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Posts Tagged ‘PST’

Prior to the introduction of the Harmonized Sales Tax (HST) in Ontario on July 1, 2010, Canada Maple Leaf gold and silver coins sold to Ontario residents were subject to Provincial Sales Tax (PST) of 8%.

Foreign-made coins weren’t subject to the tax, which resulted in a significant disincentive to buy domestic coins. The introduction of the HST has now thankfully put the sale of foreign and domestic coins on an equal playing field.

From ScotiaMocatta’s FAQ:

“Do I have to pay any sales tax or GST / HST?

Precious metals are exempt from GST / HST.

A precious metal is defined as a bar, ingot, coin or wafer of gold or silver, refined to a minimum purity of 99.50% in the case of gold, and 99.9% in the case of silver.

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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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