I live in Canada and bought some silver from Scotiabank and it seems that I will now be receiving a T5 and will have to report a gain/loss next time I do taxes. Should I avoid buying silver from the bank to avoid having to pay taxes and what not? Sorry for the newbie question. Thanks.
Wouldn't you only report a gain or loss if you sold them? And wouldn't you have to do that regardless of if the bank told your tax authority or not?
Sorta a weird thing that you would have to do to buy bullion from ScotiaBank. Bought 5 ounce coin from ScotiaMcleod and got nothing like this/
Well it seems that the T5 is an unnecessary thing since websites do not require you to do anything and also some banks may not so why should I do it if it apparently isn't a big deal. My concern is more I think that I don't want anyone to know what I own.
