Silver is one of the most accessible precious metals for Canadian investors. Cheaper per ounce than gold, silver is within reach for smaller investors while still offering inflation-hedging and portfolio diversification benefits. Silver also has significant industrial demand — used in solar panels, electronics, and medical applications — which gives it a different demand profile than gold. This guide covers every way to invest in silver in Canada in 2025.
Buying physical silver bars and coins is the most direct way to own silver. It is available from the Royal Canadian Mint, authorized dealers (Kitco, Silver Gold Bull, Sprott Money), and some banks. Physical silver comes in many forms:
Physical silver requires storage. Due to silver's lower value density compared to gold, storing meaningful amounts (e.g., 500 oz) takes considerably more space and weight than equivalent gold value.
Silver ETFs trade on stock exchanges and hold physical silver in vaulted storage. They can be held in TFSAs and RRSPs, making them tax-efficient for registered account investors.
Canadian silver ETF options:
Canada has several major silver mining companies. Silver miners provide leveraged exposure to silver prices but also carry operational, political, and management risks. Many silver miners also produce gold and other metals (primary silver miners are relatively rare).
Major silver miners with TSX listings:
Wheaton Precious Metals (WPM), listed on the TSX and NYSE, is the world's largest precious metals streaming company with a significant silver stream portfolio. Royalty companies like Silver Wheaton receive silver at fixed low prices from operating mines, providing diversified exposure with lower operational risk than miners.
Precious metals mutual funds and ETFs that hold a basket of silver and gold mining stocks are available through Canadian brokerages. Examples include iShares S&P/TSX Global Gold Index ETF (XGD) which includes silver miners alongside gold producers.
An important tax consideration specific to silver (and unlike gold): GST/HST applies to the purchase of most physical silver in Canada. Pure gold bullion (99.5%+ purity) is exempt from GST/HST, but silver bullion is generally not exempt. This means buying physical silver adds 5%–15% in sales tax depending on your province, which must be recouped before you break even.
Like gold, silver is treated as capital property in Canada. Gains from selling silver — whether physical, ETF, or mining stocks — are capital gains subject to the 50% inclusion rate. Silver ETFs held in a TFSA generate completely tax-free gains. Silver held in an RRSP grows tax-deferred.
For physical silver, keep records of every purchase including the price paid (including any GST/HST paid, as this forms part of your ACB) and every sale with proceeds.
Unlike gold, which is primarily a monetary and jewellery metal, silver has significant industrial applications:
This industrial demand creates a floor for silver prices and can drive outsized gains during industrial booms, but also creates downside pressure during economic slowdowns when industrial activity falls.
Silver is a higher-risk, higher-volatility precious metal compared to gold. It can significantly outperform gold in bull markets for precious metals but also drops harder in bear markets. A small allocation (2–5% of a portfolio) may be appropriate for investors seeking precious metals diversification beyond gold.
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