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Changes To Tax Treatment On Some RCM Coins That Have Been Modified

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Pillar of the Community
Canada
2749 Posts
 Posted 09/26/2020  01:33 am  Show Profile   Bookmark this reply Add MoneyPenney to your friends list Get a Link to this Reply

Quote:
I just went to the link. Looks like it is for Canadians only if I read it right and starts on 2021 issues I think?


Yes, the taxes will only apply to Canadian customers. If you are in the US you don't not have to pay PST or GST if shipped to you.

It takes effect for coins sold starting Sept. 28. The 2021 date refers to new subscriptions for 2021 coins and onward.
Pillar of the Community
Canada
2749 Posts
 Posted 09/26/2020  01:40 am  Show Profile   Bookmark this reply Add MoneyPenney to your friends list Get a Link to this Reply

Quote:
This now means ebay sellers, resellers, coin stores, auction houses etc will have to charge GST on anything that is not pure bullion but collectable.


If businesses have less than $30,000 sales they are not require to collect GST.

So for a small eBay seller who sell a handful of coins they have nothing to worry about.

Coin stores, auction houses already charge GST on collectibles. Nothing has change in that regard. The only thing is they have to charge more items for GST that were exempt before.

Also, the RCM is NOT charging tax on pure gold and silver unless they have embellishments like sculptures, moving parts and diamonds/ gemstones. So "regular" coins will continue to be tax free (unless you live in a province with PST).
Edited by MoneyPenney
09/26/2020 3:49 pm
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United States
3190 Posts
 Posted 09/26/2020  07:51 am  Show Profile   Bookmark this reply Add okiecoiner to your friends list Get a Link to this Reply
The way that I read it (and the link from DBM) is that it applies to the Mint only .. things purchased from the Mint now will have the tax, unless it is pure Au/Ag with no moving parts, stones or sculpture. For anything else and other sellers, it sounds the same as always. It's just now that the Mint can charge 4 times the official price for Au/Ag rather than the 3 times that they do now.
Bedrock of the Community
Australia
17404 Posts
 Posted 09/26/2020  08:39 am  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
Tax is charged on numismatic material sold in Australia, but the tax is only charged at 10% of the profit margin that the seller makes, not the whole price.

If the RCM has to find tax on the total price, then there will be a discouragement to buy RCM product.
Generally Mints will charge the maximum price for their products that they think the collector market will bear.
For me, that is a major discouragement to buy in itself, and leaves the prospect for an aftermarket decline in price, which also has to be carried by the customer.

I really hope that the RCM is not as cynical as I am.
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United States
3190 Posts
 Posted 09/26/2020  11:00 am  Show Profile   Bookmark this reply Add okiecoiner to your friends list Get a Link to this Reply
sel 691 ... I would estimate that about 90% (maybe more) of mint product sells on the secondary market for WAY less than the issue price, sometimes at 50% or so. You can go to just about any T.O. coin show and never pay more than 70-75% of the issue price, except for something that has a fad following or brand-new weird issue. Once the mint product reaches 3 or more years old, the only buyers for "close-to-issue-price" coins are grandmothers looking for a grandkid's Xmas stocking.
Pillar of the Community
Canada
995 Posts
 Posted 09/26/2020  12:10 pm  Show Profile   Bookmark this reply Add 47P7 to your friends list Get a Link to this Reply
OkieCoiner,
you are ever soooo right....!
Pillar of the Community
Canada
1232 Posts
 Posted 10/02/2020  3:33 pm  Show Profile   Bookmark this reply Add Dcadon to your friends list Get a Link to this Reply
Another 'Tax' situation that I'm not happy with is the full rolls of circulation coins, an example being the current Coloured and plain Rolls of $2 'Twonies'. They are already charging a premium of $29.95 per roll, but the real slap in the face is another 13% tax on coins that essentially you should be able to find in your change. That's a whopping $40.94 of extra charges on $50 worth of coins.
Edited by Dcadon
10/02/2020 3:34 pm
Pillar of the Community
Canada
2749 Posts
 Posted 10/02/2020  5:17 pm  Show Profile   Bookmark this reply Add MoneyPenney to your friends list Get a Link to this Reply
@Dcadon, You are really paying an extra $29.95 + 13% tax for the wrapping paper. Otherwise they are same coins you get at the bank.
New Member
Canada
15 Posts
 Posted 10/02/2020  5:39 pm  Show Profile   Bookmark this reply Add DannysCoinsYEG to your friends list Get a Link to this Reply
@moneypenney

If you're lucky enough to get them at the bank...
Pillar of the Community
Canada
1232 Posts
 Posted 10/02/2020  7:46 pm  Show Profile   Bookmark this reply Add Dcadon to your friends list Get a Link to this Reply
@Moneypenney, exactly my point... fancy wrap for $41, Coins - Face value, and @DannysCoinsYEG That is the only reason I buy rolls from the mint. I used to be on a list at my bank, and they would call me when the new ones came in, but they won't do that anymore. (Got all my Olympic rolls that way).
Valued Member
Canada
461 Posts
 Posted 10/02/2020  9:04 pm  Show Profile   Check jimper's eBay Listings Bookmark this reply Add jimper to your friends list Get a Link to this Reply
Why are you guy's complaining. The RCM has always charged more for their coin rolls plus tax and shipping. I see no difference in these rolls.
The shopping channel (TSC) are currently selling these rolls for 99.95 plus tax and 6.99 shipping for a grand total of wait for it $120.84. Now that is something to complain about. Steven Bromberg is out of his mind. I agree with you all though should be no Tax on these types of rolls and cheaper. But we're talking about the RCM.
"If you lose it here, you're in a world of hurt"
Pillar of the Community
Canada
1232 Posts
 Posted 10/03/2020  2:16 pm  Show Profile   Bookmark this reply Add Dcadon to your friends list Get a Link to this Reply
@jimper, agreed 100% with the exception - in the past it was easy to get full rolls at FV prices if you knew when they were being released, and to which source the 'mint' was treating as special. My first example of that was rolls of Poppy Quarters that were exclusively distributed to/by of all places - Tim Hortons, and of course the Olympics were always at Petro Canada fuel stations.
They too had 'special wrap', but if you talked nice to the cashiers, you could score a roll or two at face value.

Now, it seems they are ONLY available through the mint special wrapped or not.... and at these exorbitant rates.
Pillar of the Community
Canada
4602 Posts
 Posted 10/03/2020  3:01 pm  Show Profile   Bookmark this reply Add john100 to your friends list Get a Link to this Reply
The big banks in Canada only order new coins from Winnipeg when their central region is short of say toonies, this costs the bank shipping and other fees which they don't want to absorb so they recycle. These new special coins like the Reid toonie are forced onto the central banks region so that when a local branch orders a few cases of toonies one or two is put into the order but the new problem lately is the delivery company employees have figured out you can swap out these special cases and make a quick profit. Yes the RCM is smart to special wrap a face value coin and charge a huge premium because we seem to keep buying them.
Pillar of the Community
Canada
2749 Posts
 Posted 10/03/2020  4:39 pm  Show Profile   Bookmark this reply Add MoneyPenney to your friends list Get a Link to this Reply
@john100, when I went to my local branches for Bill Reid Rolls, they told me they order the coins they need through their head office, not from the Mint. So they don't know what shows up.

As for regional offices, I doubt they order much from the Mint. They just use recycled coins. Especially now that a lot of people don't use cash.
Pillar of the Community
Canada
4602 Posts
 Posted 10/03/2020  6:32 pm  Show Profile   Bookmark this reply Add john100 to your friends list Get a Link to this Reply
The RCM cuts Canada into 5 or 6 regions in Ontario it's the big 5 banks in Toronto that orders any new coins, these special coins like V day needs to get the small 5 million into circulation for the desired purpose so the RCM sends them out to each regions main bank centers, problem now is most of these coins end up in the armour transport system. As of 2017 the RCM suspended bulk order department apparently to prevent hoarding. If you are in Toronto or most of Ontario the coins are ordered from King Street towers, they also recycle there
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