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Importing Coins From US

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Petersun's Avatar
Canada
1700 Posts
 Posted 11/29/2014  7:31 pm Show Profile   Bookmark this topic Add Petersun to your friends list Get a Link to this Message Number of Subscribers
If I plan to drive across the border to buy a US gold buffalo coin, do I have to pay any taxes on my way back to Canada? Is it the usual 7% BC PST, or is it considered bullion that's tax-free?
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Pacificoin's Avatar
Canada
5394 Posts
 Posted 11/29/2014  8:01 pm  Show Profile   Check Pacificoin's eBay Listings Bookmark this reply Add Pacificoin to your friends list Get a Link to this Reply
just buy one off of VCBE in Vancouver . They have excellent prices. Probably cheaper than in the US after exchange and all.
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Petersun's Avatar
Canada
1700 Posts
 Posted 11/29/2014  8:12 pm  Show Profile   Bookmark this reply Add Petersun to your friends list Get a Link to this Reply
I'm talking about the collector's version with the wooden box. I might be wrong, but I thought VBCE only has the bullion version?
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Pacificoin's Avatar
Canada
5394 Posts
 Posted 11/29/2014  8:18 pm  Show Profile   Check Pacificoin's eBay Listings Bookmark this reply Add Pacificoin to your friends list Get a Link to this Reply
Petersun still give them a call ..........you never know.
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Vancouver IslandCoinKid's Avatar
Canada
1074 Posts
 Posted 11/30/2014  6:39 pm  Show Profile   Bookmark this reply Add Vancouver IslandCoinKid to your friends list Get a Link to this Reply
yes knowing how the border works and all, make sure you give them a phone call, or call them. you don't want to be stuck giving them the coin. or paying a tax, so double check. Have you done this before?
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AgCoinAu's Avatar
Canada
3049 Posts
 Posted 11/30/2014  7:23 pm  Show Profile   Bookmark this reply Add AgCoinAu to your friends list Get a Link to this Reply
I have brought back coins before.. and as long as it's .999 fine there's no tax... just declare and make sure the total value is under 10K or there's another form you have to fill out and generally a bunch more questions that are asked..

One time I was taxed when I had a bunch of coins shipped in... I was basically taxed on the declared value.. which included bullion gold... but you just have to fill out another form and prove purchase and you can get the tax you paid on shipped bullion back.

Now with regards to the "special box" it comes in that could make it something different.... good luck
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Pacificoin's Avatar
Canada
5394 Posts
 Posted 11/30/2014  8:45 pm  Show Profile   Check Pacificoin's eBay Listings Bookmark this reply Add Pacificoin to your friends list Get a Link to this Reply
The border works just fine for both exporting and importing if you are patient and do not play any stupid games. We want to pay any GST that is owed (there is no DUTY on items of numismatic interest)when we come back from a US or European coin show. Also declaring large amounts of currency in and out is a must. The limits are 10 K Canadian out of the country, 10K US into the States and 10 K Euros into the EU including Great Britain. Needless to say when you come back to Canada it is 10K Canadian. The forms that you fill out vary. The only way around the currency declarations is to have a legitimate declared foreign bank account that both the IRS and CRA are aware of.
Another problem a lot of people on the forum do not understand (related to border issues) is taxation issues related to coin buying and especially selling , is the threshold levels, that might get into issues with the CRA (both income and GST/HST) and provincial authorities. Take for example BC. If you are doing MORE than ten thousand dollars a year in sales you MUST have a BC retail sales tax number, if the threshold reaches 30 K then you are required to be GST/HST registered Federally and procure a BN or business number. There are more than a few Canadian sellers on ebay and coin show and flea market operators, that probably have no idea about this. Hope it helps ! Have a good one everybody !
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Petersun's Avatar
Canada
1700 Posts
 Posted 11/30/2014  8:48 pm  Show Profile   Bookmark this reply Add Petersun to your friends list Get a Link to this Reply
What I'm more worried about is the PST. I heard that when the numismatic product exceeds a certain percentage of its bullion value at the time of purchase, there's a PST (at least for products purchased within Canada). Does this also apply to American coins?
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Pacificoin's Avatar
Canada
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 Posted 11/30/2014  8:54 pm  Show Profile   Check Pacificoin's eBay Listings Bookmark this reply Add Pacificoin to your friends list Get a Link to this Reply
Petersun unfortunately since we went from HST back to PST/ GST yes if it is a large percentage over bullion even if pure yes there is BC sales tax payable, unless you have a BC resale number. The good thing is that if you do buy it in the States and bring it back the border guys ( latest info we have, September 2014 ) are not collecting BC sales tax at the border for the BC government on .999 or finer product. Best check with the MAN though.
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