In this article we will tell you where to buy or store bullion gold in Toronto, and across all of Canada. In this country, sales taxes and CGT can make bullion an unpalatable proposition, but there are alternatives, and these apply wherever you are in the country.
Buying Bullion from Canadian Dealers
There are a number of online and offline dealers in and around Toronto, but bear in mind that if you buy with these, you will be expected to pay sales taxes and capital gains taxes. The best of these dealers, along with their positives and their negatives, have been listed below.
- Toronto Gold Bullion Inc: This site is very similar to the JM Bullion site, which we will discuss in more detail shortly. It’s very well laid out and easy to navigate. There is also a nice selection of premium gold and silver coins and you can also sell coins and bars to them. However, that’s where the benefits end. There are very few bullion bars here, and very little available outside of standard gold and silver bullion. The prices are also not the lowest you will encounter. Still, as a local dealer, you will struggle to find anything better, and Toronto Gold Bullion is BBB accredited.
- Bullion Mart: A self-proclaimed “precious metal specialist” Bullion Mart has a wide selection of gold, silver, platinum and palladium, with an emphasis on locally produced bullion, including a wide selection of pieces create by the Royal Canadian Mint. However, don’t expect to get the best deals on the most popular bullion coins and bars, and expect to pay over the odds for rare pieces as well.
- Toronto Gold: This is a smaller site, and one that focuses on the online market. Here the emphasis is on gold, with a focus on jewelry and scrap gold. Toronto Gold also deals in Bitcoins and there are options for sterling silver as well. If you are looking for a wide selection of bullion though, then you’re looking in the wrong place.
Buying Bullion from US Dealers
It will not come as much of a surprise to learn that there are more bullion dealers south of the border than there are here in Canada. The US market is simply much bigger, and as there are many states that offer tax-free bullion, it is also more lucrative. Here in Canada, you can purchase gold from these american sites and take advantage of those savings. You can either purchase locally or get those products shipped via a third-party service like ReShip, or you can simply make a purchase online from a site like JM Bullion.
JM Bullion has one of the largest selections, as well as the best customer support and some of the lowest prices. Perhaps more importantly, they also have free shipping across the US, and massively reduced shipping to Canadians. If you want to buy from a US dealer here in the Great White North, there is no cheaper option.
At JM Bullion, you can save big on some of Canada’s favorite bullion, including:
- Silver/Gold Maple Leaf
- US Mint Silver Eagle
- Chinese Silver Panda
- Gold Sovereign
- PAMP Gold Bars
- RCM Silver Bars
Storing Bullion (in Canada?)
Of course, you don’t have to ship bullion into Canada in order to own and profit from it. There are ways that you can store bullion overseas, keeping it out of reach of the government, and negating the need to pay for shipping or taxes. One of the best of these services is GoldBroker. They are based in London but store their gold in vaults located in Toronto, New-York, Zurich and Singapore. GoldBroker are not for everyone, as they have high minimum orders, but if price and security is top of your agenda, they are perfect.
You can ship orders from GoldBroker to an address in Canada, but this is more of an expense than it is worth, and it is very difficult to keep the margins down and make a profit this way. Your best bet is just to keep your investment in those vaults until it is time to sell. If you drop into their Toronto or New York offices, you can even see their bullion with your own eyes, which might satisfy any need you have to see and touch the bullion you order.