Selling gold coins in Canada - need help with that | Page 2 | General financial discussion | Discussion forum

Just decided to sell 10 new not circulated gold coins with BULLION DNA™ technology https://www.mint.ca/en/bullion/bullion-dna

2020 Gold Canadian Maple Leaf Coin 1 oz

Each coin engraved with Bullion DNA maple leaf for easy authentication.

Price firm $6,000 Canadian per 1 oz coin until October 20,2025.
Available 10 coins (1 tube).

Payment Interac e-Transfer only, no cash.
Pick-up from my residence in Toronto, close to Pearson Airport, around 401 and 427 area.

Decided to buy a new car before winter.

mordko said

I am not buying gold, but if I were, I would buy Canadian mint from a reputable dealer or arrange a pick up so that the dealer can verify authenticity.
 

Yes, you can ask the dealer to verify authenticity.

Many dealers are here close to my place or you can choose your own dealer and we can go there, if it's not really far away.

Basically, I absolutely have no problems to sell my gold when I want and right now for $6,000 too.

The only reason I'm posting here - maybe some users want to take advantage, because if you want to buy those coins from any dealer, it will be over $6,300 now.

CAD said

CRA?
What are you talking about???
You can buy Canadian gold coins at reputable dealer and you can pay cash. NOBODY would know you bought it. Same as selling them...  

Leaving aside being a law-abiding citizens vs the alternative, there are still a few issues:

1. e-Transfer always leaves a trail, because it is a bank-to-bank transaction. CRA will be able to get a hold of records. Large or repeated transactions could be interesting to Fintrac. Or your bank.

If I were to guess, I’d say that 10 separate e-Transfers of $6,000 each will almost certainly get noticed, not necessarily because they’re illegal, but because banks are legally required to watch for patterns that could look like money laundering or tax evasion.

2. If you end up with a capital loss, having a record would allow you to claim it on your tax return. Its a plausible scenario. $60K could turn into (say) $20K in a couple of years and claiming the loss would mean you get to share your pain with CRA.

3. If you are buying gold from a reputable dealer using cash then the dealer reports your transaction to Fintrac. CRA only cares about you when you sell.

Isn't there a bottleneck with the Interac daily limit, Winnie?

CAD said

I am not suggesting anything illegal.

What can dealer 'report' about me to Fintrac???? No name, no ID needed, no address, no credit card number. He/she might have a picture of me. Good luck 'finding me'.
As for selling to the dealer for cash I did not ask if they record anything about seller. Will do when I am close by so I would know where seller stands.  

If you want to do this legally then you obviously need a record of purchase price so that you can calculate tax due when its sold.

If you are paying using large cash transactions then a reputable dealer is legally obliged to check your id and include your details in his report to fintrac. I don't know what would trigger this; 6k might but 10k is guaranteed.

Post #16 has obvious issues.

GIC-Fanatic said

Just fyi. Interac is not fool proof. Nor is a certified cheque.
And giving out your address is not a good idea either.
Rethink payment type and meeting place. Ie police station and be accompanied accordingly.  

Yes, you have some valid point, I agree.

New meeting place - outside of local dealer store, where buyer can ask the dealer to verify authenticity.

About payments.
Interac e-Transfer I believe would be fine for one or two $6,000 transactions.
Can you explain why it is not acceptable?

Why certified cheque for $60,000 would be not secure I don't know.
I only had a few certified cheques in my life, not an expert at all.

So, only cash or wire transfer options left, as far as I know.

savemoresaveoften said
 
The only reason I'm posting here - maybe some users want to take advantage, because if you want to buy those coins from any dealer, it will be over $6,300 now.  

If I am looking to buy gold, I will not risk $6000 and all the potential trouble to verify authenticity and other issues to try to save $300. Especially I am paying via EMT or certified check etc while receiving a piece of gold of potential unknown origin etc etc.
But then thats the beauty of gold, isnt it?  

Quite. Also, one could sell gold coins for pretty close to $6K without any hustle https://canadagold.ca/sell-to-us/todays-gold-prices/

I’m glad you reassessed the process to sell.