Exhibit 5.4


                         CONSENT OF DORSEY & WHITNEY LLP



         We consent to the reference to our opinions contained under "United
States Federal Income Tax Considerations" in the Registration Statement on
Form F-10 of Central Fund of Canada Limited. In giving this consent we do not
acknowledge that we come within the category of persons whose consent is
required by the U.S. Securities Act of 1933 or the rules and regulations
thereunder.

Toronto, Canada                                     /s/ Dorsey & Whitney LLP
October 21, 2004