My grandfather wants to give my sister and me 16 ounces of gold each when I visit the States soon.
I have two main questions:
Will there be any issues bringing that much gold back with me on the plane to Canada if I declare it?
Are there any tax implications I should be aware of?
Thanks in advance for any advice!
Definitely get a gift letter from Grandpa, just in case. Declare everything at customs, find a safe place to store it (maybe a safety deposit box), and enjoy the gift!
Harley said:
Definitely get a gift letter from Grandpa, just in case. Declare everything at customs, find a safe place to store it (maybe a safety deposit box), and enjoy the gift!
Signed letter with his contact info helps too.
Harley said:
Definitely get a gift letter from Grandpa, just in case. Declare everything at customs, find a safe place to store it (maybe a safety deposit box), and enjoy the gift!
Get a gift letter from Grandpa
Not sure Grandpa is thrilled about all the paperwork though 
Harley said:
Definitely get a gift letter from Grandpa, just in case. Declare everything at customs, find a safe place to store it (maybe a safety deposit box), and enjoy the gift!
What’s the face value on those coins? Just curious…
@Bryce
Well, 16 oz is worth around $43,814 USD.
Blair said:
@Bryce
Well, 16 oz is worth around $43,814 USD.
Face value is usually way less than what the gold is actually worth. It’s what’s printed on the coin, like $5 or $20.
Blair said:
@Bryce
Well, 16 oz is worth around $43,814 USD.
Face value is usually way less than what the gold is actually worth. It’s what’s printed on the coin, like $5 or $20.
Got it, like the massive $2,500 gold coins the Mint makes that are worth over $100k.
Blair said:
@Bryce
Well, 16 oz is worth around $43,814 USD.
Face value is usually way less than what the gold is actually worth. It’s what’s printed on the coin, like $5 or $20.
Customs knows all about that trick though!
Blair said:
@Bryce
Well, 16 oz is worth around $43,814 USD.
Not the actual gold value, but the printed denomination. $5? $20?
Blair said:
@Bryce
Well, 16 oz is worth around $43,814 USD.
Not the actual gold value, but the printed denomination. $5? $20?
I know Canadian gold coins often just say 1oz. He’s in the US, though, so might be different.
@Zion
They usually have a face value unless they’re rounds, which are rarer.
Sam said:
@Zion
They usually have a face value unless they’re rounds, which are rarer.
So is the mint selling pure gold coins at that value?
Sam said:
@Zion
They usually have a face value unless they’re rounds, which are rarer.
So is the mint selling pure gold coins at that value?
No, we’re just talking about the printed face value here, not the actual value of the gold.
@Sam
Got it, so it is pure gold?
Oakley said:
@Sam
Got it, so it is pure gold?
Yep, but it also has a dollar denomination, making it legal tender. Kinda like how a penny costs more to make than it’s worth in currency.
Blair said:
@Bryce
Well, 16 oz is worth around $43,814 USD.
Not the actual gold value, but the printed denomination. $5? $20?
1oz coin values can be around $50 face value, depending on if it’s a Maple Leaf or an American Eagle.
There shouldn’t be any tax issues, but you’ll definitely have to declare it if it’s over $10k.
Vega said:
There shouldn’t be any tax issues, but you’ll definitely have to declare it if it’s over $10k.
Actually, gold’s a commodity, not a monetary instrument, so as long as it doesn’t exceed $10k in stamped value, you might be exempt. But declare it for sure.
@Tan
Thanks! Makes sense that it’s treated as a good unless it has a stamped value over $10k. Appreciate the clarification.