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Posts Tagged ‘GST’

As of September 20, 2010, Wikipedia states that Canada’s Goods and Services Tax “is a multi-level value added tax introduced in Canada on January 1, 1991.

A sales tax is “a tax levied on the sale of goods and services that is usually calculated as a percentage of the purchase price and collected by the seller.

A value added tax is “an incremental excise that is levied on the value added at each stage of the processing of a raw material or the production and distribution of a commodity and that typically has the impact of a sales tax on the ultimate consumer.

From the Canada Revenue Agency’s “How GST/HST works,” no mention is made of it being a value added tax.

Confusion may arise, however, with businesses having to pay the GST/HST on most of their purchases. However, it states:

They can claim an input tax credit, to recover the GST/HST paid or payable on the purchases they use in their commercial activities.

Even without the rebate, it still wouldn’t be a value added tax, since the full tax is applied, not an incremental amount.

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Now available at http://www.scotiamocatta.com/eStore

See today’sĀ press release and theirĀ FAQ for more information.

Initial product offering: 5 varieties of gold coins (Canadian Maples from 1/20 oz. to 1 oz.), 7 gold bars (Scotiabank bars from 1/4 oz. to 5 oz.), 1 silver coin (1 oz. Canadian Maple), and 4 silver bars (from 1 oz. to 100 oz.)

Advantages over branch purchases:
– Product and price browsing 24/7
– Can buy from anywhere in Canada and ship to any registered Canadian address
– Can buy from 8:30 a.m. – 5 p.m. EST — an hour earlier and half an hour later than most branches are open on most days
– Can buy in CAD, instead of having to buy in USD

Disadvantages compared to branch visit:
– More limited product inventory
– Can’t buy platinum or palladium products
– Can’t buy gold, silver, or platinum certificates
– Can’t sell
– Have to pay GST and PST (if applicable) on the shipping costs
– Maximum purchase limit of $6000 CAD (excluding taxes, shipping) per 24-hour period
– Slower delivery time — an extra day or two
– Currently only available to Canadian residents

For price comparisons and other online buying options, see Kitco and Bullion Direct. Be sure to compare prices (including taxes and shipping), in Canadian dollars.

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