Posted on: 21-07-10 10:41:16
Hello All,
If the motive is to hold on to gold for a long time? is it possible to buy gold as an RRSP.
All advice appreciated.
Thanks,
RJ
Quote:
Originally posted by rajivjuthani
Hello All,
If the motive is to hold on to gold for a long time? is it possible to buy gold as an RRSP.
All advice appreciated.
Thanks,
RJ
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If at anytime a product gets charged with taxes, either up front or every year as an MER (Management Expense Ratio) you will find an erosion in your investment or it will slowly start to dwindle and it is to your advantage if you can minimize this loss.
In doing so, I would urge you to do your own DUE DILIGENCE in finding a suitable investment vehicle and reap the benefits with the skills and insights gained.
In short, first find out what the vehicles are.
Then, find their charges, rate of growth and Risk to reward Ratio and
Also see how liquid it is to purchase or dispose them off,
What the tax implications are holding such an investment,
There are others, that do not come to my mind but I urge you to look into PRIOR to entry.
Freddie.
Quote:
Originally posted by ashedfc
....
Gold can be purchased in as RRSP as
1. Bullion Fund
2. Strategic Gold Fund (mixture of Bullion, Gold ETF, Gold Co. stocks)
4. Precious Metals Funds
5. Gold Company stocks directly (this one has the highest risk, as Gold might go up, & a Gold company can still loose money, so the stock can go down).
You can hold gold itself in RRSP at Questrade.
http://www.questrade.com/trading/gold_rsp.aspx
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I was considering purchasing a kg of gold as investment . I have 3 options . Please suggest which should be the best .
1. Purchase in India @ Bank & keep it in India for 5-6 yrs ... Might encounter Taxation and Customs Issues then .
2. A friend is coming from Abu Dhabi for his landing . Can ask him to get this for me. This ways gold is in Canada without any implications .... I suppose he can declare it and carry it as his own . Might lose on exchange rate though when transferring the money or may be can ask him to buy it there and I shall pay him CAD here ...
3. Purchase in Canada - would incur GST .
Please advise which mode is best ... To me it appears the UAE route is the best .
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Fido.
Quote:
Originally posted by Fido
I was considering purchasing a kg of gold as investment . I have 3 options . Please suggest which should be the best .
1. Purchase in India @ Bank & keep it in India for 5-6 yrs ... Might encounter Taxation and Customs Issues then .
2. A friend is coming from Abu Dhabi for his landing . Can ask him to get this for me. This ways gold is in Canada without any implications .... I suppose he can declare it and carry it as his own . Might lose on exchange rate though when transferring the money or may be can ask him to buy it there and I shall pay him CAD here ...
3. Purchase in Canada - would incur GST .
Please advise which mode is best ... To me it appears the UAE route is the best .
Hi Fido,
If I were you I will go with option 3 ......
Option 2 might save some money, but sounds little complicated to me.... well its just me
I guess experts may provide a better opinion on this...
BTW.... this post of yours has put me into trouble at home....wife keeps complaining as to when am i going to buy her 1 kg Gold
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Vik
Quote:
Originally posted by Fido
I was considering purchasing a kg of gold as investment .
Please advise which mode is best ... To me it appears the UAE route is the best .
Studies have shown that having a mix of different investments in your portfolio is important to investing success. These is true even for commodities. Don't rely on only one product. I think financial advisors will provide you more on this.
BTW, if this is one of the instrument of your portfolio than I would like to congratulate you for your achievements wity my green-eyed monster.
Thanks Folks .
Vikshr - Thanks for advising me on 3 .. I was under the impression that there would be hst but upon checking , I ve learnt that there s none on bullion .
And yes the Gold would be .. close and yet too far for my wife .. an apple you can see but not eat !!
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Fido.
