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 Replies: 164 / Views: 32,763 |
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Pillar of the Community
Canada
3234 Posts |
Quote:
- better bring a big suitcase. or 2 or 3..full of cash... Never ever heard of such high multiples of superb gem state cents.. From 1882 on,..G.F.Landon must have had a powerful mint connection..IMHO..  Can't wait to be the under-bidder on that round top 3... 
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Pillar of the Community
 Canada
5460 Posts |
jdmern: From what I have had experience with Canada, they will tax whatever the bill is. If they see that you have a fat wallet, you will be taxed on it. In Ontario, the tax is 13% and it applies to EVERYTHING, including postage stamps, services and advice. The only thing that's not taxed at 13% is food, and by that I mean solid footstuffs, not snacks or anything that can be contrued as anything but 'grocery' food. Peanuts, snacks, beer, booze, etc are not considered food.
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Pillar of the Community
Canada
1505 Posts |
The size of your pocket book has nothing to do with taxes payable by law for items purchased. Tax rates are set and are not flexible. But excemptions for certain items do apply. You can call CBSA and ask what taxes would be for your specific purchase.
there is NO tax of any kind if the items are exported from Canada by a broker.
If you export it yourself, documentation at the Canadian border when you leave Canada with the goods is the most important step. what u do in the country you go to is none of Canada's tax collectors business. That means you have paid all taxes and nobody has any further claim, except maybe customs when you enter your country. Then , from your country, you mail the Tax paid receipts to Ottawa for a refund. You will get it if you can wait a few long months, and in Canadian funds.
However, if you do pay the auctioneer and take possession of the Items, Tax is payable right there. ( there may be exceptions for buyers who hold a HST license. I am not sure. ) Best is to hire a bonded broker to do it.
OR, have the Auctioneer or a broker send it to you to your country.
If the auctioneer sends it by mail, NO tax is due.
when you pay them. BUT you will also not get the goods as these will be sent to you.
You would be well advised to call the Seller before you buy.
these guys do it every day and know all the "round-abouts" if there are any.
Edited by 47P7
01/10/2015 12:35 pm
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Pillar of the Community
Canada
1505 Posts |
Develec, funny thing about that big suitcase... exactly that is what happened in Europe not too long ago. A couple of rich Russian citizens coin collectors for investment and hobby , known to the auction firm there, traveled to the auction in person to bid and win a whole bunch of high priced coins. they have done this before successfully. They live in Lichtenstein, a principality between Switzerland and Austria well known for their "easy going" tax and investment opportunities. these 2 fellows each bought over 250 000 Euros worth of coins and paid "out of their suitcases" in cash Euros and Swiss Francs to the auctioneer. they did this before a few times. After payment the auctioneer would send the coins to their Russian address via a courier service. NO VAT was then payable for the transaction ( these gold coins were exempt). But VAT was payable on the Auctioneers fees. No problem here. A happy auctioneer. when they left the auction place which was at a hotel, 2 cars drove up , lights flashing, and stopped them. Their cars were searched by the German Federal police, confiscated for now and the Russians were arrested. The coins were also seized. (remember, no taxes applied to these coins so they received them) Now fellow forum members, Why did this happen? the Russians were not known to be criminals and were not wanted anywhere. Did the Russians do anything wrong? and if so, WHAT. any thoughts? ...  It all refers to Develecs joke about bringing tons of cash... PS: a friend who was in the hotel lobby after the auction witnessed the show. Edited by 47P7
01/10/2015 1:00 pm
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Pillar of the Community
Canada
972 Posts |
Can anyone supply a link to the auction catalogue. Thanks
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Pillar of the Community
 Canada
5273 Posts |
JD Mern............. The taxes are payable on all NUMISMATIC coins in Canada based on the province where you physically take delivery. Very similar to the US state sales tax laws. Since you live in the US, you have two choices . Take delivery in Ontario at the auction and pay the full tax or you can have the coins shipped to your US address fully insured and they will be free of GST/HST. If you do take delivery at the sale you can get an export form to fill out for Canadian Border Services / Canada Revenue Agency before you cross the border. The form enables you to claim back the entire TAX on your auction purchases. The TARIFF NUMBER you will need for NUMISMATIC COINS is 9705.00.00 COINS items of Numismatic Interest. Other problems you will have are the following. If you are planning to pay CASH and are bringing more than 10K Canadian into Canada / taking out of Canada in any MONETARY form (coins included) there is a form to fill out. The CBSA has been really checking lately. Also you would have to declare 10K US or more out of or into the US on the current IRS form. There are NO import duties on coins going back across the border. Depending on the State you reside in there may be a USE tax unless you have a resale number for the state you live in. If you want to avoid the money declarations at the border arrange advance credit with Chuck or Steven and see if they will take your cheque. It sounds really frustrating but should be worthwhile if you just follow the rules. So much for free trade. We do this import export / stuff all the time and it sounds way more complicated than it really is. Look forward to seeing you there!  Edited by Pacificoin
01/10/2015 1:26 pm
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Pillar of the Community
United States
1949 Posts |
Thanks pacific, you answered all my questions perfectly, have to do the math on everything and see if I can arrange advance credit, not sure if it will end up being easier (and cheaper) to just have things shipped, but I do have the hotel room booked just in case! Now, the tough part is moving things around to free up the cash for this auction!
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Pillar of the Community
Canada
5273 Posts |
JD .................its only money !!!  .I Booked as well! It is going to be a real gathering for sure and lots of beer flowing, if nothing else. As I stated just go with the flow as far as border and tax issues. For THIS auction it does make it easier to be a Canadian buyer or dealer especially. I for one hope my HST bill is so high that I actually get a refund next quarter. As an aside it would be a lot cheaper just to stay home .............but that is sure no fun! |
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Pillar of the Community
United States
1949 Posts |
wireman... Link is here: http://www.cdncoin.com/Going back over the catalog again... Didn't realize how outrageous the Victorian dimes are, not even counting the round top 93's... Some of the dimes have stunning toning... Lot 887 may be my favorite... |
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Pillar of the Community
Canada
972 Posts |
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Pillar of the Community
United States
4233 Posts |
I'm going to sell my house and live in a tent. Just me and that 1921. Not sure what the wife and kids are going to do.
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Pillar of the Community
Canada
1489 Posts |
Your wife and kids will probably bury you with it.
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Valued Member
Canada
403 Posts |
Considering the Buyer's premium rates for this auction, and the revenue this auction is expected to yield; I find it rather miserly that Bromberg is charging people for physical copies of the auction catalogues. As someone who plans to go and spend big $ at this auction, I darn well expect to get the auction catalogues for free. But, that aside, I look forward to attending all 4 sessions. I believe that SPP is right about no-reserve at the Landon sale, which begs the question of what will happen on lots where there is no opening bid at 50% of estimate....will they simply pass the item, or accept a lower opening bid from the floor? In the case of the Landon collection, everything must go, correct?
Oh, and Happy New Year all!
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Pillar of the Community
Canada
1051 Posts |
There a lot of stars in those auctions, but there are some really interesting non-headliners as well. I'm going to do my part to make sure dealers don't walk away with less-hyped lots at fire sale prices :)
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Pillar of the Community
Canada
2494 Posts |
I think most of the high end items will be purchased by dealers.
I can't think of too many big-time collectors who are buying now.
In fact, the 'Victoria North Collection' is from one of these private collectors who in past years, was the high bidder of many highly-priced coins.
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Replies: 164 / Views: 32,763 |
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Posted 01/10/2015 12:08 pm
