Silver & Gold: How to Import into Canada & US HS Tariff Classification Codes BUCHAN BULL VLOG 8

This is the 14th video that we are posting, and BULL VLOG 8.

This VLOG is just a quick response to a question I get asked several times a week: How do you import Silver and/or Gold and/or Platinum into Canada Tax-Free? Well you need to know the proper HS Tariff Classification codes to have the exporter place on any customs documents. I also discuss quickly what to do if you have been charged taxes incorrectly. The links below are very useful!

*PLEASE NOTE**I should have described this in the video--The reason the that the non-provincial tax programs are set up this way is based on the definition of Investment Grade Bullion (.999 or higher purity Gold, Silver, Platinum Only) vs. Collectors Bullions (anything less pure than .999 and any purity of Pallidium), as Investment Grade Bullions the Government expects one to report a Capital Gain or Loss upon divesting of the Bullion(it is considered and investment, so you pay taxes at the end, not up front like a normal purchase, or Collector Coins). ***

Viewers please feel free to comment, add to, unsimplify or outright tear my argument apart, lets make this a community of thoughts, questions and answers.

As Always, All The Best,

THE BULL

Good Links:

http://www.cbsa-asfc.gc.ca/ --Canadian Border Services Agency Homepage

http://www.cbsa-asfc.gc.ca/publications/dm-md/d2/d2-3-6-eng.html --the D2-3-6 Doc: NON-COMMERCIAL PROVINCIAL TAX COLLECTION PROGRAMS , this document address all articles that can be imported into Canada, not just PMs, but the PM reference is #71 on PAGE 18 of the pdf document.


Welcome to the Buchan Bull Bullion Channel!!

Your Economic & Financial Friend!!

We specialize in Bullion Sales, Production and Custom Casting.

Buchan Bull 99.9% Fine Silver, Traditionally Hand-Poured, Serialized and Sealed Bars should be available mid-January 2011.

Thanks for viewing and your support of Buchan Bull Bullion.

As always any questions, comments and criticism are welcome, and All the Best!

Stay tuned for more updates and videos of the production process.

PLEASE NOTE: No materials used in production are stored on-site. All materials used in production, including molds, are kept at various secure off-site locations and accessed only for production or inventory control purposes, both for safety and chain of integrity purposes.


WHY BUCHAN BULL BULLION?

1. Do you know where your Silver comes from?

Every bar produced by Buchan Bull Bullion will be serialized and a log will be kept updated on www.buchanbullbullion.com which will allow bar owners to identify exactly what batch their bars have come from, and all batch information will include complete data identifying exact per gram weights of silver for each mint(if more than one mint's silver is required for a single batch) used in the production process.

2. Is your Silver produced using recycled inputs, creating a much more environmentally friendly production process?

At Buchan Bull Bullion we do not refine bullion and therefore require very little, ideally none, of the harsh, toxic and environmentally damaging products used in the refining and leeching process to purify unpure bullion to 99.9%. At Buchan Bull Bullion we start with 99.9% raw silver blanks, sourced from various US and Canadian mints.

3. Is you silver produced locally, supporting local business?

At Buchan Bull Bullion, we are a family operation with help from other small family businesses, in an attempt to keep everything at a local level. If you read a bit in the ABOUT THE BULL section, you will find that money is not the main objective at Buchan Bull Bullion. Here we want to educate our clients, and have our clients educate us; we want to go up against the big guys and come out on top. Buchan Bull Bullion is produced for the average Joe, because that is who the Bull is, just the average BULL.

Please feel free to comment or ask any questions.

The BULL's personal blog can be found at www.buchanbullbullion.com , as well as updates regarding production, and information on custom casting.

We guarantee the authenticity of all our products, especially those produced in-house. We will cut any bar into pieces or drill holes in any place to prove the authenticity of our pieces, and are very happy to discuss any concerns that clients may have.

www.buchanbullbullion.com
jim@buchanbullbullion.com

Category:

People & Blogs

Tags:

• Importing into Canada
• CBSA
• Precious Metals
• silver
• physical silver
• paper silver
• Ag
• buchan bull bullion
• buchan
• gold

[alabe28]

Thanks for the info, but you might want to edit your vid. Your address is clearly visible

[BuchanBullBullion]

@alabe28 Thanks for the heads-up, Youtube won't let me edit due to number of views, tried a couple time, but its just a postal address, and anyone who would have ever ordered from me in the past would have that address as a return address, 100's of people. No Bullion kept there, plus I have an updated postal address now as the video is quite old, so that is someone else's place now. Thanks again though, Jim

[TheRandian1]

Thank you for the post. I do have another question. I see the form states that this is for the provincial tax portion of the HST. What about the 5% GST itself on Bullion Gold and Silver. When I called customs and asked them if I brought Gold and Silver across the border they told me I wold have to pay the 5% GST. I asked if they were Canadian mint and then they said no. Would love some documentation to present to them that I don't need to pay GST on Bullion when i cross. Any Link? Thanks

[BuchanBullBullion]

@TheRandian1 As far as I know it has to do with the purity and no the Country of manufacturing; although, I could certainly be wrong. I bring a lot of silver across the boarder, and as long as my supplier properly fill out the customs docs with the appropriate code I never get hit with any taxes or duties--it comes to my door free.

[BuchanBullBullion]

@TheRandian1 From my research the taxation rules are based upon the definition of investment grade bullion vice collector items, with .999 or higher purity being considered investment grade, thus non-taxable. CBSA and CRA expect you to file a capital gain or loss when you dispose of your purchase, so theoretically it would really be double-taxation to charge taxes up front and at end. It is very hard to get a clear answer from anyone--I have tried!! In my experience the code works great w. CBSA.

[BuchanBullBullion]

@TheRandian1 Oh and I should also mention that if your silver came across the boarder and the incorrect HS Tariff Codes were applied you are able to claim back the duties and taxes paid. It takes about 5-6 weeks, and you just follow the instructions on the back of the CBSA invoice. They require some documentation saying what the codes were, and what the code should have been, and how much of a refund you should get. takes time, but works well.

Thanks for watching and comments!

All the Best,

Jim

[Brucejosephlive]

Great video. I imported from Apmex and Fedex is holding the order due to brokerage fees. Sounds like I should pay it and all should be well, as mentioned in the video they fill out the forms correctly so that it passes tax free? Previously I ordered from a Canadian company this feels much better this time around is a little unnerving. Do I have anything to worry about? It's coming to Ontario.

[nmurray13]

Great Video. Thanks for all of your help. I am going through all of this at customs as we speak.

[TheRandian1]

@BuchanBullBullion Thanks for your replies, I really appreciate it.

After doing some further looking thanks to your points there is a document titled 17.1 Definition of “Financial Instrument” (do a search, can't seem to post link)

Seems to be a bulletin on how certain financial instruments are

categorized. When I cross the border I plan on bringing both

documents and hopefully that will be enough.

Once again thanks.

[charronfamilyconnect]

Hey has anyone heard of Tom Greco? He has an alternative idea about a reformed monetary system kind of like a barter system but with credits(not debt) that can be exchanged between productive members of society. Is pretty fascinating alternative than simply backing money with scarce gold. If anyone is interested they should look him up. New ideas like have a true unlimited potential!!