Sent: Tuesday, January 09, 2007 1:48 AM
To: David Ingram
Subject: TAXATION FOR PRECIOUS METAL FUNDS AND HOLDINGS IN CANADA FOR US
CITIZEN
January 9th, 2007
Hello David, I am considering an investment of approximately $50,000 CAD
into precious metals such as gold in Canada this year. How will the
gain, if any , be taxed by Revenue Canada and the IRS as an American
citizen (at present not a dual citizen of US-Canada). There is the
option of converting the currency to USD and investing in the US market
as well.
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david ingram replies:
Gold or any other commodity or future is a venture in the nature of trade
and taxable (or deductible) at straight tax rates in Canada.
In the US, it is usually a long or short term capital gain or loss unless
you are classified as "in the business".
If you make money, you are better off holding it in a US account.
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