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Buying Gold and Silver in Canada
Canada has a long history with gold, since the 1896 discovery of gold in the Yukon and the Klondike Gold Rush which followed between 1897-1899.
Now millions of dollars in gold are mined across Canada – with some of the world’s largest gold mines being situated here. Hobbyist gold panners and prospectors too regularly find sizeable quantities of gold from Canadian rivers, placer and lode deposits.
For those who prefer their gold investment to involve a somewhat easier retail purchase, instead of the exhausting digging or panning of the treasure hunters, buying gold in Canada is simple, thanks to some of North America’s best known gold dealers having either a base or headquarters in Canada.
In addition there are a growing number of smaller national and local Canadian bullion dealer, coin specialists and scrap gold buyers – see our full list of coin dealers in Canada or Canadian gold buyers above or browse Canadian gold dealers by province:
Buying from Canadian Gold Dealers
Due to the high prices involved with gold and silver purchasing precious metals from gold dealers in Canada should come with a degree of care, and due diligence, especially when buying from a new dealer for the first time.
Try to investigate the dealer’s reputation online, reading reviews either here or at other general business review websites, such as the Canadian BBB. Examine consumer advice relating to your province at Office of Consumer Affairs – there is additional gold investment information found within the Guide to the Precious Metals Marking Act and Regulations.
Look on your chosen gold dealer’s website for contact information. Ideally you’ll want multiple methods of contact to be available – telephone, email and a bricks and mortar address. Give them a call – do they come across to you as a company with whom you’d be happy spending 10’s of thousands of dollars with. Leave it a few days – do they repeatedly call you pressuring you to make a purchase?
Finally, after you’ve completed your purchase please add to our Canadian gold dealer reviews, by rating and reviewing your chosen company above – this will help future investors best select a Canadian gold dealer suited to their needs.
Are Bullion Sales Taxed in Canada?
Perhaps thanks to it’s history with gold, most precious metal bullion is exempt from GST/HST.
In relation to sales tax precious metals are defined as bars, ingots, coins or wafers of gold, silver or platinum, refined to a minimum purity of 99.50% for gold and platinum, or 99.9% for silver. Gold, silver and platinum products of these purities and above are exempt from HST/GST. Note that palladium products ARE subject to HST/GST.
Bullion coins and bars are liable to Capital Gains Tax at 50% of the owners’ tax rate – however it should be noted that any coin that was purchased for under $1000 and also sold for under $1000 comes under Listed Personal Property (LPP) rules – and under Canadian tax law, personal possessions (Personal Use Property) with an adjusted cost base and proceeds of disposition of $1000 or below are not liable for a Capital Gain or Capital Loss.
Further details regarding taxation of Canadian bullion can be found here.
With some of North America’s favourite bullion dealers, and zero sales tax on most bullion it’s unsurprising that Canada is such a popular location to buy and hold investment bullion.
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IMPORTANT: The above tax details are listed for information purposes only and are believed correct at time of publication. Bullion.Directory are not tax experts. All enquiries about national and provincial taxes should be addressed to the appropriate local body. Taxes and taxation are subject to change.