- Is the account in my name? Who will have access to my account?
Yes. Similar to a bank account, the account is set up in your name. IDS of Canada does not have power of attorney or control over your account and its contents. Only you and individuals you authorize will have the ability to complete transactions within your account.
- Are the contents of my account insured?
Yes. All assets held in your account are insured by the world’s leading specialty insurance provider.
- Are out-going shipments from IDS of Canada insured?
Yes. All outbound shipments are insured.
- What can I store at IDS?
Currently, IDS of Canada provides storage services for all precious metals including gold, silver, platinum, palladium and rhodium. We also offer storage for rare coins and certified coins.
- What metals can be shipped to Canada without sales tax or duty?
The Canadian government imposes a Goods and Service Tax / Harmonized Sales Tax (GST / HST) on products entering Canada which do not meet a minimum purity requirement.
To insure these taxes and duties are not owed, precious metals must be in bar, ingot, coin or wafer form. Coins must be issued by a government authority as legal tender and metals must meet the following purity standards:
- Gold must be 99.99% pure
- Platinum and Silver must be 99.5% pure
The following are examples of products which currently do not carry any sales tax are:
- Gold, platinum and silver Canadian Maple Leaf coins
- Gold American Buffalo coin
- Gold Australian Kangaroo/Nugget coin
- Gold Chinese Panda coin
- Platinum and silver American Eagle coin
- Platinum Austrian Platypus coin
More information can be found on the Canadian Border Services Agency website. Click Here
- What about privacy and reporting?
IDS of Canada takes every precaution to protect each client’s personal information with physical and technological safeguards. Under no circumstance is any information provided to IDS of Canada sold, exchanged, loaned or made available, except as needed to fulfill the services you have employed us to do, and as required by law. IDS of Canada strictly adheres to the Canada Privacy Act. For more information regarding the Canada Privacy Act, please visit www.priv.gc.ca
- What is the cost of storing precious metals at IDS of Canada?
Fees and services vary depending on the value of the metals stored. However, the minimum monthly fee for individual investors is $25.00. Please contact us for more information regarding our fees.
- Can I buy and sell precious metals through you?
IDS of Canada only provides storage and related services to our clients. We are not a bullion dealer. However, we store metals on behalf of many of the world’s leading bullion dealers. If you are interested in buying or selling please contact us and we will be happy to recommend active dealers within our depository. If you already have a bullion dealer, you may simply instruct them to ship your order to IDS for safe keeping. If you are selling to a bullion dealer, once you have arranged the sale with your dealer, simply provide us with the destination address and method of shipment desired. If your dealer has an active account the transaction can be completed within the depository which saves time and money on shipping.
- Why should I store my hard assets with IDS of Canada?
There are many considerations when choosing a precious metals depository. IDS of Canada is the only full-service Canadian depository offering, security, efficiency, privacy and physical access to your metals. A reputable custody program, such as that administered by IDS of Canada, provides greater flexibility, security and convenience. Your holdings are held in custody on an insured basis while in the depository, and you maintain a personal custody account where your metals are held off the balance sheet of the depository. Your bullion is stored in a high security, ULC-rated facility. You will receive detailed transaction confirmations and account statements for your account, thereby keeping you fully apprised of your account status at all times.
- What is a Master/Sub storage account?
The Master/Sub storage account is a two-tiered account for dealers and asset managers storing precious metals on behalf of their clients. This account is designed to create a revenue stream for the company. The Master account monitors and maintains associated Sub-accounts, and all correspondence is directed through the Master account, who is aware of any and all movement including buy/sell. Comprehensive reports for the Master and Sub account holdings are available for record keeping and invoicing purposes.
- What is a depository pool account?
The Pool Storage Account is designed for dealers or institutions who wish to store precious metals on behalf of their clients. Each individual coin or bar is not specifically titled to the individual investor, but rather to the Pool Account owner. The Pool Account owner holds unallocated precious metals and all Sub-account holders are allocated a number of purchased ounces rather than a specific fabricated precious metal product, such as bars or coins. The Pool account owner maintains complete control of all stored precious metals. All correspondence regarding the holdings is done through the Pool account owner. The depository does not correspond directly with the Pool Account owner’s clients (Sub-account holders), unless authorized by written instruction from the Pool Account owner.
- What are the implications of taking personal delivery of my metal?
You may derive a feeling of enhanced personal security and satisfaction from having your precious metals investments immediately within reach. However, when you personally hold precious metals it is difficult to find a secure place to store it. Additionally, individual insurance against theft or loss, is often difficult and expensive for individuals to obtain. Despite common thinking, the contents of a safe deposit box are not insured by the banks that rent them.
You also may experience delays in selling your metal. If your precious metal is in your possession, and you wish to sell a portion or all of your holdings, you must deliver it to your dealer, typically either in person or by mailing it to the dealer’s facility. The price you are quoted for your sale will be the current market price, which may decline between the time you decide to sell and the time your dealer receives the metal. In certain cases, your metal may be subject to an assay, or authenticity test, which may entail more delays and additional costs.