加拿大稅收

Kitco Forum

As a Canadian, I've wondered about the issue of capital gains taxes on bullion for a long time, but after reviewing the Canadian Tax Code recently, I have discovered that my primary precious metals investment vehicle (1-oz silver bullion coins) are exempted from capital gains taxes.

Capital Gains 2011 - Canada Revenue Agency

Essentially, any coin that was purchased for under $1000 and sold for under $1000 is considered Listed Personal Property (LPP) under the Canadian Tax Code (see page 7), which is a specific type of Personal-Use Property (which would include such things as a boat, car, or furniture).

The only attribute that distinguishes LPP from Personal-Use Property is that LPP would generally be expected to increase in value over time, such as in the case of jewelry, rare art, a stamp collection, or coins, whereas Personal-Use Property tends to depreciate (as with a boat, car, or furniture).

The details from the Canada Revenue Agency document (Page 20) are as follows:

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"Because LPP is a type of personal-use property, the capital
gain or loss on the sale of the LPP item is calculated the
same way as for personal-use property. For more
information about these rules, see “Personal-use property”

Personal-use property
When you dispose of personal-use property, you may have
a capital gain or loss. To calculate this gain or loss, follow
these rules:
■ If the adjusted cost base (ACB) of the property is less
than $1,000, its ACB is considered to be $1,000.
■ If the proceeds of disposition are less than $1,000, the
proceeds of disposition are considered to be $1,000.
■ If both the ACB and the proceeds of disposition
are $1,000 or less, you do not have a capital gain or a
capital loss. Do not report the sale on Schedule 3 when
you file your income tax and benefit return."

When you dispose of personal-use property that has an
ACB or proceeds of disposition of more than $1,000, you
may have a capital gain or loss.

Adjusted cost base (ACB) – usually the cost of a property
plus any expenses to acquire it, such as commissions and
legal fees.
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Based on this wonderful discovery, I would advise Canadians to purchase only bullion that you expect to be saleable for less than 1000$/unit in order to avoid any capital gains on your bullion.

Given my long-term price targets of $6000/oz for gold and $300/oz for silver, that would mean 5 gram bars of gold (or smaller), and 3-oz bars of silver (or smaller).

Since the capital gains tax in Canada is based on 50% of the gain, taxed at your personal marginal tax rate (for the average person, around 30-35%), a typical capital gains tax on bullion would be about 15-18%. The tax loss of 15-18% upon sale of a 100oz bar of silver (which would be bought and sold for considerably more than more than $1000) outweighs any savings in terms of the lower premium over a 1oz round.

Therefore, this analysis suggest that Canadians should only be buying 1 oz silver, 1/10 oz fractional gold coins, or 5gr gold coins to maximize their eventual gains.