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RCM Releases For July 2020

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Pillar of the Community
United States
845 Posts
 Posted 07/06/2020  9:47 pm  Show Profile   Bookmark this reply Add atticguy to your friends list Get a Link to this Reply
I just got billed an extra $12CAD in taxes for the Colourized Silver Proof set. I've checked every thing else I bought from the RCM this year and this is the only time tax was added to my order.
Is this an error I should call RCM about; or was I just lucky so far not to get taxed earlier?


XXX--Never mind, I just read the fine print in the RCM website. and they will now charge me 6% tax on everything I buy to pay Michigan. Of course, I never knew silver was taxable anywhere.
Edited by atticguy
07/06/2020 10:00 pm
Pillar of the Community
Canada
2712 Posts
 Posted 07/06/2020  11:00 pm  Show Profile   Bookmark this reply Add MoneyPenney to your friends list Get a Link to this Reply

Quote:
Of course, I never knew silver was taxable anywhere.


Silver and Gold is taxable in BC. I pay 7% PST.

However, people in provinces like Ontario which have HST don't pay any taxes on silver and gold,
Valued Member
Canada
386 Posts
 Posted 07/07/2020  11:01 am  Show Profile   Bookmark this reply Add vonigohcr to your friends list Get a Link to this Reply
@MoneyPenney
Quote:
Silver and Gold is taxable in BC. I pay 7% PST.


As a British Columbian I agree that this is true for NCLT; it is not true for bullion. So buying a 1oz Silver maple leaf for $30 is tax free but a proof 1oz silver coin for $100 is not. What I don't understand is what differentiates NCLT from Bullion? You can sure pay hefty premiums for some bullion... Say a 10 year old Panda or even some of the privy marked Maples.

Any idea what is used to differentiate?

One other inconsistency... If I purchase NCLT from an organization with a national presence or a BC presence ( RCM or LCS), I pay the PST. If I purchase online from a vendor in another province... I don't. In some cases, it is cheaper to pay shipping than the tax.
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Canada
2712 Posts
 Posted 07/07/2020  6:35 pm  Show Profile   Bookmark this reply Add MoneyPenney to your friends list Get a Link to this Reply

Quote:
One other inconsistency... If I purchase NCLT from an organization with a national presence or a BC presence ( RCM or LCS), I pay the PST. If I purchase online from a vendor in another province... I don't. In some cases, it is cheaper to pay shipping than the tax.


Thanks for clarifying that bullion is tax free. Don't have a clue why bullion is tax free and NCLT is not.

Vendors from out of BC don't have to register for PST, so they don't charge that tax. On the other, The Shopping Channel do charge PST tax on NCLT, so they must have registered as a business in BC.
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Canada
6636 Posts
 Posted 07/08/2020  10:43 am  Show Profile   Bookmark this reply Add Silveroid to your friends list Get a Link to this Reply
I might only guess, that Bullion coins, bars rounds considered Pure 'raw' silver and no tax applied to it.

While NCLT item, it already not coin only, but finalized product (although it's main part still pure silver/gold), hence could be taxed.

Not 100% perfect, but still logical (specially since it gives a backdoor to charge us more money).
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 Posted 07/08/2020  11:18 am  Show Profile   Bookmark this reply Add commems to your friends list Get a Link to this Reply
Directly from the British Columbia Provincial Sales Tax Act under Provincial Sales Tax Exemption and Refund Regulation:


Quote:
Gold, silver or platinum in the form of bullion or coin is exempt from tax imposed under Part 3 of the Act unless the bullion or coin is obtained for a purchase price greater than the market value of its gold, silver or platinum content.


Clearly, in just about every case, the price charged for a NCLT coin is a multiple of its intrinsic bullion market value - hence the tax per code. As written, this law also applies to high-priced bullion, but most sellers appear not to make the distinction and prefer a simple bullion vs. NCLT classification.


Collecting history one coin or medal at a time! (c) commems. All rights reserved.
Valued Member
Canada
386 Posts
 Posted 07/08/2020  11:38 am  Show Profile   Bookmark this reply Add vonigohcr to your friends list Get a Link to this Reply
With apologies for those not interested in taxation in British Columbia... The actual language in the BC Government primer listing PST exemptions is:

Quote:
Gold, silver or platinum in bullion or coin form, unless obtained for a
purchase price greater than the market value of its gold, silver or
platinum content (e.g. collector's coins)


They grey area as I see it is the measure used is the "purchase price greater than market value". I would assume that whatever price a local bullion dealer is charging for Maples would set a baseline for the bullion price (e.g. Silver price today = $25.84 CAD. one local bullion dealer is charging $31.86 for a Maple)... But at what markup does the PST get triggered. As you know, Australian Swans, Privy Maples, Chinese Pandas or even past year maples... all bullion issues... can sell for 100% or greater markups. The language uses price as a determinant not finish (proof vs. Specimen vs. BU vs. bullion strike). Clearly NCLT from the RCM would not be a tax exempt item but with some of the deflationary impacts on RCM NCLT recently... would PST be applicable to a $20 Proof Ounce sold for $30-$35... Like bullion, it is 999+ Silver, both are close to market price for silver?

Any BC Dealers out there who can contribute your rules of thumb?

Oh and for anyone interested in the BC Government Primer: https://www2.gov.bc.ca/assets/gov/t...cgovtm=CSMLS The specific text is at the top of Page 12.
Valued Member
Canada
386 Posts
 Posted 07/08/2020  11:41 am  Show Profile   Bookmark this reply Add vonigohcr to your friends list Get a Link to this Reply
@commems Responding at the same time
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Canada
6636 Posts
 Posted 07/10/2020  1:48 pm  Show Profile   Bookmark this reply Add Silveroid to your friends list Get a Link to this Reply
Did I miss some Commemorative circulation pack or roll or something for the 75 year of ending WWII?

2020 Canadian coin? US coin?
May is far behind ......
Just was searching on eBay and found some not bad releases from Russia. And what about us, not important?
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4537 Posts
 Posted 07/10/2020  3:03 pm  Show Profile   Bookmark this reply Add commems to your friends list Get a Link to this Reply
There is a $2 circulating commemorative coin coming; plain and coloured versions will be released. The RCM will likely sell circulation packs for it.

I don't know the planned launch date, but would offer a guess of V-J Day (August 15th) - the day Japan announced its surrender and effectively ended WWII.



Collecting history one coin or medal at a time! (c) commems. All rights reserved.
Edited by commems
07/10/2020 3:05 pm
Pillar of the Community
Canada
6636 Posts
 Posted 07/10/2020  4:38 pm  Show Profile   Bookmark this reply Add Silveroid to your friends list Get a Link to this Reply

Quote:
There is a $2 circulating commemorative coin coming; plain and coloured versions will be released. The RCM will likely sell circulation packs for it.


Thank you for updates, Commems

If RCM were asking me, I would advise to mint $2 coin with the core, that fully repeats 1945 V nickel, but double-dated and with denomination, while actual face value of CDN 2 will be on the outer ring or obverse.
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 Posted 07/10/2020  5:07 pm  Show Profile   Bookmark this reply Add commems to your friends list Get a Link to this Reply
No visuals, but here are the published design descriptions for the upcoming $2 coins:

Coloured two-dollar coin

- the obverse impression of which is to depict, on the inner core of the coin, the effigy of Her Majesty Queen Elizabeth II by Susanna Blunt, with the initials "SB" on the bottom left-hand corner of the neckline, and, on the outer ring, a maple leaf centred at the top of the coin with the inscriptions "ELIZABETH II" and "D#8729;G#8729;REGINA" to its left and right, respectively, and the inscriptions "CANADA" and "2 DOLLARS" at the bottom of the coin, and

- the reverse impression of which is to depict, centred on the inner core, a prominent blue capital "V" overlaid, in the centre, by a white flaming torch with red and orange flames, the inscriptions "1945" and "2020" on the left and right of the "V", respectively, with a silver maple leaf under each of "1945" and "2020", the artist's initials "T.S" to the bottom right of the "V", centred at the top on the outer ring, two virtual images of a maple leaf between two lines, on the left and right of the outer ring, respectively, the inscriptions "VICTORY" and "VICTOIRE", with inscriptions in Morse code reading "WE WIN WHEN WE WORK WILLINGLY" above and below "VICTORY" and "LA BONNE VOLONTÉ EST GAGE DE VICTOIRE" above and below "VICTOIRE" and, centred at the bottom of the outer ring, a banner, with two security marks consisting of a maple leaf within a maple leaf, each within a circle on each side of the centre of the banner, and the inscriptions "REMEMBER" on the banner to the left of the left-hand security mark and "SOUVENIR" on the banner to the right of the right-hand security mark, and the inscriptions "CANADA" and "2 DOLLARS" on the edge of the coin, with a maple leaf before and after the inscription "CANADA"; and


Plain two-dollar coin

- the obverse impression of which is to depict, on the inner core of the coin, the effigy of Her Majesty Queen Elizabeth II by Susanna Blunt, with the initials "SB" on the bottom left-hand corner of the neckline, and, on the outer ring, a maple leaf centred at the top of the coin with the inscriptions "ELIZABETH II" and "D#8729;G#8729;REGINA" to its left and right, respectively, and the inscriptions "CANADA" and "2 DOLLARS" at the bottom of the coin, and

- the reverse impression of which is to depict, centred on the inner core, a prominent "V" overlaid, in the centre, by a flaming torch, the inscriptions "1945" and "2020" on the left and right of the "V", respectively, with a silver maple leaf under each of "1945" and "2020", the artist's initials "T.S" to the bottom right of the "V", centred at the top on the outer ring, two virtual images of a maple leaf between two lines, on the left and right of the outer ring, respectively, the inscriptions "VICTORY" and "VICTOIRE", with inscriptions in Morse code reading "WE WIN WHEN WE WORK WILLINGLY" above and below "VICTORY" and "LA BONNE VOLONTÉ EST GAGE DE VICTOIRE" above and below "VICTOIRE" and, centred at the bottom on the outer ring, a banner, with two security marks consisting of a maple leaf within a maple leaf, each within a circle on each side of the centre of the banner, and the inscriptions "REMEMBER" on the banner to the left of the left-hand security mark and "SOUVENIR" on the banner to the right of the right-hand security mark, and the inscriptions "CANADA" and "2 DOLLARS" on the edge of the coin, with a maple leaf before and after the inscription "CANADA".


Collecting history one coin or medal at a time! (c) commems. All rights reserved.
Pillar of the Community
Canada
2950 Posts
 Posted 07/10/2020  5:10 pm  Show Profile   Check silverwolf's eBay Listings Bookmark this reply Add silverwolf to your friends list Get a Link to this Reply
Don't expect to see these in circulation packs, the RCM hasn't done that for quite a while, usuall you have to buy rolls with special labels for them, or try to get them in circulation..But perhaps with covid, it would make more sense to allow people to buy them through the mail..
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4537 Posts
 Posted 07/10/2020  6:14 pm  Show Profile   Bookmark this reply Add commems to your friends list Get a Link to this Reply

Quote:
Don't expect to see these in circulation packs, the RCM hasn't done that for quite a while...

You're right, it has been a few years since the last pack. I don't tend to purchase them, so I don't keep close track of them. Thanks for the note!

Maybe last year's D-Day circulation coin offerings would be a good model for this year? There was a Collector Card that had one of each version of the $2 coin and a pair of Special Wrap rolls as silverwolf mentioned. I guess we'll see soon!

Collecting history one coin or medal at a time! (c) commems. All rights reserved.
Edited by commems
07/10/2020 6:17 pm
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