It's about Gold or Precious Metals

Hello Folks
I know this is an off topic but I gotta ask..
My brother wants to send me gold from overseas.
What do I need to do. Can he just register the item and mail it.
Do I have to pay taxes on that.
Can he send it in a gold bar or I'm better of if its a bracelet or ring.
Does this involves any licenses or permissions, etc.
Has anyone done this before?
What are some of the cautions if any..
All suggestions are welcome.
thanks

Gold and other precious metals are exempt for taxes if they are in raw form.
So gold bars would be best as jewelery would be subject to GST.

If it's jewlery, just take a hammer to it, make it look like raw gold.

If it's over $10k you need to get registered I think in accordance to the money laundering act.

Originally Posted by guessaaa

If it's over $10k you need to get registered I think in accordance to the money laundering act.

1 oz Gold maple leaf = $50 in legal tender value... get 199 of them!

ive had gold sent to me more than once, The short answer is along as it is under 10,000 aggregate and is not for the puposes of resale send away, If they are bullion coins send away they are not numbered, bars are for ownership and tax purposes. If its in the form of jewellery make sure it looks used and mark it as a gift or estate bequethment.

a 50.00 1 oz isnt currency, neither are 10.00 olypics 100.00 .500 greek olympics, they were all defaced and are counted as bullion value plus a percentage.

long answer is anytime anything is shipped and crosses the border it may be checked, opened and confiscated and or have taxes and or duties applied to it. If you buy the gold cheap enough its fine, if your paying high and get a big tax bill and get red flagged at customs you might end up taking a loss.

i always had good luck with heavy bracelets never had a problem, with coins they can open a book see percieved instead of declared value, and charge accordingly.

p.s if this is guyanese,trini,tobago gold its either 9k or 12k its harder to qauntify and sell, most of it wasnt trademarked or stamped.
you can always ship it as costume jewellery, if there are no stamps on it.

Originally Posted by Allan edwards

a 50.00 1 oz isnt currency, neither are 10.00 olypics 100.00 .500 greek olympics, they were all defaced and are counted as bullion value plus a percentage.

Yes. It is. You can use it at a store for $50... but that would not be advised. Many coins have intrinsic value more than the face value. For example, penny was made of copper... each one would worth like 2-3 cents. Dollar was made of silver, each one would be like $5-10... You are still welcome to use those coins at the face value, just like a gold coin. Or you can sell it for melting... which is what people do with their Gold Maple Leaf.

Until I read this thread, I didn't realize that people travelled about with albums of gold coins for border crossings declaring them as $50 legal tender value each.

Originally Posted by Bugler

Until I read this thread, I didn't realize that people travelled about with albums of gold coins for border crossings declaring them as $50 legal tender value each.

im a pawnbroker, i see them daily.