Canadian Silver Maple Coins - do I have to pay taxes if I sell for more $ ?
If I have to pay taxes, would it be capital gains? Is there any way to avoid that or write off? Can those funds be somehow be direct to TFSA or RRSP account?
Thanks.
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Unless you’re a dealer, you will not have to pay capital gain tax on personal property like selling gold or silver.
At least in this country, you are supposed to pay a capital gains tax on profits when you sell silver. You could try to avoid it by selling for cash to a dealer with no paperwork, but I can’t advise you to break the law like that.
Yes, you do. Whenever you buy something and sell it for more, you’ll need to pay capital gain taxes.
Normally if you’ve held it less than a year you just pay personal income tax. If you’ve had it over a year you pay capital gains tax.