old is one of the most expensive precious metals popularly used as assets, jewelry, and manufacturing electronics and medical devices. If you’re in the business of importing gold, it is essential to understand the customs duties that may apply. In this article, we’ll answer the most common questions about importing gold into Canada.
Does Canada allow the import of Gold?
You can import gold into Canada without having to worry about your shipment being held at customs. While the Canada Border Services Agency (CBSA) does not control or restrict the importation of gold, several government departments and agencies are involved in the process. To ensure the admissibility of goods, CBSA administers and enforces legislation and regulations on behalf of these federal departments and agencies.
One of the agencies involved in assessing gold admissibility and duties is the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Canada’s financial intelligence unit. The role of this department is to facilitate the detection, prevention, and deterrence of money laundering and the financing of terrorist activities while ensuring the protection of personal information under its control.
What are the Canadian Duties & Taxes on Gold?
Precious metals, including gold, may be subject to duties and taxes depending on the outcome of your verification process with CBSA. Here are a few general rules for importing gold to Canada:
- The Canada Revenue Agency (CRA) has determined that there is no Goods & Services Tax (GST) on gold bars qualifying as precious metal, defined as 99.5% pure gold or 99.9% pure silver.
- Unwrought gold or gold in semi-manufactured forms such as bars, bullion, or powder, is often duty-free, regardless of where it was mined.
- Imported unwrought gold may be subject to Goods & Services Tax (GST) and Provincial Sales Tax (PST), or Harmonized Sales Tax (HST) if applicable. You can review GST/HST provincial rates to get an idea about what you’ll be charged.
PST and HST may also apply to personal gold shipments. To help you determine whether PST or HST will be applicable, we recommend contacting the Finance Division of the province where the gold is being imported.
Are there additional reports required to import gold?
Gold is not considered a currency or monetary instrument and, hence, no additional reporting is required to import gold to Canada.
Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), articles of pure silver, gold, or any other precious metal, such as gold coins, bullions, platelets, powder, or other such items, do not fall under the definition of currency or monetary instruments. As such, there is no requirement to report the import or export of these items under the PCMLTFA or the related regulations, and Form E677 (Cross-Border Currency Reporting) does not need to be completed.
Although you don’t need to submit a report under the PCMLTFA, you will need to declare all precious metals – including gold – upon importation according to the provisions of the Customs Act.