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Silver & Gold: How to Import into Canada & US HS Tariff Classification Codes BUCHAN BULL VLOG 8 | Gold Investment Deals

Silver & Gold: How to Import into Canada & US HS Tariff Classification Codes BUCHAN BULL VLOG 8

January 11, 2013 by  
Filed under Gold Coins


This is the 14th video that we are posting, and BULL VLOG 8. This VLOG is just a quick response to a question I get asked several times a week: How do you import Silver and/or Gold and/or Platinum into Canada Tax-Free? Well you need to know the proper HS Tariff Classification codes to have the exporter place on any customs documents. I also discuss quickly what to do if you have been charged taxes incorrectly. The links below are very useful! *PLEASE NOTE**I should have described this in the video–The reason the that the non-provincial tax programs are set up this way is based on the definition of Investment Grade Bullion (.999 or higher purity Gold, Silver, Platinum Only) vs. Collectors Bullions (anything less pure than .999 and any purity of Pallidium), as Investment Grade Bullions the Government expects one to report a Capital Gain or Loss upon divesting of the Bullion(it is considered and investment, so you pay taxes at the end, not up front like a normal purchase, or Collector Coins). *** Viewers please feel free to comment, add to, unsimplify or outright tear my argument apart, lets make this a community of thoughts, questions and answers. As Always, All The Best, THE BULL Good Links: www.cbsa-asfc.gc.ca –Canadian Border Services Agency Homepage www.cbsa-asfc.gc.ca –the D2-3-6 Doc: NON-COMMERCIAL PROVINCIAL TAX COLLECTION PROGRAMS , this document address all articles that can be imported into Canada, not just PMs, but the PM reference is #71 on PAGE 18 of the pdf

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Comments

22 Responses to “Silver & Gold: How to Import into Canada & US HS Tariff Classification Codes BUCHAN BULL VLOG 8”
  1. 2010ChallyRT says:

    Informative post. Similar issues compared to importing auto-parts however, when I get charged tax inadvertantly by customs, I ask for a dispute form from the post office, fill it out with details of the items imported and just mail it in to customs. Usually takes 3 weeks to get my money back.

    Not sure about having to pay taxes on American Eagles, Buffalo’s etc seeing as they have a $50 face value stamped on the coin. Personally I drive over the border and just bring it back in my wallet.

  2. BuchanBullBullion says:

    You are correct that this is the document for Sask., but I have had great success in using the same codes to import into Ontario, and to claim back any taxes charged by mistake from CBSA.
    Further, most dealers in Canada do not charge any taxes, GST or HST when purchasing .999(+) gold, silver or platinum–all local dealers in Ottawa, SGB, BC Bullion Dealers, Kitco, though sometimes the banks try to charge it which may be a service thing, not too sure, but I personally never pay GST.

  3. SopraTutt1 says:

    I think you are referencing APPENDIX D from d2-3-6-eng.pdf, which is: “GOODS TAXABLE OR EXEMPTED FROM THE PST BY SASKATCHEWAN”.

    It should only work for Saskatchewan, right? In Ontario they are asking for 5% GST.

  4. BuchanBullBullion says:

    You can’t always find what you want locally, but it is always my first choice, especially direct so no shipping. There are a few cases where the product I or others want may not be available locally or even within the same country. I do use SGB sometimes, but I also collect some special silver that is not easily available, also sometimes there might be a good deal from a reputable online seller, and I also purchase .999 shot which is hard to find within CAN. Thanks kindly, Jim

  5. throwerofturds says:

    instead of importing anything why not buy locally . your in business , also there is silvergold bull in alberta and im sure there are other good dealers.

  6. BuchanBullBullion says:

    Thanks for the heads-up, Youtube won’t let me edit due to number of views, tried a couple time, but its just a postal address, and anyone who would have ever ordered from me in the past would have that address as a return address, 100’s of people. No Bullion kept there, plus I have an updated postal address now as the video is quite old, so that is someone else’s place now. Thanks again though, Jim

  7. alabe28 says:

    Thanks for the info, but you might want to edit your vid. Your address is clearly visible

  8. nmurray13 says:

    Great Video. Thanks for all of your help. I am going through all of this at customs as we speak.

  9. TheRandian1 says:

    Thanks for your replies, I really appreciate it.
    After doing some further looking thanks to your points there is a document titled 17.1 Definition of “Financial Instrument” (do a search, can’t seem to post link)
    Seems to be a bulletin on how certain financial instruments are
    categorized. When I cross the border I plan on bringing both
    documents and hopefully that will be enough.
    Once again thanks.

  10. BuchanBullBullion says:

    Oh and I should also mention that if your silver came across the boarder and the incorrect HS Tariff Codes were applied you are able to claim back the duties and taxes paid. It takes about 5-6 weeks, and you just follow the instructions on the back of the CBSA invoice. They require some documentation saying what the codes were, and what the code should have been, and how much of a refund you should get. takes time, but works well.
    Thanks for watching and comments!
    All the Best,
    Jim

  11. BuchanBullBullion says:

    From my research the taxation rules are based upon the definition of investment grade bullion vice collector items, with .999 or higher purity being considered investment grade, thus non-taxable. CBSA and CRA expect you to file a capital gain or loss when you dispose of your purchase, so theoretically it would really be double-taxation to charge taxes up front and at end. It is very hard to get a clear answer from anyone–I have tried!! In my experience the code works great w. CBSA.

  12. BuchanBullBullion says:

    As far as I know it has to do with the purity and no the Country of manufacturing; although, I could certainly be wrong. I bring a lot of silver across the boarder, and as long as my supplier properly fill out the customs docs with the appropriate code I never get hit with any taxes or duties–it comes to my door free.

  13. TheRandian1 says:

    Thank you for the post. I do have another question. I see the form states that this is for the provincial tax portion of the HST. What about the 5% GST itself on Bullion Gold and Silver. When I called customs and asked them if I brought Gold and Silver across the border they told me I wold have to pay the 5% GST. I asked if they were Canadian mint and then they said no. Would love some documentation to present to them that I don’t need to pay GST on Bullion when i cross. Any Link? Thanks

  14. B Charron says:

    Hey has anyone heard of Tom Greco? He has an alternative idea about a reformed monetary system kind of like a barter system but with credits(not debt) that can be exchanged between productive members of society. Is pretty fascinating alternative than simply backing money with scarce gold. If anyone is interested they should look him up. New ideas like have a true unlimited potential!!

  15. Alexiscom1 says:

    Thanks for the info

  16. BuchanBullBullion says:

    Hi, I think this will depend on your citizenship status . I am not too familiar with the US export laws, but Canadians can transport up to $10K cash, bullion without having to pay any taxes. If you get caught trying to transport more they have the right to confiscate everything.
    Some countries are starting to get restrictive on PMs leaving the country, so I would really recommend confirming if it is a State or Fed. issue first(in Can it’s Fed.) then look for Regulation/Laws

  17. airconditionerking says:

    I want to buy an apartment in Vancuver and I live in N.Y. Once I get my pad, how can I transport my silver to my apartment without paying any taxes. Thanks alot and great channel. I have been subscribed for 2 months or so.

  18. ECTBWHO says:

    : )

  19. 2011endgame says:

    I too order from Scottsdale Silver. The shipper (his name is Davis) is now enclosing a letter with each order to Canadian Customs people stating that the order enclosed is silver bullion which is part of NAFTA and he quotes the Excise Tax exempt number. My most recent order from them came through with no problem. Cheers

  20. BuchanBullBullion says:

    I have actually heard a similar story from a shipment with Scottsdale, and it would usually be Scottsdale job to enter the code on the documents. A friend of mine told me when this happened to him he contacted Scottsdale and somehow they worked the taxes out and he was refunded. Maybe I can get him to post about his experience and what he did.
    Another issue is that a lot of carriers will not carry or clear bullion(UPS for sure), so if shipping with them can not label it.

  21. Mike Cole says:

    When I ordered silver from Scottsdale Silver from the US, I got taxed through FedEx when it hit the border. Its happened several times. I think some brokers or shippers don’t know or don’t care about the tariff codes.

  22. dijibeat says:

    This is very informative! Thank you for your time doing this!

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