Buying silver in Corner Brook, NL
Investment-grade silver is exempt from GST/HST everywhere in Canada. In Corner Brook, jewellery and other taxable silver items carry 15% HST, the Newfoundland and Labrador rate.
Silver has one national spot price in Canadian dollars: the prices on this page are the same as on the silver price in Canada page. What differs in Corner Brook is tax, explained below and on the Newfoundland and Labrador page.
Sales tax on silver in Corner Brook
Canada has no city sales tax, so in Corner Brook you pay Newfoundland and Labrador's rates. Investment-grade silver (silver of at least 99.9% purity, in bars, wafers or coins) is exempt from GST/HST. Sterling silver, 90% and 80% silver coins and collector coins sold above their metal value, and silver jewellery and sterling silverware carry 15% HST, charged on the full price including the making charge or premium.
HST follows the federal rule, so investment-grade bullion is exempt from the full 15% HST.
Full provincial rules: silver price and tax in Newfoundland and Labrador.
Silver in Corner Brook
Corner Brook is the main city on Newfoundland's west coast and the regional centre for western Newfoundland.
Tax when you sell silver in Corner Brook
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 Newfoundland and Labrador's, at your provincial marginal rate. Sales tax does not apply when you sell bullion to a dealer.
Selling silver or jewellery to a dealer in Corner Brook
- Licence: No provincial licence for pawnbrokers, second-hand dealers or gold and silver buyers was found. The City of St. John's licence fee list has no licence for second-hand dealers, pawnbrokers or precious metal buyers. Its nearest item is a 'Transient Dealers Licence' at CAD 517.50 a year, which the page does not describe.
- Hold period: No provincial or St. John's hold period was found. The repealed Salvage Dealers Licensing Act used to require salvage dealers to keep goods unaltered for 7 days, but it no longer applies.
- The law: No provincial pawnbroker or second-hand dealer act was found. The province once had a Salvage Dealers Licensing Act, which covered dealers in scrap metal and 'second-hand, used, discarded or surplus' goods who ran a salvage yard, but it expressly excluded pawnbrokers. That Act was repealed in full by the Obsolete Acts Repeal Act in 2006. The 1990 revision of the statutes has no pawnbroker or second-hand dealer act, and no such title appears in the current alphabetical list as far as it could be read. No St. John's by-law on second-hand or pawn dealers was found.
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.
Buying and selling in Corner Brook
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; compare a few dealers' buy and sell prices on the same day.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.