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Import fees/duty/taxes for silver and gold bullion?

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vinnycoin
Valued Member
Canada
442 Posts
 Posted 02/01/2011  8:15 pm Show Profile Bookmark this topic Add vinnycoin to your friends list Get a Link to this Message

Hi all,

Just wondering, I placed an order for a few coins of 1 oz .999 silver from NWT. I'm in Canada, and was just wondering if duty and taxes apply to bullion?

I was told that bullion is duty free as long as its .999 pure but not sure about the taxes.


cheers,

Pillar Of The Community
Canada
593 Posts
 Posted 02/02/2011  6:46 pm  Show Profile Bookmark this reply Add IBGolden to your friends list Get a Link to this Reply
It depends on what province you live in.

>>> edit... Here's something I posted elsewhere awhile back VVV.
In Ontario Canada, I use to have to pay GST(5%) and PST(8%) (goods&services and provincial taxes) on less than pure bullion when imported into Canada. Pure bullion being .999 fine was exempt from PST but subject to GST.

If I purchased from a registered business within Ontario pure bullion would be subject to PST and exempt from GST... the opposite of an international purchase.

So, if I purchased from anywhere else in Canada, or from a private sale in Ontario, there would be no taxes applied.

But now (go figure), Ontario has HST(Harmonized sales tax or PST & GST combined), so I lost any exemption internationally or from Ontario. But, I can still purchase within Canada from anywhere but Ontario, or privately within Ontario, and not hafta pay any taxes.
Valued Member
Canada
442 Posts
 Posted 02/03/2011  12:26 am  Show Profile Bookmark this reply Add vinnycoin to your friends list Get a Link to this Reply
Thanks very much for the info. I think that My province is tax exempt from bullion, but PST does apply for collector coins, wether or not they have silver content.
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