Central Fund of Canada (CEFA) 40-F 2011 FY Annual report (Canada)

Exhibit 99.4

Consent of Independent Registered Public Accounting Firm

We consent to the reference to our Firm under the caption “Principal Accounting Fees and Services” in this Annual Report (Form 40-F) of Central Fund of Canada Limited for the year ended October 31, 2011, and to the use in this Form 40-F of our reports dated December 12, 2011, with respect to the financial statements of Central Fund of Canada Limited and the effectiveness of internal control over financial reporting of Central Fund of Canada Limited.

/s/ Ernst & Young LLP

Chartered Accountants

Licensed Public Accountants

Toronto, Canada

December 12, 2011