CPM Forum
General => General Forum Comments => Topic started by: Dean on April 14, 2025, 08:11:19 am
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Hi,
I wonder why a buyer would have to pay GST/PST/HST on purchases of Canadian currency or coins. If these items are meant to be used as financial instruments in everyday commerce, then why do we have to pay taxes on them?
Are vintage notes and coins considered to be "goods" rather than simply money? The Government is taxing people on something that they produce and that is not intended to be a collector's item.
For example, I could go to the bank to get UNC mint rolls of coins or crisp UNC banknotes for face value, but if I have to buy these very same items from a shop, I would have to pay HST on them.
Dean
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I totally agree, but what are we to do? Unfortunately, I don't think paper money collectors represent a big enough lobbying force to effect any change politically. Maybe Mr Carney will take pity on us since his signature is on a bunch of bills we collect!
In addition to what you said, we are already effectively paying a 100% tax on the face value of notes by removing them from circulation in the first place, since printing paper (polymer) money is essentially 100% profit for the federal government.
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Yes, it really sucks!
It really is "a kick-to-the-head" for the average coin shop. They're all forced to charge taxes on paper money & coins (unless they're bullion).
And as @Al-Bob rightly points out: pretty tough to put any political pressure on the powers-that-be.
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Hey WTTW, et. all.,
i too agree particularly about paying tax on the face value but how would the government separate the re-sales of genuine currency from - everything else. And we all agree, there's a lot of "everything else" out there. :)
Cheers,
B
Edit: cracking down on the sales of "Replicas" aka counterfeit on-line might be a start.
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I agree, taxes on face value sucks. If anything, I can understand charging tax on the sale amount above face value but not the whole thing.
What gets me is how the government forced eBay to collect and remit taxes on all eBay sales even if the seller was just trying to sell a few personal items. eBay already charges tax on the fees they collect, which makes sense but the method of sale seems to have influence over the sales tax code. eBay is collecting and remitting taxes on behalf of sellers who are not required to collect and remit. I understand there are sellers who take advantage but eBay should have policies in place to prevent that.
cracking down on the sales of "Replicas" aka counterfeit on-line might be a start.
100% agree.