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A website of a certain bank states in its FAQ for buying/selling precious metals (https://preciousmetals.td.com/shop/en/tdmetals/metal-support): "Q: Are there tax implications if I sell my precious metals? A: You may be required to claim a capital gain or capital loss if you decide to sell your precious metals back to TD Canada Trust". If I buy an item for 1750 and then end up selling for 1700 (i.e. at a loss), all within the same year for sake of argument, am I really required to keep track of this (with supporting documentation, archival for the future, etc) and report it on my tax return, assuming I really don't care about any benefits of claiming it, nor do I care to write it off as against any capital gain that may occurred with other investments within the same year?

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    A possible reason for having to report a loss is to assert that it was indeed a loss. Otherwise, the tax man only sees that you sold at 1700 (reported by the trader) but has to track when you did buy the the item to see if you bought it for 1750 or 1650. – SJuan76 Feb 18 at 21:33

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