Buying gold in Northwest Territories
Investment-grade gold (gold of at least 99.5% purity, in bars, wafers or coins) is exempt from GST/HST everywhere in Canada. In Northwest Territories, jewellery and other taxable gold items carry 5% GST.
Gold has one national spot price in Canadian dollars: the prices on this page are the same as on the gold price in Canada page. What differs in Northwest Territories is tax, explained below.
Sales tax on gold in Northwest Territories
There is no territorial sales tax, so only the 5% GST applies to taxable items.
Taxable everywhere: 22K coins such as Krugerrands and American Gold Eagles, collector coins sold above their metal value and all karat gold below 24K, and gold jewellery. In Northwest Territories these carry 5% GST, charged on the full price including the making charge or premium.
The federal rule
Under the federal Excise Tax Act, gold and platinum of at least 99.5% purity and silver of at least 99.9% purity, in bars, ingots, wafers or coins, are "precious metals" and are exempt from GST/HST. Coins below that purity (for example 22K Krugerrands and American Gold Eagles, or 90% silver coins), collector coins sold above metal value, sterling silver and all jewellery are taxable.
Tax when you sell gold in Northwest Territories
When you sell, the CRA usually treats a profit on bullion held as an investment as a capital gain: half of the gain is added to your income and taxed at your federal and provincial rates (the 2024 proposal to raise the inclusion rate to two-thirds was cancelled in March 2025). Frequent trading can make profits fully taxable business income. The provincial part of your income tax is Northwest Territories's, at your territorial marginal rate. Sales tax does not apply when you sell bullion to a dealer.
Gold in Northwest Territories
Yellowknife was built on gold: the Con and Giant mines operated there for most of the 20th century. Today the territory mines diamonds.
Buying and selling
Dealers in precious metals and stones must verify your identity for purchases of $10,000 or more and report cash transactions of $10,000 or more to FINTRAC. Dealers sell Maple Leafs and bars at a premium over the spot price shown here and buy back a little under it. The main bullion dealers and jewellers in the territory are in Yellowknife.
Selling gold or jewellery to a dealer in Northwest Territories
- Licence: No territorial licence for gold, silver or jewellery buyers was found. Licensing is municipal: Yellowknife's Business Licence By-law No. 3451 requires licences for second-hand dealers (anyone who buys, sells or exchanges used goods), pawnbrokers, junk dealers and transient traders (non-residents buying or selling from a building or vehicle). Fees are set in a separate fees by-law (No. 4436 or its successor). Precious metal buyers are not named separately.
- Hold period: 5 days. Yellowknife: second-hand dealers must keep goods bought 'off the street' for 5 days (not counting Sundays and holidays) from acquisition before selling them. Goods from estate sales, auctions and certain bulk trade-ins are exempt. No hold period is set for pawnbrokers.
- What the dealer records: Yellowknife: second-hand dealers keep an ink register, written at the time of each deal, with the hour of the purchase, sale or exchange, the amount paid, a description with any serial number, and the seller's name, address and description; open to the city inspector or the RCMP at all times during business hours. Pawnbrokers record the date and hour, the pledger's name, description and address, the goods and the rate charged. No routine police reporting is required.
- What sellers need: Yellowknife: no ID check is set out; second-hand dealers may not buy from anyone under 16 or anyone who appears to be under the influence of alcohol.
- Who is exempt: Yellowknife: the 5-day hold does not apply to goods bought at estate sales or auctions or to certain bulk trade-ins.
- The law: No territorial act found. Example local law: City of Yellowknife Business Licence By-law No. 3451 (adopted 27 August 1990; consolidation shows amendments to 2004), sections 326 (pawnbrokers), 332 (second-hand dealers) and 336 (transient traders).
Federal rules (FINTRAC): Dealers in precious metals and stones (DPMS) become reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act when they buy or sell precious metals, precious stones or jewellery worth CAD 10,000 or more in a single transaction. They must run a compliance programme (compliance officer, written policies, risk assessment, training, two-yearly effectiveness review) and verify client identity for large cash, large virtual currency and suspicious transactions.
Quality marks: Quality marking of gold, silver, platinum and palladium articles is voluntary, but any mark used must be truthful and meet the standards and tolerances in the Precious Metals Marking Act and Regulations.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.