Gold and other precious metals | Page 2 | General financial discussion | Discussion forum

Dealers do have to report sales over $10k to FINTRAC and I imagine that info is thus available to CRA

Bullion transactions under 1 oz are not considered investments. No reporting required.

Dean said

JohnnyCash said

Yeah, when the world goes to hell, there likely to be only one currency freely exchangeable. It certainly won't be crypto, people will laugh. Those bills in our wallet won't even be useful to help start a fire. Credit and debit cards, nope. Gold on the other hand will always be welcome in exchange for goods and services.

WRONG Again ⬆️, Johnny❗

"When the world goes to Hell" . . .

Gold will be of No use to Anyone. You can't eat it, you can't drink it, you can't use it to defend yourself, etc., etc.,. When the world goes to hell, the 'Barter System' will be King, and gold won't be involved.

Best to stock up on storable vegies, canned food, water, ammo, etc., while you can ... Cuz It's Comin' Real Soon❗

Dean

P.S.
You guys Crack Me Up ... LOL   

The barter system is great until you accept something in exchange only to find out you can't unload it for something you need. So there will need to be a common agreed platform for those situations. Granted, if things go to hell, then it will be much to late to worry about all those chickens you accepted in exchange for the shotgun shells.

CRA has software “stumbling upon” errors. Software keeps improving, at least in theory, to detect more and more. Large transactions are detectable and criminal prosecution is possible in cases of evasion. Even if individual sales are under $10,000, authorities can and do detect patterns and link transactions. It’s advisable to keep records/receipts for past purchases to keep compliance simpler.

If bullion is inherited without receipts, I assume there will be an attempt to reconstruct ACB based on serial numbers, coin dates, etc.

AI says CRA averages about 25 or 30 convictions a year for tax evasion.

In a country with our population with zillions of financial transactions every day that's the same as zero, to me.

CAD said
Why would you buy gold at the bank?
If you buy through bank, by etransfer, cheque, etc. SOMEBODY (government) will know you HAVE gold and might take it from you one day if they need it.
Forget about 'democracy', 'human rights', 'Charter' and similar fairy tells...  

At that time (before 1999), I paid only cash for gold.
I liked $1000 bills, usually had with me more than 10 bills all the time.
I liked banks, because price was fair and guaranteed no fakes.
Also, two times two different banks did a mistakes. I was buying 10 bars (5 oz each) and was charged only for 10 oz, not 50 oz. I have learned, that no too many customers were buying gold at that time and bank employee sometimes had no experience in such transactions. It was fun, I liked those days. With gold dealers totally different experience - sometimes they cheat!

Bill said
Your gold "will remain hidden after my departure", eh? Someday somebody will knock down that house, it may get returned to the earth mixed in with all the rubble, imagine that!  

No, Bill, my gold will remain hidden in the Greenbelt area in Southern Ontario until Doug Ford will decide to build some highway exactly thru my hiding spot in the forest. Seriously, I do not keep any written records about my hidden spot location anywhere, I do rely solely on my memory.

I agree convictions and re-assessments/penalties are entirely different things. Regardless, it is really up to the individual on how they 'play the game'. I am not into precious metals or commodities of any kind, physical or otherwise.

Yes, lots of reassessments, and related penalties, based on all the errors people make when they file, or file late, the stuff that lands in CRA's lap, CRA's great with that.

That, and their matching program with T slip issuers, which again is dead easy for their computer, is all they do.