The tax definition is narrower than everyday language
For GST/HST purposes, the CRA defines a precious metal as a gold, silver or platinum bar, ingot, coin or wafer meeting specified purity thresholds. For gold and platinum, the threshold is at least 99.5%; for silver, at least 99.9%.
The CRA also explains that qualifying products generally need to be in a recognized tradeable form. Jewellery, lower-purity gold and granular material do not automatically receive the same treatment.
Qualifying bullion and jewellery are not the same supply
The CRA memorandum states that supplies meeting the precious-metal definition are generally exempt financial services, while gold that does not meet the required purity and form is generally a taxable supply. Refining and manufacturing fees can have their own treatment.
Transaction design therefore needs item-level classification. Meridian will not apply one tax assumption to all gold products.
Get transaction-specific advice
Tax treatment can depend on the product, seller, buyer, place of supply and services bundled into the transaction. Income-tax or capital-gain consequences are separate from GST/HST classification.
This guide is educational, not personal tax advice. Confirm the treatment of the exact product, transaction and service with a qualified Canadian tax adviser before relying on an assumption.
Sources & further reading.
Meridian guides are educational. They are not legal, tax or investment advice, and they do not create an offer to buy or sell gold or silver.