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Import Fees/Duty/Taxes For Silver And Gold Bullion?

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Valued Member
vinnycoin's Avatar
Canada
442 Posts
 Posted 02/01/2011  8:15 pm Show Profile   Bookmark this topic Add vinnycoin to your friends list Get a Link to this Message Number of Subscribers
Hi all,

Just wondering, I placed an order for a few coins of 1 oz .999 silver from NWT. I'm in Canada, and was just wondering if duty and taxes apply to bullion?

I was told that bullion is duty free as long as its .999 pure but not sure about the taxes.


cheers,
Pillar of the Community
IBGolden's Avatar
Canada
598 Posts
 Posted 02/02/2011  6:46 pm  Show Profile   Bookmark this reply Add IBGolden to your friends list Get a Link to this Reply
It depends on what province you live in.

>>> edit... Here's something I posted elsewhere awhile back VVV.
In Ontario Canada, I use to have to pay GST(5%) and PST(8%) (goods&services and provincial taxes) on less than pure bullion when imported into Canada. Pure bullion being .999 fine was exempt from PST but subject to GST.

If I purchased from a registered business within Ontario pure bullion would be subject to PST and exempt from GST... the opposite of an international purchase.

So, if I purchased from anywhere else in Canada, or from a private sale in Ontario, there would be no taxes applied.

But now (go figure), Ontario has HST(Harmonized sales tax or PST & GST combined), so I lost any exemption internationally or from Ontario. But, I can still purchase within Canada from anywhere but Ontario, or privately within Ontario, and not hafta pay any taxes.
Valued Member
vinnycoin's Avatar
Canada
442 Posts
 Posted 02/03/2011  12:26 am  Show Profile   Bookmark this reply Add vinnycoin to your friends list Get a Link to this Reply
Thanks very much for the info. I think that My province is tax exempt from bullion, but PST does apply for collector coins, wether or not they have silver content.
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