"I'm Canadian - what tax obligations do I have if I open an account with goldmoney.com..."
- Details
- Category: International Planning Q&A
- Published on Tuesday, 18 October 2011 10:05
- Written by Greg McNally
Question from a Canadian-based IM Member:
Q: "What tax obligations do I have if I open an account with goldmoney.com to hold gold or silver in Switzerland?"
A (by Greg McNally): There are no direct tax obligations to open an account with goldmoney.com. However, if the bullion is sold for a gain, there will be capital gains tax to be paid.
About N. Gregory McNally, BA, LL.B, MBA, JD, LL.M (Int'l Tax), TEP
A Canadian by birth, Greg McNally is an international tax lawyer by training. He has earned various degrees, including law degrees in both Canada and the United States, a Masters of Law in International Tax and a Masters in Business Administration. He practiced law in the Turks and Caicos Islands for 10 years from 1992 until 2002, when he returned to Canada and joined the Royal Bank (Global Private Banking) as their Senior Manager of International Services in Toronto. In 2004, he started an international tax consulting firm called N. Gregory McNally & Associates Ltd., where he now oversees the development and implementation of customized international wealth management solutions on behalf of high-net-worth and ultra high-net-worth clients.
PLEASE NOTE: The information contained within this article is based on the best research we could find as of the date of publication. However, the world changes fast and information can become out of date relatively quickly. So, two points... First, before undertaking any action described in this material, please conduct your own due diligence and verify all facts. Second, if you happen to spot an out of date fact or figure (or even suspect something is out of date or false), simply get in touch with us and we'll look into it. International Man is a network made up of some very smart people - tax specialists, accountants, lawyers, analysts and many other talented individuals. As a group, we can create and maintain a very accurate and highly actionable resource for internationalization.
Greg Utas
Posted at 2012-02-06 17:06:57
If you hold more than $100,000 in assets outside Canada, you must file T1135 with your tax return. Your GoldMoney account would be reportable on that form.
Robert Simmers
Posted at 2011-10-19 04:47:46
Interestingly, for U.S. citizens, the gain on holdings of physical gold and silver - such as with GoldMoney; or the ETFs of same (GLD & SLV), are taxed at the same rate as are collectibles - a flat rate of 28%. I have read that the collectible tax rate does not apply to gains from holding physical gold and silver in an IRA; but the point seems moot, as an IRA cannot be used to defer the taxes on the increase in the value of collectibles. Ergo, it appears that U.S. citizens cannot have IRA accounts with GoldMoney, or any company offering similar services.
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