Redemption ......

GLDGLD Posts: 49 Copper ✭✭
Has anyone recently gone through the process of having a redemption of a gold or silver coin in Canada? I see a redemption fee and i would assume a shipping fee is needed. Any idea of import duties? My last order for "cubes" was over a year ago and other then a delay and "threat" of an import tax (it didn't happen) it worked out well in the end.

Any new experiences?

Comments

  • GoldIsCurrencyGoldIsCurrency Posts: 1,814 Gold ✭✭✭✭✭
    edited February 2017
    @GLD I have redeemed for some physical into Canada. No duties or tax's were applied just shipping fee's.
  • GoldStandardCanadianGoldStandardCanadian Posts: 148 Bronze ✭✭✭
    edited February 2017
    yeah, there is a shipping fee, but it's modest. If you compare the cost of gold / silver through Goldmoney vs CIBC bank right now, silver is $2688 plus shipping ($15) on CIBC and on Goldmoney it's $2372 + $75 shipping (keep in mind this is when shipping 100oz silver bar, which is heavy). I think there was a 0.5gram fee of some sort as well, which didn't add up to much. There is no duty on pure bullion-grade gold/silver into Canada, it is illegal to tax bullion-grade imports to Canada as far as I know. My bar was shipped from "IRS" on the shipping label, from Texas.

    Not to mention, you'll be doing business with the new fintech innovator kid on the block who isn't suppressing bullion purchases vs big banks that have that bias, are associated with the 600+trillion derivative disaster, etc.

    Bottom line is Goldmoney fees are competitively priced in your favour, and on ethics they aren't hosers.
  • GLDGLD Posts: 49 Copper ✭✭
    I've typically been using SilverGoldBull.ca (SGB) out of Calgary, with free shipping (2-3 days to your door) on over $500cdn orders .... very very reliable. Avoid Cdn Bullion out of Toronto .... they post coins/rounds on their web site they don't actually stock (weeks and weeks delay). My first purchase was Silver bars through Scotia Bank (Scotia Macotta?) ..... big mistake. It ended up being ~14.00 cdn over spot .... i didn't know any better at the time ( it was only 8oz).

    The cheapest SGB.ca 100oz bar today is $2466 + 0 shipping, NO other fee's .....

    The reason i asked is because Goldmoney prices are quite good .... but i don't like over the border transactions in general. Still .... i wanted to check how their process was working now. I'm not adverse to saving money so i will definitely keep a close eye on their prices.

    Can you guys give me an idea on the overall 'ordering-to-in your hands' time?
  • GoldIsCurrencyGoldIsCurrency Posts: 1,814 Gold ✭✭✭✭✭
    @GLD I think it was 2 days after ordering that it arrived to me in Toronto. It came UPS, other shipping locations will obviously vary.
  • ShannaShanna Posts: 28 Copper ✭✭
    I've also been using Silver Gold Bullion of Calgary because i really like their attitude, shipping is in line with the competition (such as Border Gold), and over $500 it's free shipping. So for a small handful of coins from SGB it's between free and $20, whereas cashing out to the same coins from Goldmoney is well over $100. Needless to say that at insane fees like that i'm not cashing out to bullion, but buying it elsewhere instead. Kind of defeats the purpose though.
  • AlienMeAlienMe Posts: 56 Copper ✭✭
    Judging from comments here it appears there are no longer border issues but I am still somewhat uneasy :* @GoldStandardCanadian , any idea what's the IRS label for? FATCA made me very weary of IRS involvement in any transaction, were there any documents included that would indicate US tax liability? From what understand, unlike Canadian tax which is based on residence, US taxes US assets whereever they are
  • GoldStandardCanadianGoldStandardCanadian Posts: 148 Bronze ✭✭✭
    There were no taxes on my silver bar whatsoever, on either side of the border. They can't tax or charge duty on bullion grade imports. It shipped from "IRS" and it was only shown on the label, no US tax liability or forms. It is illegal to tax pure bullion imports into Canada (as it should be - Oh Canada!)

    I've ordered gold bullion from CIBC before, and received it in a package labelled from "Brinks". The fact is that precious metals often originate from secure and undisclosed depositories and so their handling and distribution will be reflected on the shipping label. You won't see the address of the vault... and no wonder.

    Unless your purchase in Canada is over $10,000 you won't drop on any radar. But if it is you'll be added to Fintrac, which is used by Canadian authorities to monitor suspicious activity like tax evaders, etc. As long as you're not using it for that purpose I wouldn't even worry about Fintrac, it is there for a reason and does occasionally help against crime. Goldmoney is over the counter and we hope government respects the rights of people to control their own wealth outside of the corrupt banking system.
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