs like CGL, VALT, or MNT are TFSA-eligible. Sprott Physical Gold Trust (PHYS) qualifies as a mutual fund trust and is also eligible.

How much gold should I have in my portfolio?

Most financial advisors recommend 5–10% of your portfolio in gold as a hedge against inflation and market volatility. Conservative investors may hold up to 15%. Gold does not pay dividends or interest, so holding too much can drag on long-term returns.

How to Invest in Gold in Canada (2026 Guide)

Ways to Invest in Gold in Canada

Method	Cost to Start	Storage	Liquidity	TFSA/RRSP Eligible	Best For
Gold ETFs	Price of 1 share (~$20–50)	None	High — trade on TSX	✅ Yes	Most investors
Physical gold coins	$100+ per coin	You store or pay vault	Low — need to sell privately or to dealer	❌ No (directly)	Tangible asset believers
Physical gold bars	$2,000+ per bar	You store or pay vault	Low — same as coins	❌ No (directly)	Large allocations
Gold mining stocks	Price of 1 share	None	High — trade on 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	❌ No (directly)	Collectible + investment
Gold certificates	Varies by bank	Bank holds gold	Moderate	Depends on structure	Bank clients

Best Gold ETFs in Canada

Physical Gold ETFs

ETF	Ticker	MER	Type	Currency
iShares Gold Bullion ETF	CGL / CGL.C	0.55%	Physical bullion (hedged/unhedged)	CAD
CI Gold Bullion Fund	VALT	0.16%	Physical bullion	CAD
Purpose Gold Bullion Fund	KILO	0.23%	Physical bullion	CAD
Sprott Physical Gold Trust	PHYS	0.40%	Physical bullion (Mint-stored)	USD (TSX)
Royal Canadian Mint Gold ETR	MNT	0.35%	Gold receipts	CAD

Gold Mining ETFs

ETF	Ticker	MER	Focus	Yield
iShares S&P/TSX Global Gold Index	XGD	0.61%	Global gold miners	~1%
BMO Equal Weight Gold Index	ZGD	0.61%	Canadian gold miners	~1%

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 spreads (3–8% markup)	Exchange spreads (~0.1%)
Annual cost	Storage/insurance (~0.5–1%)	MER (0.16–0.55%)
Liquidity	Days to sell	Seconds to sell
TFSA/RRSP	Not eligible directly	Eligible
Counterparty risk	None — you hold it	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%	1/20 oz, 1/10 oz, 1/4 oz, 1/2 oz, 1 oz	Mint website, authorized dealers
Gold wafers/bars	99.99%	1 oz, 10 oz	Mint website, authorized dealers

Authorized Dealers

Dealer	Location	Spread	Notes
TD Precious Metals	Online (TD clients)	~3–5%	Convenient for TD clients
Kitco	Montreal / Online	~3–5%	Large selection, competitive
Silver Gold Bull	Calgary / Online	~3–5%	Canadian-based, free shipping over $500
CIBC Precious Metals	Online (CIBC clients)	~3–5%	Bank-backed

Gold Mining Stocks (Canadian)

Company	Ticker	Type	Revenue Source
Barrick Gold	ABX	Senior miner	Global gold operations
Agnico Eagle Mines	AEM	Senior miner	Canada, Mexico, Australia, Finland
Franco-Nevada	FNV	Royalty/streaming	Royalties from global mines
Wheaton Precious Metals	WPM	Streaming	Gold and silver streams
Kinross Gold	K	Mid-tier miner	Americas, 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	Not eligible	Not eligible	Capital gains on sale (50% inclusion)
Gold mining stocks	Tax-free	Tax-deferred	Capital gains + dividends taxed
US-listed gold ETFs	15% withholding on dividends (N/A for physical gold ETFs)	No withholding (treaty)	Capital gains + FX gains/losses

Gold Allocation by Investor Type

Investor Profile	Suggested Allocation	Preferred Method
Conservative, capital preservation	10–15%	Physical gold ETFs (CGL, VALT)
Balanced portfolio	5–10%	Gold ETF as part of asset allocation
Growth-oriented	0–5%	Small position in XGD for leverage
Doomsday hedger	10–20%	Physical gold + gold ETFs
Income-focused	0%	Gold pays no income — skip it

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 held in a TFSA or RRSP grows tax-free — if you want gold exposure in registered accounts, use a Canadian gold ETF (e.g., CGL.C or MNT).

Is physical gold a good investment in Canada? Physical gold (bullion or coins) provides the most direct inflation hedge and is independent of financial institution risk. However, storage costs (vault fees or home insurance) reduce effective returns. Physical gold is also illiquid — selling requires finding 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 (e.g., XGD) do pay small dividends from mining company profits, but the yield is typically under 1%.

How much of my portfolio should be in gold? Most financial planners suggest 0–10% for long-term investors who want an inflation hedge, with 5% being a common guideline. Gold has low correlation to equities — in a diversified portfolio, even a small allocation can reduce overall volatility without significantly reducing long-term returns.