GST/HST on Gold and Silver in Canada

How the GST/HST rules for precious metal work

The Excise Tax Act (subsection 123(1)) defines "precious metal" as a bar, ingot, coin or wafer composed of gold, silver or platinum and refined to a purity of at least 99.5% for gold and platinum, or 99.9% for silver. The Canada Revenue Agency's GST/HST Memorandum 17.1 adds two form tests:

• Bars, ingots and wafers must generally be recognized and accepted for trading on Canadian financial markets.
• Coins qualify only if they are issued by a government authority and may be used as currency.

A sale of precious metal is a financial service. The first sale of newly refined metal by the refiner (or the owner it was refined for) is zero-rated, and every later sale is exempt. Precious metal imported into Canada is also not subject to GST/HST. For a private buyer the result is simple: when a dealer sells you a qualifying bar or coin, or you sell it back, no GST/HST is added.

Which products are taxed

The CRA states that gold, silver or platinum in bar, ingot, coin or wafer form below the purity thresholds is a taxable supply. So is metal of the right purity sold in another form, such as granules. Carat gold, sterling silver and platinum jewellery are named as examples that are not precious metal. Palladium is not part of the definition at all, so palladium bars and coins do not benefit from this exemption; ask the dealer how they are charged.

The Krugerrand is the trap most buyers hit. It holds a full troy ounce of gold, but its alloy is only 91.67% fine, so it falls outside the definition. The American Gold Eagle is also 22 karat. On the same metal content, that can make these coins dearer than a 99.99% Gold Maple Leaf. More in fineness and numismatic coins.

How much tax applies by province

On a taxable item the rate depends on the province of supply. The CRA lists these rates (in effect since April 1, 2025):

• 5% GST: Alberta, British Columbia, Manitoba, Quebec, Saskatchewan, Northwest Territories, Nunavut and Yukon.
• 13% HST: Ontario.
• 14% HST: Nova Scotia.
• 15% HST: New Brunswick, Newfoundland and Labrador, Prince Edward Island.

Fixed-number example: on a taxable coin priced at 4,000 CAD before tax, 13% HST in Ontario adds 520 CAD, while 5% GST in Alberta adds 200 CAD. A qualifying Maple Leaf at the same price carries no GST/HST anywhere in Canada. British Columbia, Manitoba, Saskatchewan and Quebec also have their own provincial sales taxes, which this entry does not cover, so check the tax lines on the dealer's invoice.

Capital gains when you sell

The CRA says the facts of each transaction decide whether a gain is capital or income. If it is a capital gain, the inclusion rate for 2025 is 50%, so half of the gain is taxable. "Coins" appear on the CRA's list of listed personal property, where losses can only be deducted from gains on other listed personal property, and the $1,000 minimum cost and proceeds rule for personal-use property applies. Keep dealer invoices, because your cost is what you paid, not the spot price on the day. Ask a tax professional how your own holdings are treated.

Paying cash: FINTRAC reporting

Dealers in precious metals and stones report to FINTRAC. A dealer that receives 10,000 CAD or more in cash must verify the buyer's identity and file a large cash transaction report. Smaller cash amounts from the same person that add up to 10,000 CAD or more within 24 consecutive hours count too. Expect to show ID for larger orders.

Since GST/HST can differ between two coins with the same gold content, compare the final CAD price including delivery. Our ranking of the cheapest gold coins in Canada does exactly that, alongside the premium over spot.