Guide · Buying
Buying gold or silver for the first time
Premiums, spreads, sales tax, storage and the questions to ask before your first purchase of physical gold or silver in Canada.
Last updated October 7, 2026
This is general information, not investment advice. Gold and silver prices go down as well as up.
You will pay more than spot
No dealer sells at the spot price. The difference is the premium, and it covers minting, shipping and the dealer’s margin.
- Large bars have the smallest premium per ounce.
- Popular bullion coins, like the Maple Leaf, cost a little more but are easy to sell anywhere.
- Small coins and bars (1/10 oz, 1 g) have much higher premiums per ounce.
- “Limited edition”, “proof” and “commemorative” products often carry large premiums you may not get back when you sell.
Check whether sales tax applies
Investment bullion carries no GST or HST: bars, wafers and coins of gold at least 99.5% pure, or silver at least 99.9% pure. A Gold Maple Leaf qualifies. Jewellery, 22K coins and most collector coins are taxed at your province’s rate. See tax on gold by province.
Know the spread before you buy
The spread is the gap between what a dealer charges to sell you a coin and what they pay to buy it back the same day. Ask for both prices, in Canadian dollars. A small spread means you lose less if you need to sell soon.
Stick to well-known products
The coins and bars in our reference are recognised by buyers across the country. Unusual products may be hard to sell, or get lower offers.
Check the dealer
Run our six checks before you pay. Be careful with:
- Cold calls, and ads that warn of a coming crash.
- Pressure to buy “rare” or “semi-numismatic” coins instead of bullion.
- Offers to store metal for you at a company you cannot verify.
Storage and insurance
A home safe is common, but home insurance often covers only a small amount of bullion or coins without an added rider. A bank safety deposit box keeps metal out of the house, but its contents are not covered by deposit insurance. Private vaults charge a fee and usually include insurance.
Taxes when you sell
If you later sell at a profit, half of the gain can be taxed. See taxes when you sell gold.