Gold Price in Canada Today

GST/HST on bullion and sales tax on jewelry

Gold bars, wafers and coins of at least 99.5% purity are exempt from GST/HST in Canada; anything below that is taxed like ordinary goods. The line comes from the definition of “precious metal” in the Excise Tax Act, and it catches people out with coins that look like bullion but aren’t pure enough.

Premiums you will see

Canadian dealers price Maple Leafs and bars as the spot price in CAD plus a premium, and they buy back at spot minus a smaller margin. The premium per ounce shrinks as the product gets bigger, so a 1 kg bar costs less over spot per gram than a 1 oz coin, and a 1/10 oz coin costs much more. Ask for both the buy and sell price before comparing dealers.

So a Krugerrand bought in Ontario carries 13% HST that a Maple Leaf does not. On a 1 oz coin that difference can outweigh any gap in dealer premiums. The South African coin is described on our Krugerrand page.

Sales tax on gold jewelry by province

Jewelry is taxable everywhere in Canada, but the rate depends on where you buy it. Some provinces use the single harmonized HST; others charge the 5% federal GST plus their own provincial tax.

On a C$2,000 ring, the tax ranges from C$100 in Calgary to about C$300 in Montreal. The tax is charged on the full price, metal and labor together, so heavier pieces carry more tax in dollars even when the labor is the same. Provincial rules for bullion can differ from the federal exemption in the provinces with their own sales tax, so check current rules before buying bars in BC or Quebec.

Buying across the border

Canadians who buy gold in the U.S. must declare it to the Canada Border Services Agency on return, and duty and taxes may apply above their personal exemption. Americans bringing Canadian gold home declare it to CBP the same way.

The Maple Leaf, the Mint and the Canadian dollar

The Royal Canadian Mint launched the Gold Maple Leaf in 1979 at 99.9% purity and moved it to 99.99% in 1982. The 1 oz coin carries a face value of C$50 and is legal tender. Fractional sizes down to 1/20 oz are also made, with higher premiums per gram.

Modern coins have fine radial lines in the background and a small micro-engraved maple leaf as security features, both hard to reproduce. The Mint also refines gold and made headlines in 2007 with a 100 kg coin carrying a face value of C$1 million.

Why Canadians favor the Maple Leaf

• It qualifies for the GST/HST exemption, unlike 22K coins.
• It is recognized by every Canadian dealer, so resale is quick.
• Its purity makes it soft, so handle it by the edges to avoid marks.

Spotting a fake Maple Leaf

1. Weigh it: a 1 oz coin should be 31.1 g on an accurate scale.
2. Measure it: the 1 oz coin is 30 mm across.
3. Check the radial lines and the micro-engraved maple leaf under a loupe.
4. Hold a strong magnet near it; gold is not magnetic.

Specifications and history are on the Canadian Gold Maple Leaf page.

How the Canadian dollar changes the picture

Gold in Canadian dollars is the dollar price multiplied by the USD/CAD rate. At an example $3,000 per ounce and an example 1.38 CAD per USD, an ounce is C$4,140 and a gram about C$133.10. The figures are illustrations; the live ones are in the table above.

The loonie floats, so a Canadian buyer gets two moving parts. When the Canadian dollar weakens, gold rises in CAD even if it is flat in USD. When it strengthens, the reverse. Over short periods the currency can move the local price as much as gold itself.

For the U.S. side of that sum, see the gold price today in dollars.

Canadian bullion dealers quote per troy ounce and per gram in CAD, while jewelers and pawnshops quote per gram by karat. When you compare, make sure both prices are in the same currency and the same unit; a U.S. dealer’s ounce price in USD can look far cheaper than it is.

A little history

Canada has deep roots in gold. The Klondike Gold Rush in the Yukon drew tens of thousands of prospectors between 1896 and 1899, and Ontario and Quebec remain major mining regions. The federal government, by contrast, sold nearly all of its official gold reserves over the decades, so Canada now holds almost none.

Karat marks on Canadian jewelry

Canada has no government assay office. Instead, the Precious Metals Marking Act controls what a quality mark means if a maker applies one, and it is enforced as a consumer-protection law.

What to check before buying

1. Find the quality mark, such as 10K, 14K or 18K, or 417, 585 or 750.
2. Look for a registered trademark beside it. Canadian rules require a quality mark to be accompanied by one.
3. Weigh the piece in grams, not the kitchen ounces a household scale shows.
4. Multiply the grams by the karat rate in the table above to get the melt value.

What a 5 g ring holds, by karat

10K is widely sold in Canada, as in the U.S., because it is durable and affordable; see the 10K gold price. 14K is the usual choice for engagement rings, and 18K for higher-end pieces.

Selling gold in Canada, mistakes and a glossary

Dealers buy Maple Leafs and bars close to the spot price, while jewelry is bought at a discount to melt value. Gains on bullion are generally taxed as capital gains, with half of the gain included in income under the long-standing rule; check current rules with the Canada Revenue Agency.

Common mistakes

• Buying a 22K coin and forgetting the HST.
• Comparing an American dealer’s price in USD with a Canadian price in CAD.
• Assuming an unmarked piece is not gold, or that a marked one without a trademark is genuine.

Where Canadians sell

• Bullion dealers: best prices for recognized coins and bars.
• Jewelers: convenient for trade-ins, usually lower cash offers.
• Pawnshops: quick cash, the widest spreads.
• Mail-in refiners: suited to larger scrap lots; get the payout terms first.

For bar prices by weight, see the gold price per kilo.

Glossary

• Precious metal: in the Excise Tax Act, gold of 99.5% purity or more in bar, wafer or coin form.
• HST: the harmonized sales tax combining federal and provincial rates.
• Quality mark: the karat or fineness stamp on jewelry.
• Loonie: the Canadian dollar.

For the ounce in U.S. dollars, see the gold price per ounce.

Other currencies are listed on the gold price by country page.