ID and Cash Limits for Buying Gold in Canada
Canada has no legal cap on paying cash for gold. A jeweller or bullion dealer that receives C$10,000 or more in cash, in one payment or several within 24 hours, must verify your identity and file a large cash transaction report with FINTRAC. A proposed ban on accepting C$10,000+ in cash (Bill C-2) was not law as of October 2026.
Facts checked 31 October 2026 · Not financial, legal or tax advice
At a glance
| Situation | Rule | Notes |
|---|---|---|
| Buying | ID check when the dealer receives C$10,000+ in cash (or virtual currency). | Also required whenever a suspicious transaction report is made. Many dealers ask for ID on any large order. |
| Paying cash | No legal cap. | Cash of C$10,000 or more is reported. Cheques, money orders and card payments are not cash for this rule. |
| Selling | No national ID rule from FINTRAC for cash the dealer pays out. | Provincial and city second-hand dealer rules often require ID when you sell (see note). |
| Reported | Large cash transaction report for C$10,000+ received within 24 hours. | Suspicious transactions are reported at any amount; splitting payments doesn't avoid the 24-hour rule. |
The rules in detail
- Jewellers and bullion dealers are dealers in precious metals and stones (DPMS) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act once they buy or sell precious metals, stones or jewellery worth C$10,000 or more in a transaction.
- Large cash transaction report (LCTR): due within 15 calendar days when the dealer receives C$10,000 or more in cash in one transaction, or in two or more amounts within a consecutive 24 hours that it knows involve the same person, third party or beneficiary. Cash means Canadian or foreign notes and coins, not cheques or money orders. A matching report applies to virtual currency of C$10,000 or more.
- For these transactions the dealer must verify your identity (usually government photo ID), keep records, check whether a third party is involved and screen for politically exposed persons.
- Suspicious transaction reports have no minimum amount, and you won't be told one was filed.
When you sell
- FINTRAC's cash report covers cash the dealer receives, so being paid cash for your gold doesn't trigger an LCTR; suspicious-transaction rules still apply.
- Dealers may pay by cash, cheque or transfer; there is no federal rule on how.
- No tax is withheld; any gain is yours to report to the CRA.
Silver and travel
- Silver and platinum are precious metals under the same FINTRAC rules.
- Travel: currency and monetary instruments of C$10,000 or more must be reported to the CBSA when entering or leaving Canada; gold is declared as goods.
Gold ID and Cash Limits in Canada: FAQ
Do I need ID to buy gold in Canada?
Only if you pay C$10,000 or more in cash or virtual currency, in one go or within 24 hours, or if the dealer has to report a suspicious transaction. Many dealers ask for ID on large orders as policy.
Is there a cash limit for buying gold in Canada?
No. You can pay any amount in cash, but C$10,000 or more is reported to FINTRAC. A proposed ban on businesses accepting C$10,000+ in cash was in Bill C-2, which had not passed as of October 2026.
Does FINTRAC know when I buy gold with a card or bank transfer?
Not through the dealer's large cash report, which covers cash and virtual currency only. Suspicious transactions can be reported at any amount and any payment method.
Sources (5)
General information for individuals buying or selling gold, checked October 2026. Rules change and dealers may ask for more than the legal minimum; check with the dealer or the regulator. Not legal advice.