Where to Buy Gold in Canada: Banks vs Dealers Compared

Here is a number that should make every Canadian gold buyer pause: right now, a 1 oz 2026 Gold Maple Leaf costs C$6,384.09 at TD Bank — and C$6,293.94 at Sprott Money. Same coin, same gold, same country. A gap of roughly C$90.

That gap is not a rounding error. It is the difference between buying at a bank and buying at a specialist dealer, and it repeats across the market: banks are consistently among the most expensive places to buy gold in Canada, while specialist dealers undercut them on almost every product. This guide compares the two routes — with real numbers — so you can decide where your money goes.

The head-to-head: what the numbers say

Let's start with the apples-to-apples comparison. On a 1 oz 2026 Gold Maple Leaf, quoted in the same week:

• TD Bank: C$6,384.09 — premium of roughly 3.5% over the spot price at the time of the quote
• Sprott Money: C$6,293.94 — premium of roughly 2.0% over spot

The Sprott price is about C$90 lower on a single coin. Buy ten ounces and the difference approaches C$900 — real money by any measure.

Note that premiums look higher against today's lower spot (around C$5,845/oz in mid-October): relative to current spot, these quotes represent roughly 9% and 8% over. The lesson doesn't change with the spot level — the relative gap between banks and dealers persists in every market, because it comes from the business model, not the price of metal.

TD is not an outlier. Canada's big banks — TD, RBC, Scotiabank, and BMO all sell bullion — price their products with a "trust premium." You are paying for the bank's brand, its vault, and the comfort of buying from an institution you already know. For some buyers that comfort is worth it. For most, it is an expensive habit.

Why banks charge more

Banks are not really in the bullion business — they are in the banking business. Gold is a side offering, and the pricing reflects that:

1. Overhead. A bank branch network, compliance apparatus, and vaulting operation are expensive. Those costs land somewhere, and bullion margins are a convenient place.
2. Limited selection. Banks typically sell a narrow range of standard bars and coins. No competition within their own catalogue means no pressure to sharpen prices.
3. No buyback market-making. Most banks sell gold but do not actively buy it back at competitive rates. Specialist dealers live on the two-way spread — buy and sell — which forces their sell prices closer to spot.
4. The convenience tax. Walk-in, in-and-out, one familiar institution. Many buyers never compare prices, so banks have little incentive to compete on them.

None of this makes banks dishonest. Bank-sold gold is as authentic as it gets, and for a nervous first-time buyer the reassurance has genuine value. It just isn't the cheapest option, and the premium is measurable.

The dealer side: who they are and what they charge

Canada has a mature network of specialist bullion dealers, both online and storefront. The established names — the ones with years of track records, published live prices, and active buyback programs — include:

• Kitco (Montreal) — one of the world's best-known precious metals brands; deep inventory, excellent price transparency
• Silver Gold Bull (Calgary) — fast-growing online dealer with competitive premiums and walk-in service
• Border Gold (Vancouver) — long-established, strong in Western Canada
• Colonial Acres (Kitchener) — respected Ontario dealer with a strong coin business
• Sprott Money — competitive pricing on flagship products like the Maple Leaf, as the numbers above show

Dealers compete on the one number that matters: premium over spot. Typical dealer premiums on a 1 oz Gold Maple Leaf run 2–5% over spot for small orders, tightening as order size grows. That is structurally lower than bank pricing for the same coin.

Dealers also tend to offer what banks don't: fractional coins, a wide bar selection, price alerts, storage programs, and — crucially — published buyback prices. A dealer that quotes you a buyback price is showing you the other half of the spread. If they won't buy it back, ask why.

How to compare prices properly (apples to apples)

Dealer prices move with the spot market, so a fair comparison follows three rules:

1. Same product. Compare the exact same coin or bar — a 1 oz 2026 Gold Maple Leaf at TD versus the identical coin at Sprott. Different products carry different minting costs and premiums.
2. Same day, same hour. Spot moves by the minute. Screenshot or note the time of each quote, and convert each to "premium over spot" rather than comparing raw dollar figures across different days.
3. Include all-in costs. A dealer's lower sticker price can be eroded by shipping and insurance; a bank's higher price might include free in-branch pickup. Add shipping, insurance, and any payment-method surcharges (credit cards often add 2–3%) before declaring a winner.

The formula: (quoted price − spot price) ÷ spot price = premium. Whoever has the lower premium on the identical product, all-in, wins.

The tax angle: GST/HST exemption

One more factor that affects the true cost: investment-grade gold bullion — defined as 99.5% pure or higher — is exempt from GST/HST across Canada. The 1 oz Gold Maple Leaf (99.99% pure) qualifies, as do standard investment bars.

This matters when comparing products, not sellers: a 22K gold coin or jewellery piece may attract GST/HST where a 24K bullion bar doesn't. The exemption applies equally at banks and dealers, so it doesn't change the bank-vs-dealer math — but it does mean you should compare bullion to bullion, and confirm purity before you buy.

Red flags: cheap isn't always better

While banks overcharge, the bargain basement has its own dangers. Walk away from any seller — bank, dealer, or marketplace — that:

• Won't quote a price tied to live spot, or can't explain their premium
• Pressures you to decide "today only" or demands wire transfer with no paper trail
• Sells "gold" without sealed assay packaging or a verifiable mint source
• Has no buyback policy and no physical address
• Advertises prices dramatically below every established dealer (counterfeit risk)

Stick to dealers with years in business, published prices, and real reviews. Our gold dealers guide walks through the full verification checklist.

The bottom line

On identical products, specialist dealers beat banks on price in Canada — consistently, measurably, and by enough to matter. The C$90 gap between TD and Sprott on a single Maple Leaf is typical, not exceptional. Banks sell certainty and convenience; dealers sell gold at closer to its actual market price.

If you value maximum peace of mind and are buying a small amount once, a bank is a defensible choice. If you are building a position over time, the dealer route will save you hundreds — eventually thousands — of dollars. Either way, run the numbers first: check the live gold price, compute the premium over spot, and let the arithmetic decide.

Frequently asked questions

Is it safe to buy gold from online dealers in Canada?

Yes, provided you stick to established Canadian dealers with long track records, published live prices, insured shipping, and buyback programs. Avoid ordering from US dealers: customs delays, brokerage fees, and currency conversion can wipe out any savings.

Why is TD Bank's gold more expensive than Sprott Money's?

Banks price bullion with higher overhead, limited selection, and a convenience premium. Specialist dealers compete directly on premium over spot and make markets in both directions (buy and sell), which keeps their prices tighter to the metal price.

What is a fair premium over spot for a Gold Maple Leaf in Canada?

For a 1 oz coin from a reputable dealer, roughly 2–5% over spot is normal for small orders, tightening with volume. Anything dramatically above that deserves a comparison quote; anything dramatically below it deserves suspicion.

Do I pay GST/HST on gold in Canada?

Not on investment-grade bullion of 99.5% purity or higher — it is exempt nationwide. Lower-purity products and jewellery generally attract GST/HST. The exemption applies at both banks and dealers.

Can I sell gold back to a bank?

Usually not at competitive rates — most banks are set up to sell, not buy back. Specialist dealers publish buyback prices, which is one reason their business model produces fairer pricing in both directions.

Should I buy from the Royal Canadian Mint directly?

You can, and the product is beyond reproach. But Mint-direct premiums are often higher than dealer premiums on the same coins — the Mint is a manufacturer, not a discounter. Compare before you commit.

Premiums move with the market. Before you buy, check our gold calculator for the live spot price and read how premiums over spot work in Canada.