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Buying silver from local dealers in Toronto?

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  • Jul 4th, 2010 11:49 am
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Deal Addict
Dec 19, 2007
1238 posts
17 upvotes

Buying silver from local dealers in Toronto?

was wondering if there is a local dealer in toronto where i can buy 10oz silver bars
5 replies
Deal Addict
Apr 2, 2007
2043 posts
78 upvotes
Niagara area
Bank of Nova Scotia main branch at King and Bay. Best to deal with the bank than a dealer.
Deal Guru
User avatar
Mar 8, 2002
13462 posts
4622 upvotes
GTA
GTT1 wrote: Bank of Nova Scotia main branch at King and Bay. Best to deal with the bank than a dealer.
In this case, it's not a lot of money, so probably the easier option. But banks will charge more than a decent dealer. Similar to currency exchange, it's how the little places survive.

My friend buys/sells precious metals and says the banks charge too much. When buying an oz of gold/platinum, he usually pays the going rate, plus a $20 'bar charge'.
Deal Addict
Dec 19, 2007
1238 posts
17 upvotes
Hugh Jass wrote: Why? So you can pay more?

My friend buys/sells precious metals and says the banks charge too much. He usually pays the going rate, plus a $20 'bar charge'. I'll be seeing him tomorrow and can find out a good place for you OP.
much appreciated, thats what a few other people have said about dealing with banks. they charge ridiculously over spot
Deal Addict
Dec 19, 2007
1238 posts
17 upvotes
ZenOps wrote: Scotiabank is doing more of the metals nowadays:

https://www.scotiamocatta-estore.scotia ... ducts.aspx

They sell the 100oz silver bars.

Remember that Maple leaf coins are subject to tax in Ontario. Bullion is not.
yeah i was wondering about that, how i should be reporting it in my income

found this on another forum but ill probably call CRA one day to verify
"As long as you are not in the business of trading precious metals, gains or losses are capital in nature.
In Canada, half the gain on disposal is a taxable capital gain.
Holding gains are not taxable. The proceeds of disposition are net of commissions. Your cost base includes commissions.
Certain capital losses in other years can be applied against the gain."
Everything you need to know about capital gains is in CRA's Guide T4037 Capital Gains. When both the buy and sell prices of a personal use property are under $1,000 there is no requirement to report.
for those that collect silver bars, are you loyal to one specific bar design or does it even matter to you?

johnson matthey seems to be popular but im feeling like building a collection of scottsdale stackers

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