FAQ - Frequently asked questions
Frequently asked questions - Atlantic Canada Metals Inc.
2. Questions about invoices, fees and payments
3. Questions regarding the storage of precious metals
4. Questions regarding succession, power of attorney, etc.
1. Answers to questions about our documents
1.1 Why is there a signature field for a witness and who can sign as witness?
In Canada it is common that a witness signs documents and contracts. Everyone who is at
legal age can sign as a witness, even if it is a relative. The witness confirms with his
signature that the data in the ID are identical with the data in the agreement and that
he has viewed the ID. The witness does not need to be identified and the signature does
not need to be legible.
1.2 What should I do if there is no witness available?
A witness is not necessary and if there is no witness then just leave the signature
fields empty.
1.3 What does Source of Capital mean?
Please provide information about the source of the money which you are using to buy
precious metals. You can write inheritance, savings, earned money, etc.
1.4 Which prices should I use in the Precious Metal Purchase and Storage Agreement?
Please use our selling prices which you can find on the product page. There is on line
in which it says "We sell:", please use the amount right next to these words.
We write our invoices during the evening hours (Atlantic Canada Standard Time) with the
then valid prices and then send the invoice to the customer. We usually don't write
invoices on Fridays, Saturdays and the days before a holiday. Invoices for these orders
will be written on Sunday evening or on the holiday evening.
1.5 Which prices should I use in the Selling Order?
Please use our buying prices which you can find on the product page. There is on line
in which it says "We buy:", please use the amount right next to these words.
We write our credit notes during the evening hours (Atlantic Canada Standard Time) with the
then valid prices and then send the credit notes to our customers.
2. Anwsers to questions about invoices, fees and payments
2.1 When will I receive my invoice?
Atlantic Canada Metals Inc. is writing and sending their invoices usually at the
evening on the same day when it receives the order. ACM usually doesn't write
invoices on Fridays, Saturdays and the days before a holiday.
2.2 Do I have to transfer the funds to Canada?
You must transfer the amount to one of our bank accounts mentioned on our invoice. We
currently have two bank accounts, one in Canada and one in Germany. If you are paying
in Canadian Dollar please transfer to our Canadian bank account. If your are paying
in European Euro please transfer to our German bank account. If you transfer funds to
our Canadian bank account from an country other than Canada you must add 17 CAD to your
amount because this is what our bank charges for incoming wires from other countries.
2.3 When do I have to pay the invoice?
Your invoice from Atlantic Canada Metals Inc. is due immediately. Please pay it right
away. Because precious metal prices are constantly shifting we reserve the right to cancel
the order in case of late payment.
2.4 What if the invoice goes into my junk folder and I don't see it and don't pay it?
You have to make sure that you receive our invoice. If you don't find our invoice in
your email program on the morning of next business day please contact us immediately.
2.5 When do I receive my invoices for management, storage and insurance of my precious metals?
You will receive our invoice for management, storage and insurance of your precious metals
in the first week after the last month of a quarter. Which means you will receive an
invoice in the first week of January, April, July and October.
2.6 When do I have to pay the invoice for management, storage and insurance for my precious metals?
Your invoice from Atlantic Canada Metals Inc. is due immediately. Please pay it right
away. We pay the fees for management, storage and insurance of your precious metals every
month in advance and rely on immediate payment from our customers. Thank you.
2.7 Where can I check the fees for management, storage and insurance?
You can find all information about our fees in the Terms and Conditions of Sale and
Storage. They can be downloaded in our download area.
3. Answers to questions regarding the storage of precious metals
3.1 How secure is the storage of precious metals in Canada?
Canada is one of the most secure countries in the world with a very low crime rate.
The stats speak for themselves, Canada is always on top of the list. Nevertheless we do everything
to make sure your precious metals are secure. Your precious metals will be stored in a
high security vault which is guarded 24/7 by armed guards. The facility is equipped
with several security door systems. There are cameras everywhere and the building is
armored with heavy steel. And of course your precious metals are fully insured.
3.2 Will my precious metals be stored separately (segregated) from other precious metals?
Yes, they will and this is a very important point. Most owners of precious metals don't
care about the differences between segregated and allocated. In an allocated storage
you just own a portion of a big pile and you never know what you get when picking up
your precious metals. You never know if there is enough precious metal there for all
the owners of an allocated storage.
We store the precious metals of each customer in a separate, sealed box. This is
segregated storage at its best.
3.3 Why is a segregated storage better than an allocated storage?
Atlantic Canada Metals Inc. is offering a segregated storage which means every customer
has his own precoius metals in his own sealed boxes. Customers can examine their own
precious metals which is not possible in an allocated storage. They can make notes about
the serial numbers of their precious metal bars and when they come back at some time
later they will find exactly the same bars in their sealed boxes.
With allocated storage there is no way to be sure that everyone's precious metals are
really in storage. You don't know how many customers own a part of the allocated storage
and you don't know how much each customer owns.
3.4 How do you make sure that my precious metals does not get commingled with other precious metals?
Every customer has its own sealed box in which only his own precious metals are stored.
Every box is uniquely marked and with several numbered seals sealed. All seal numbers
are digital recorded and every square inch is monitored by cameras. The vault personal
is allowed to only open one customer box at a time. The opened customer box must be
closed and sealed before another customer box can be opened. This makes commingling of
precious metals of different customers impossible.
3.5 Can I examine my precious metals inside the high security vault?
We offer our customers two visits of the high security vault per year, usually in June
and in early September. If you are interested to see and examine your own precious metals
please contact us. We ask all customers who whish to inspect their precious metals to
contact us as early as possible, the number of participants is limited.
Occasionally customers asked us about a separate visit at another day in the year. Every
additional visit is a great risk to the people who work at the storage facility. This is
the main reason why we can not do any additional visits.
3.6 Is it possible to transport my precious metals to another country in a high security vault?
If you want, we can transport your precious metals to any other high security vault in
the world which is owned by Brink's. The cost for this storage change will be invoiced
to you and you have to pay it in advance. Please note that our customers can only inspect
their precious metals in the high security vault in Canada.
3.7 I am a non-resident of Canada. If I make a profit when I sell my precious metals, do I have to pay taxes in Canada?
Important, please note:
We are not able to consult or advise in any way. It is very important that you contact
competent professionals in the responsive countries in case you have questions
regarding tax issues or other financial matters.
This question is not easy to answer and the first thing to check is if there is a
double tax treaty between Canada and your country. These treaties usually stay above
the countries tax regulations. If you are unsure you should speak to a tax professional
who has knowledge about international tax matters.
4. Answers to questions regarding succession, power of attorney, etc.
4.1 What is a power of attorney?
With the power of attorney you can grant someone else access to your precious metals in
your storage account. You should think twice to whom you grant access because this
person can do what ever he or she want to do. Even selling your precious metals and
transferring the the proceeds to their own bank account. The power of attorney is useful
in case the owner suffers from severe illness and is no longer able to look after his
own dealings.
4.2 What happens if the owner of precious metals in storage dies?
With the death of the owner all granted power of attorney about his storage account
become invalid. If there is a no Canadian will a Canadian court will decide about the
succession. In case you are not a Canadian citizen and you have some sort of wealth
in Canada you should think about a Canadian will. Every person can go to a Canadian
lawyer and have their Canadian will prepared.
4.3 Are there any other ways to transfer my precious metals to another person?
Please check our download area where you can find a document called Transfer of Storage
Account. With this document you can transfer the whole storage account with all contents
to another person.
4.4 If a couple buys together, do they have to sign both in case they want to sell?
Yes, if a storage account is in the name of two people they both have to sign in case
they want to pick up or sell precious metals. If the owners want to have access to the
content of their storage account without the signature of the other owner they can use
the power of attorney.
We urge our customers to keep the storage account in one name only. The problem with
two or more owners is if one of the owners dies. In this case all power of attorney
become invalid and perhaps difficult for the survivor to access the storage account.
There are possibilities to solve this problem and if you want to have your storage account
in multiple names please talk to us in advance.
5. Questions regarding a Canadian bank account
5.1 What is the significance of a Canadian bank account and what are the cost?
If you are a non-resident of Canada and have your precious metals stored with ACM in
Canada you probably want to sell in the future. When you sell your precious metals you
must provide information about your bank account where to the proceeds should go. If
want the proceeds from your sale to be transferred to your bank account in your country,
then we will do it but you should know that this will probably not go unnoticed. If you
don't want this, you should have a bank account in Canada or in another country. When we
transfer the proceeds to your Canadian bank account probably nobody in your home-country
will ever notice.
Another advantage of a Canadian bank account is that you have some of your funds in a
different currency (Canadian dollar) in a different country (Canada) and probably in a
different continent if you are not an American or a Mexican. Take a minute and think
about how much of your total wealth is tied to your country and to your currency.
Wouldn't it make sense to diversify some of your wealth?
Capital controls are on the rise all over the world. What if these controls come to your
country and you would be able to withdraw only a small amount from your bank account? How
so you pay your invoices? Now think these controls stay in place for 3 month or even longer.
How long could you survive? With a foreign bank account you could access this account
without any restrictions. With your Canadian bank card you can withdraw up to 500 Euro in
Europe and similar amounts in other countries on almost every ATM.
You can get a Canadian bank account with the corresponding bank card free of charge (certain
conditions apply)
5.2 What are the conditions to be able to get a Canadian bank account?
To be able to open a Canadian bank account in Canada you need:
1. Photo ID
You can use your passport which you need to travel to Canada.
2. Second ID (Credit card, drivers license, etc.)
The second ID does not need to be a photo ID.
3. Canadian Document
For non-residents this is probably the biggest problem. You mast proof that you have
ties to Canada. The only way a non-resident can present a Canadian document is by
owning real estate. If you can proof that you own a piece of land, apartment, vacation
home, etc. in Canada then you can get a Canadian bank account. In case you are interested
in buying real estate in Canada, please let us know.
At most Canadian financial institutions you can open a bank account online but you have
to come to Canada to activate it.
5.3 Are there any taxes on interest earned in a Canadian bank account?
Important, please note:
We are not able to consult or advise in any way. It is very important that you contact
competent professionals in the responsive countries in case you have questions
regarding tax issues or other financial matters.
In case you are a non-resident and you earn interest in your Canadian bank account there
should be no taxes in Canada. But it could be that you have to pay taxes in your
country of residence. Here is a portion of the regarding Canadian tax legislation:
Major changes to paragraph 212(1)(b) – Elimination of withholding tax
on arm's length interest paid or credited to non-residents effective
January 1st, 2008.
Prior to the amendments, paragraph 212(1)(b) was structured so that interest
payments were taxable, other than those set out in a series of subparagraphs.
In a significant revision of the non-resident withholding tax, paragraph
212(1)(b) of the Act was amended.
The new provision exempts from tax any interest payments that a payer
resident in Canada makes to a non-resident recipient with whom the payer
deals at arm's length, other than those payments ("participating debt
interest") that are in effect a distribution of profits or the like.
As well, interest on certain debt obligations ("fully exempt interest") is
exempt even if it is paid to a non-arm's length person or might be
considered "participating debt interest". This retains an important
aspect of the previous rule.
Interest payments that a payer resident in Canada makes to a non-resident
recipient with whom the payer deals at non arm's length will be taxed at
the statutory Part XIII tax rate of 25% or the reduced rate of Part XIII
tax eligible under a tax convention between Canada and the beneficial
owner's country of residence, where applicable.