Hi there, I am going to be returning to the US from Canada at the end of the week with silver - mostly in the form of 80 and 90 percent silver coin, but also some .999 small bars. I think there is about 2500 dollars worth in total. I am going to be entering New York state from Canada. Will I be taxed on this silver? Any issues with Customs? Thanks!
Make your coins look like "money" and they shouldn't be taxed. Either way, coins can't be easy to tax... stick them in your suitcase and if they get dinged by customs, tell them you brought them with you on your trip to Canada to get them appraised. As for the bars, bullion in Canada isn't taxed but I'm not quite sure if it is when it crosses the border.
No, I'm already in Canada now, and returning to the states. The question is about entering the US from Canada. I recognize bullion is not taxed in Canada - but are there any taxation issues with entering the US?
FYI: About 30 percent of the silver is from the United States: 90% US silver coin, American Eagles, and a couple bars made in the USA. The other 70% is made in Canada: mostly 80% Canadian Coin, a few Canadian Maple Leafs, and a few one ounce bars that say made in Canada.
I checked US Customs, on the web. Then located this link to NAFTA. It appears that you are okay, but there is a # to call. Tariff Phaseout The NAFTA eliminates tariffs on most goods originating in Canada, Mexico and the United States over a maximum transition period of fifteen years. The schedule to eliminate tariffs already established in the Canada-United States Free Trade Agreement will continue as planned so that all Canada-United States trade is duty-free in 1998. For most Mexico-United States and Canada-Mexico trade, the NAFTA will either eliminate existing customs duties immediately or phase them out in five to ten years. On a few sensitive items, the Agreement will phase out tariffs over fifteen years. NAFTA-member countries have agreed to a faster phaseout of tariffs on certain goods.
Yes, I see that NAFTA regulations prohibit taxation on goods made in a NAFTA country. Two Questions: Does this apply to personal belongings or just commercial imports? My coins are personal belongings - not for resale or commercial use. Also, are there any other restrictions for Silver in particular? I know there used to be restrictions on Gold, but those have been phased out - although, you are still supposed to declare gold when you enter the country with it. I'm not sure about taxation. Anything similar in regards to silver? Thanks!
One more thing: I would especially like to hear from someone who has personal experience entering the US with coin. As a frequent border crosser - I realize that it often depends on the individual officers you deal with - and not with what the law actually says or does not say. But in any case, I would like to hear some first hand experience.
The only problem would be if you were caught bringing the equivalent of US$10,000.01 or more in currency/coins, without declaring it. Face value, not "worth", is what counts.
I have lived on the Canadian border for about 12 years and frequently take my collection back and forth. They cannot tax you on coin but purchases made in any country are subject to taxation. It really depends on the person that you get at the border. I have never been taxed on any silver purchases.
I used to work for a silver/gold refinery and did a lot of cross-border business. As of 23 years ago, precious metals moved back and forth with NO taxation at all. You needed to declare it, but that was all. One of our Canadian clients decided to take possesion of 30,000 ounces of silver and I crossed the border with that and had no problem. Other than the entire border crossing being shut down while all of the customs agents came out to my '74 rusted Datsun pickup truck, with a dented canopy, and stared at the 30 1000 ounce bars of silver. I tried to explain the concept of "low profile" but they couldn't help but point and carry on. Needless to say, I was a nervous wreck for the rest of the trip, waiting for someone to rob me. Story aside, I have not heard of the laws changing but you should probably check into it. Mike
My understanding, which I got from speaking to someone at ScotiaBank several years ago, was that one reason for putting a denomination on silver bullion coins was to enable them to cross the border as "money" to escape any tarriffs or taxation. However, an ambitious border agent might have a different idea, so I don't know what will happen.
Thanks everyone. It looks like I have about 120 ounces of silver total. Almost all of it is either "junk silver" or silver rounds marked at $1.00 by the US or $5.00 by Canada. Total face value is around $220.00. Included in the 120 ounces, are about 26 ounces in bar form which are not marked with a monetary denomination. Of these 26 ounces, 20 of them were made in the US. The other six in Canada. It doesn't seem like taxation will be an issue, but if anyone has been charged duty on silver, please share. The reason I ask is because if I find out that taxation is possible, I will not bring it all across at once, but a little at a time over the next year or so on various trips back to the States. That way I'll be under the limits for duty collection. Thanks!
Actually they put a denomination on them to render them as coins, a legal protection against counterfeits. Believe me, the governments would like to collect any and all tariffs they could, they sure wouldn't make a tariff dodge.
Why dont you just pick up the phone or even email US customs and ask them? It is what I do if I am unsure of importing something into the UK
Keep calling them, and you might get a different answer everytime. Same as going to the post office. I know which clerks really know the Domestic Mail Manual, and which seemingly have never heard of it - and avoid the latter. That is like calling the IRS for tax advice, it just isn't done, you want a real answer, not something off the top of someone's head. Sorry De Orc, you just don't know how the US government operates, and I hope you never find out.
LOL Thanks, I can honestly say that the customs guy's over here while thay can be a tad over zelouse at times are normaly extreemly helpful
A few years back now my Son was going to school in Europe. He sent me coins all the time via regular mail and never a problem. Don't know if mailed from a college has anything to do with it but all came through. Of course you could just place all your coins in packages marked narcotics. Those always seam to get here somehow.
