Buying silver in Northwest Territories
Investment-grade silver (silver of at least 99.9% purity, in bars, wafers or coins) is exempt from GST/HST everywhere in Canada. In Northwest Territories, jewellery and other taxable silver items carry 5% GST.
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 Northwest Territories is tax, explained below.
Sales tax on silver in Northwest Territories
There is no territorial sales tax, so only the 5% GST applies to taxable items.
Taxable everywhere: sterling silver, 90% and 80% silver coins and collector coins sold above their metal value, and silver jewellery and sterling silverware. 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 silver 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.
Silver 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.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.