Gold Price in Canada Today

Gold hallmarking in Canada is voluntary rather than mandatory: under the Precious Metals Marking Act, administered by the Competition Bureau, a jeweller only needs to accompany a fineness mark (10K, 14K, 18K, etc.) with a registered trademark if they choose to mark the piece at all. This differs from the UK's compulsory third-party assay system — in Canada, accuracy is enforced through trade-practice law after the fact, not verified independently before sale. A dealer may also apply Canada's national mark, a maple leaf inside a "C," but only with specific authorization from the Commissioner of Competition.

Canada's Excise Tax Act (subsection 123(1)) defines qualifying gold, silver and platinum as a financial instrument rather than an ordinary good, which is why investment-grade bullion -- gold and platinum bars, ingots or coins at 99.5% purity or higher, silver at 99.9% or higher -- is exempt from GST/HST. The product must also be non-numismatic and, for coins, legal tender in its country of origin; collector coins generally fall outside the exemption even at qualifying purity.

Jewellery is excluded from Canada's precious-metals GST/HST exemption at any karat, including 24K pieces, because jewellery is not considered investment bullion under the Excise Tax Act's definition -- so expect GST/HST on a jewellery purchase even when the metal itself is very pure, while an equivalent-purity bar or eligible coin from a bullion dealer would not carry that tax.

Qualifying investment-grade bullion -- 99.5%+ pure gold or platinum, 99.9%+ pure silver, in bar, ingot, wafer or eligible coin form -- is exempt from GST/HST in Canada under the Excise Tax Act's definition of a precious metal as a financial instrument. Gold jewellery of any purity does not qualify for this exemption and is taxed at the applicable provincial GST/HST rate. Profit from selling investment gold is generally treated as a capital gain rather than fully taxed as ordinary income, though the specific tax treatment can depend on whether the holding is considered investment or business activity.