Due to COVID-19, we are operating with limited hours and procedures.
FAQ – Frequently Asked Questions
BOOKING AN APPOINTMENT
OPENING AN ACCOUNT
We are a regulated business under Fintrac, and we are required to Know our client. So we must do a background check to verify that we are dealing with legitimate individuals or entities. We assure you that your data is kept confidential and not used for any other purposes. Due to the high value of precious metals, some individuals try to use it for illegal purposes. These procedures are put in place to protect the interest of all legal entities. If you have concerns about privacy or security, please contact us to discuss further. To make our job easier, please provide accurate information to avoid any delays in setting up your account. We use tools to verify your information, so if we get a mismatch, it does raise certain flags that must be manually verified.
– Valid ID (Driver’s license or passport)
– At the store, the customer must fill out the application form.
REFINING & SCRAP METALS
- Karated Scrap
- Dental Scrap
- Stone Removal
- Bench Sweeps
- Crucibles & Slags
- Scrap Silver
- Filings & Grindings
- Floor Sweeps
No, we don’t.
Although we prefer to complete the entire transaction for you, we can melt your material and charge you for it separately. If you come back to refine the melted bar with us, we will refund you a portion of that fee.
EGR deals mainly with corporations and businesses, but we will quote on your privately owned material. The payout for individuals differs from our ongoing commercial clients. Please call us for quotes or send in a request.
We deal with all sizes of Lots; there is no minimum or maximum.
We verify all the products we purchase with the latest in XRF technology and electric penetration pulses to authenticate the gold and silver. Most of our products are directly delivered from various mints. If you have any specific concerns, we will work with you to make you confident that your purchase is genuine and authentic.
Unfortunately, we cannot answer that question for you. We can give you guidance on where prices have been and general trends, but we ask you to consult your financial adviser. We cannot provide you with advice on how to diversify your funds as each individual circumstances are different. We definitely believe in precious metals being a part of your investment portfolio. As with any investment, there are risks associated with purchasing precious metals. We will provide you with market intelligence as to trends, market developments, but the decision to buy or sell is for you to make.
Yes, we do.
Yes, we do. The process is done chemically so there is no chance to break any of your stones.
The carat is a fractional measure of purity for gold alloys, in parts fine per 24 parts wholes. Below is a comparison chart between the karat rating and its purity:
10 Karat – Gold that is 41.7% pure.
14 Karat – Gold that is 58.33% pure.
18 Karat – Gold that is 75% pure.
22 Karat – Gold that is 91.67% pure.
24 Karat – Gold that is 99.99% pure.
PAYMENT & PRICES
You have the option of paying in different methods:
- Cash in store – We accept cash payment and follow all Fintrac regulations regarding cash transactions. We will not accept on behalf of another person. This must be cash that belongs to you.
- Wire – you can send a wire from your Financial institution. We have accounts with the Bank of Nova Scotia or CIBC. Once your transaction is verified, we will send you instructions. Please note that there will be a minimum 5-day hold on all incoming wires. Wires must be initiated from the same entity that is doing the transactions. If the information does not match, this will cause delays in processing your transactions.
- Draft / certified Cheque – There will be a minimum 10 business day hold on all cheques until we get the cheque cleared through our financial institution. We would require proof that the cheque was issued from your account. Please provide either a bank account statement with your name on it or a bank receipt. If we are not satisfied that the funds will clear in the allocated days, then we have the right to hold it longer.
- e-transfer / Interac Transfer – You can make multiple payments through e-transfer. As long as you are making constant payments towards your purchase, we will hold your product until payment is entirely completed. Please quote your order number in all the transfers. Payments must come from the same account as the person receiving the delivery of products.
- Paypal – You can make a Paypal payment, but there will be an additional fee for using their service. If your account is not verified or eligible for vendor protection, we will hold goods for a minimum of 2 weeks before delivery.
Once you commit to either buy or sell, you would have to reverse the deal and pay the price difference. When entering into a buying or selling contract, both parties are bound by its terms. If you do not fulfill your commitment within the allowed time frame, EGR has the right to settle the deal, and it will not be responsible for any losses.
If you are a registered business for HST and have been instructed by the CRA to collect HST on scrap products from refiners, then we will claim your HST. Please check with your accountant on the correct procedure for collecting and paying HST, or visit the CRA website for more information.
As per EGR’s standard practices, applicable GST/HST charged to EGR on the sale of taxable unrefined metals by GST/HST-registered customers will be paid within 60 days after the Canada Revenue Agency has approved EGR’s corresponding input tax credit, and the CRA has paid EGR its corresponding net tax refund arising from the GST/HST charged.
You can keep the metal with us and sell it at any time as the market moves in your favour. There is no extra cost for storage with us or to hold your metal in the pool.
– Cash (at the store)
– Wire or Draft
– PayPal or Credit Card (There is a charge of 4% on the total)
Bullion Premium – The additional price charged for a bullion product over its current spot price. The calculation for bullion premiums depends on 5 key factors:
- The current bullion market supply and demand factors.
- The volume of bullion offered or bid upon.
- The type of bullion products being sold.
- Local, national, and global economic conditions.
- The bullion sellers’ objectives.
Spot Price – The current price per once exchanged on global commodity markets.
Yes, we normally do, however, give us a call. We price match any advertised price for in-stock items.
No, the only taxable product is Palladium. All gold, silver and platinum bullion bars and coins are not taxable. Only grain is taxable.
SHIPPING & PICK UP
We make shipments through FedEx unless otherwise instructed by the client. Our insurance will cover the shipment until an adult signs for it. We can use our local armoured guard service or Brinks for out-of-town deliveries for larger value shipments. If the products are available in stock, we will ship a day after we receive cleared funds. Once shipments leave our location, we will send you a tracking email so you can anticipate when your shipment will be delivered. If you have any special instructions for delivery, please email us. We will only make shipments to the same address as your billing address.
– Access the website
– Add the items you want to your cart
– Click on the cart icon (upper-right hand side)
– On the left-hand side, you can see the options and related prices:
– Local Pickup
– FedEx Priority Overnight
– FedEx Standard Overnight
– Armored Delivery (only deliver in GTA)
IMPORTANT: The shipping cost varies depends on the product’s weight and value you are purchasing.
If you pay the full amount, we will be shipping on the same day, however, it depends on the FedEx timeframe. In most cases, they take one business day. But anyways once FedEx picks up your package you will receive an email from them with the tracking number and the estimated time of delivery.