Buying gold in Nunavut
Investment-grade gold (gold of at least 99.5% purity, in bars, wafers or coins) is exempt from GST/HST everywhere in Canada. In Nunavut, 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 Nunavut is tax, explained below.
Sales tax on gold in Nunavut
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 Nunavut 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 Nunavut
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 Nunavut's, at your territorial marginal rate. Sales tax does not apply when you sell bullion to a dealer.
Gold in Nunavut
Nunavut has large gold mines in the Kivalliq region, including Meliadine and Meadowbank.
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 Iqaluit.
Selling gold or jewellery to a dealer in Nunavut
- Licence: Pawnbrokers and second-hand dealers need a territorial licence. The Government of Nunavut's Consumer Affairs Office issues a 'Pawnbrokers and Second-Hand Dealers Licence'. Licences run to 31 March after issue and are renewed each year. The regulations set the annual fee at CAD 25 for each type, but the current fee schedule was not confirmed. In Iqaluit, any business also needs a city business licence under Bylaw No. 859; fees range from CAD 25 to CAD 1,000 by class and are higher for non-resident businesses.
- Hold period: The Act sets no hold period for goods bought by second-hand dealers. For pawned goods, the owner can redeem them until one month after the agreed redemption date. Only after that may the pawnbroker sell them, and any surplus goes to the owner if claimed within one year.
- What the dealer records: Second-hand dealers must record each purchase and sale with a description, the price and the date, using the prescribed form (Form 3). The name and residence of the person are recorded for goods bought and for sales over CAD 50. Pawnbrokers record the goods (including maker and serial or model number), the loan, the dates and the pawner's name and residence, and give the pawner a copy. Records are kept for at least 12 months (pawn records for one year after the redemption date) and are open to peace officers.
- What sellers need: The Act asks for the seller's name and residence in the records but sets no specific ID document check. Dealers and pawnbrokers must not take goods from anyone they know is under 19, or who seems to be under the influence of alcohol or drugs. Suspected stolen goods must be reported at once to the nearest RCMP detachment.
- Who is exempt: The Act does not cover car dealers and merchants who take used goods as trade-ins only as a side part of their business, dealers in second-hand books, or auctioneers. Dealers may not trade between 10 p.m. and 7 a.m. Breaches can bring a fine of up to CAD 500, up to six months in prison, or both.
- Jewellers: The Act does not mention jewellery, gold or precious metals. Its definition of a second-hand dealer covers any business buying, selling or exchanging used goods, apart from the listed exclusions.
- The law: Pawnbrokers and Second-hand Dealers Act (RSNWT 1988 c P-2), inherited from the Northwest Territories and still listed as current Nunavut law, with the Pawnbrokers and Second-Hand Dealers Regulations (RRNWT 1990 c P-1). Iqaluit's Business Licensing Bylaw No. 859 sets a general city licence but does not mention pawnbrokers or second-hand dealers.
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.