Questrade is the only Canadian brokerage that acts as a custodian and dealer of physical gold and silver. They even service these hard investments in several registered accounts. Questrade acts as a bullion dealer so you can either trade physical gold and silver directly with them and they trade with Kitco Metals or choose one of their affiliate dealers who will trade gold and silver with funds in your brokerage account.
As of 2005, gold and silver coins and bars that meet specific criteria are considered ‘financial instruments’ by Revenue Canada and therefore are qualifying assets for your RRSP and TFSA. Gold must be 99.5% pure and silver must be 99.9% pure. Metals must also be stored at one of seven approved storage facilities in Canada.
Setting up an account with Questrade is simple and can be done online with as little as $1000. You will need your social security number and your bank and employment information. There are no fees to open or transfer your account and they will even cover your old bank’s transfer fees up to $150 when you move at least $25,000 from another brokerage. Questrade makes it easy to regularly fund your account with pre-authorized cash contributions, automatic deposits and dividend reinvestment plans.
|Pricing, Premiums and Commissions||Questrade commission ($19.95/trade) included in premium||Questrade commission ($19.95/trade) included in premium plus $20/trade for trades over $2000||$19.95/trade, trade directly with Questrade||Questrade commission ($19.95/trade) included in premium||Questrade commission ($19.95/trade) included in premium||Questrade commission ($19.95/trade) included in premium||Questrade commission ($19.95/trade) included in premium plus 1% of value of trade|
|Pooled Storage||No||No||Royal Canadian Mint: 0.25% of market value||No||No||No||No|
|Segregated Storage||Brinks Canada||IDS Canada: 1% of market value per year||IDS Canada: 1.50% of market value per year||Brinks, Ontario: 1% of market value per year||IDS Canada: minimum monthly charge of $25, additional charges will vary||IDS Canada: 1.25% of market value per year||IDS Canada: 0.8% per year|
|Delivery Option||Yes||Yes||Yes: $30 for each 500 oz or $100,000 bullion||Yes||Yes||Yes||Yes|
|Minimum Unit of Gold||1/4 oz||1 oz||1 oz||1 oz||1 oz||1 oz||1/2|
|Minimum Unit of Silver||10 oz||10 oz||25 oz||1 oz||1 oz||10 oz||1 oz|
|Minimum Order||$1000 minimum purchase||$1000 minimum purchase||$1000 to open Questrade Account||$1000 to open Questrade Account||$10,000 minimum purchase||$1000 to open Questrade Account||Brokerage account minimum balance is $5000|
|Other Features and Fees||Insurance fees: $4 per $1,000 of gold and $7.50 per $1,000 of silver||Offer favourable rate to exchange U.S. and Canadian dollars.||Insurance fees: $4 per $1,000 of gold and $7.50 per $1,000 of silver|
|Full Review||Go to Silver Gold Bull Review||Go to Sprott Money Review||Go to Kitco Metals Review||Go to Canadian Bullion Services Review||Go to Dillon Gage Review||Go to Guildhall Wealth Review||Go to Worldwide Precious Metals Review|
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