Silver Investing in Canada 2025

Why Silver?

Silver occupies a unique position among precious metals. Unlike gold — which is almost entirely held as a monetary asset or jewelry — approximately 50% of annual silver demand comes from industrial applications: solar panels, electronics, electric vehicles, and medical devices. This dual nature means silver responds both to investor demand (like gold) and industrial cycles.

Silver is also significantly more affordable per ounce than gold, making it accessible to investors with smaller budgets. The gold-to-silver ratio (currently around 80:1) is often watched as a signal of relative value.

Ways to Invest in Silver in Canada

1. Silver ETFs

ETFs are the simplest and most cost-effective way to gain silver exposure without storing physical metal:

ETF	Ticker	MER	Exchange
iShares Silver Bullion ETF	SVR	0.61%	TSX (CAD)
Sprott Physical Silver Trust	PSLV	0.35%	NYSE (USD)
iShares Silver Trust	SLV	0.50%	NYSE (USD)
Aberdeen Physical Silver ETF	SIVR	0.30%	NYSE (USD)

2. Physical Silver

Physical silver can be purchased from the Royal Canadian Mint, bullion dealers, and some banks. Common products:

Canadian Maple Leaf silver coins (1 oz, 99.99% purity)
Silver bars (1 oz, 10 oz, 100 oz, 1000 oz)
Silver rounds from private mints

Physical silver is bulkier and cheaper per dollar than gold, requiring more storage space. A $100 silver investment represents roughly 350 oz — significantly more to store than the equivalent in gold (about 4 oz).

3. Silver Mining Stocks

Canadian silver mining companies include:

First Majestic Silver (AG) — TSX and NYSE listed
Pan American Silver (PAAS) — major silver producer
Wheaton Precious Metals (WPM) — silver streaming company
MAG Silver (MAG) — high-grade Mexican silver operations

Tax Treatment of Silver in Canada

Like gold, silver investments are treated as capital property. Profits from selling silver ETFs, physical silver, or silver mining stocks are capital gains (50% inclusion rate). Silver held in a TFSA via ETF generates tax-free gains. Physical silver sold at a profit generates capital gains reportable on Schedule 3.

GST/HST on Physical Silver

Investment-grade silver (minimum 99.9% purity in bar form, or certain silver coins) is generally exempt from GST/HST when sold as investment bullion in Canada. The Royal Canadian Mint's silver Maple Leaf coins qualify for this exemption. Lower-purity silver items are subject to HST.

Industrial Demand Driver: The global transition to solar energy is expected to be a major long-term silver demand driver. Photovoltaic solar panels use approximately 20 grams of silver each. Analysts project solar could absorb 14–17% of global silver supply annually by 2030.

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Silver vs. Gold for Canadian Investors

	Silver	Gold
Price per oz (approx.)	$40–$50 USD	$3,000+ USD
Industrial demand	~50% of use	~10% of use
Volatility	Higher	Lower
Inflation hedge	Yes	Yes (stronger)
Portfolio allocation typical	1–5%	5–10%

Bottom Line

Silver offers Canadian investors an affordable precious metal with both monetary and industrial demand drivers. Silver ETFs are the most practical route for most investors, offering TFSA eligibility and no storage requirements. Those with higher risk tolerance might add silver mining stocks for leveraged exposure to silver prices. Physical silver makes sense for those who want tangible assets but requires appropriate storage solutions.