Gold - Scotiabank vs Kitko vs Gold EFT
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Posted on: 20-11-13 09:37:46
Just buy coins, a coin now and a coin then will cost-average over time. And hoard it but not too obsessively, for, your life is finite. A recent news story comes to mind: the old man in Vegas bought coins, whenever he could.... over decades. He also bought lots and lots of canned food. He lived an unremarkable, simple life.... alone after his wife passed away. And then, the newspapers piled in his driveway making a neighbor wonder what happened to Jack. Not seen for weeks. Then the neighbor went to check on Jack, and smelled the rot. They said he must have died at least several weeks prior. When the city brought in the cleaning crew to put his house on auction so they could cover the costs of funeral, the cleaners found an old rusty iron box in the garage, loaded with gold coins. The city swooped in and grabbed the gold, later sold for 10 mil. Poor Jack hoarded all he could but never seems to have enjoyed life even a bit! Save some but also ask yourself, if you are truly happy the way you are living! I am just a hedonist, and this is the hedonist point-of-view.
I agree with GlobalIndian and understand the happiness in life vs. Saving Gold but my questions still remain same.
Thanks. Anyone who can answer my questions above?
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Success is Never Ending and Failure is Never Final.
Last year when I d researched , Kitco and Toronto Gold Bullion were the best bets - TGB was ready to price match Kitco despite the fact that Kitco recycles old gold bars.
The bigger unit of bullion you buy , lesser the associated charges and loss when selling .
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Fido.
Thanks Fido. It helps lot.
I noticed the Kitco sells "Royal Canadian Mint Bar" and TGB sells "Scotiabank Bar". I think both are acceptable at Scotiabank when planning to sell.
Any idea about following questions.
What is the benefit of gold certificate? Do you think certificate is better than physical gold for long term investment purpose? if yes, how?
When we sell gold to Scotiabank, they generate T5 and report to CRA. I believe they report the gain or loss in T5 on base of original receipt. Am I right?
Can we buy physical gold / gold certificate under TFSA or RRSP account? If yes, how can we link the physical gold and TFSA account?
Any idea about how much gold (GOLD BAR) we can take to India without any duty?
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Success is Never Ending and Failure is Never Final.
Can we buy physical gold / gold certificate under TFSA or RRSP account? If yes, how can we link the physical gold and TFSA account?
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Success is Never Ending and Failure is Never Final.
Quote:
Originally posted by meitsme
Can we buy physical gold / gold certificate under TFSA or RRSP account? If yes, how can we link the physical gold and TFSA account?
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Not many of us know about this feature. But it will be worth your time and effort, as it will pay you back handsomely. Also because you will be doing it all by yourself, you will know a lot more about it and also gain the experience doing it. Now you want to know what it is? Right?
Well, start reading it a little at a time, or print and save it. If you do not have one now, then, paste it into an e-mail or note pad and save it for the future. That is in case you want to refer back in the future or want to send it to some one. Also train those who are un employed there in the house hold and make them productive. You never know who will be wearing the PANTS in the house after they start making oodles of money!.
Here is the first link. : http://www.questrade.com/why_questrade/default?s_cid=questrade_cpc_google&se=google&kw=questrade&gp=Questrade%20%7C%20Brand%20Terms&gclid=CNjm6sbqjb4CFcpcMgodH2MAww
Will you be making money immediately? NO. But you are getting a head start. Say if the banks are giving you 3.0 % per annum, I can assure you you will make twice as much. How is that for starters?
Here is a little bit of information about PRECIOUS metals. : http://www.questrade.com/trading/products/gold
They will provide you with their PRACTICE ACCOUNT or Free trial one and practice with imaginery funds and see if it will help you make some money. It is all based upon your decision making skills and YEA, you hope the heck you will make tonnes of it. That is not the point, me telling you to study this subject matter a little deeper, it is because, you started the subject matter in your question and I want you to LEARN it WELL, before you get your tootsies wet. Tootsies are your TOES. This way when you get to know a lot more, then you will also get to know that there are risks associated with it. Also how to overcome these risks and get in and out of a trade. This way I am preparing you for the deluge. This will not make you a champ, but will make your trading skills worth the efforts that you put into it.
When you go through this website, they will also tell you how you can get the physical possession of the gold and also Gold certificate in the TFSA account. They might also throw in a margin to trade the TFSA account. That is why I brought this website to you to look at and ask them the same questions and get to know it better.
They also hold a seminar from time to time and also coach you to trade, for a price, which you can recover back from them when you trade through them. Get to know all about it and a lot better through them.
Do come back and tell us all about it. They are located in the GTA area on the YONGE and Sheppard area.
HOPE this will help you get started on the right foot. (Andf with galoshes)
FH.
Quote:
Originally posted by meitsme
Can we buy physical gold / gold certificate under TFSA or RRSP account? If yes, how can we link the physical gold and TFSA account?
Yes, and no.
It is possible to buy precious metals in three forms:
- Paper gold, such as gold backed ETFs like GLD, CGL, etc.
- Physical gold backed certificates. In this case, the gold belongs to you and you are issued a certification, or a position, in your account representing that gold.
- Holding the physical metal directly with you
The first two options are possible in registered accounts at certain brokerages like Questrade and Scotiabank iTrade.
However, the third option (i.e. direct holding of the metal) is not possible - not even at Questrade.
In that regard, the previous post by Full House does not convey the full information.
If you take physical delivery of the gold from a registered account, that counts as a withdrawal.
In the case of RRSP, withholding taxes will apply, and there will be further implications at the time of filing your annual tax return.
In TFSA, it will also count as a withdrawal but there won't be any withholding taxes or tax implications.
You will simply not be able to put back the contribution until next year.
However, I'd say that if you want to buy precious metals (esp. gold), buying it inside a registered account and storing it at the brokerage defeats the purpose.
Similarly, buying certificates or paper gold defeats the purpose, unless you are doing it for trading purposes.
IMHO, if you want to buy & hold gold or other precious metals, you should do it outside registered accounts, take physical delivery, and keep it with yourself - either at a bank vault, or at home in a safe & secure location.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
