Can a LIRA hold physical gold?

Yes, through a self-directed LIRA whose trustee accepts bullion. Because a LIRA is an RRSP, the metal must meet section 4900 of the Income Tax Regulations: gold at least 99.5% pure and silver at least 99.9%, coins from the Royal Canadian Mint, bars from an LBMA Good Delivery refiner, and bought from an approved seller. A trustee that offers bullion in RRSPs may not offer it in LIRAs, so ask.

Can you hold physical gold in an RRSP?

Yes, through a self-directed RRSP whose trustee accepts bullion. The metal must meet section 4900 of the Income Tax Regulations: gold at least 99.5% pure and silver at least 99.9%, coins from the Royal Canadian Mint, bars from an LBMA Good Delivery refiner, and bought from an approved seller.

Can you cash out a locked-in retirement account?

Only in specific cases, and the rules depend on the pension law that governed your original plan, not on where you live now. Federal and Ontario rules both allow unlocking for financial hardship, non-residency, shortened life expectancy and small balances at 55 or older, and up to 50% when money first moves into a new life income fund (federally, a restricted life income fund at 55 or older). Amounts and conditions differ. Unlocked amounts taken as cash are taxed as income.

Can you move a LIRA into an RRSP, RRIF or TFSA?

Not directly. Locked-in money can move only to another locked-in account, a life income fund, a registered pension plan or a life annuity. It reaches an ordinary RRSP or RRIF only under an unlocking rule, such as the small-balance or 50% rules.

Can you keep LIRA gold at home?

No. Bullion in a LIRA belongs to the plan and is held by the plan trustee or its custodian. You cannot keep it at home or in your own safe deposit box.

What happens to a gold LIRA at 71?

By the end of the year you turn 71, you must move it to a life income fund or use it to buy a life annuity. A LIF must pay at least the RRIF minimum each year (5.28% at 71), so if it holds only metal, some may have to be sold. Ask the trustee how it handles this.

Is it good to invest in gold for retirement?

It depends on your goals and the rest of your portfolio. Some investors hold a modest share of gold to diversify and as a partial hedge against inflation. Gold pays no income, can fall sharply, and in physical form adds storage costs. In a locked-in account you also cannot take the money out if you change your mind, so a qualified adviser's view is worth getting first.

Gold LIRA: How to Hold Gold in a Locked-in Retirement Account