Tax On Notes? - Coin Community Forum

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Author	Replies: 8 / Views: 1,741
Anjohl Pillar of the Community Canada 815 Posts	Posted 05/08/2013 3:54 pm I bought a 1954 $50 & $100, and the deller is charging taxon the full price. Is this legal? Maybe (probably) I am ignorant of the law on notes, but at the very least, wouldn't only the amount above the face value be taxable? Report this Post to the Staff

kuh_85 Pillar of the Community Canada 2366 Posts	Posted 05/08/2013 3:57 pm Can't speak to whether it's legal or not but it is normal practice for notes that are no longer in circulation. Report this Post to the Staff
reupman Pillar of the Community United States 597 Posts	Posted 05/08/2013 4:13 pm i dont pay tax on notes florida Report this Post to the Staff
john517 Valued Member Canada 286 Posts	Posted 05/08/2013 5:09 pm The only thing that is tax exempt is bullion. What you are purchasing is a collectable which deems it a product the dealer will have to pay tax on the transaction. Report this Post to the Staff
Canadian-Banknotes Pillar of the Community Canada 4944 Posts	Posted 05/08/2013 5:14 pm Report this Post to the Staff
AZTAMT Valued Member Canada 263 Posts	Posted 05/08/2013 6:23 pm Most store Tax notes. Report this Post to the Staff
pennysaver Pillar of the Community Canada 937 Posts	Posted 05/08/2013 8:50 pm True. Most coin shops charge tax on the full purchase value, not just the increase in value of the items no matter whether it's notes or coin. As john517 pointed out, in a coin store the note is seen as a collectable, not as a piece of currency, and so the entire sale price of the purchase must be taxed. Report this Post to the Staff
wandering Valued Member Canada 161 Posts	Posted 05/11/2013 02:13 am I'm not sure if there is law or regulation over this -- some dealer only charge tax on the part over face value when they sell coin rolls, but others charge tax over the full price. Report this Post to the Staff
Barrie Valued Member Canada 227 Posts	Posted 05/11/2013 08:58 am These taxes are needed by our Federal Government in Canada. How else are we to pay the expenses racked up by our Senators. Report this Post to the Staff
	Replies: 8 / Views: 1,741

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