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| *Ostroff, Fair and Company>>>Canada Taxes |
Does anyone pay taxes on internet gambling winnings? |
Does anyone pay taxes on internet gambling winnings? If you earn more than $600 in month, you are obliged to declare them! Only if you win more than $2,500 at one sitting - but that is for the US. Canada probably has similiar minimums. No. I don't pay. There is no such law in Canada. Even if you win a 10 million lottery, the money is all yours. Fifteen years ago, I won $1,800 playing Keno in Reno. The casino deducted (I think it was 30%) from my winning. I filed a income tax return and got all my money back. I don't know what the income tax law is in the US, but I believe if you gamble on the Internet everyday, you probably have to declare your winning. I am one of the professional poker players on the Internet. I knew many Americans playing poker tournament as well as cash game everyday. Internet gambling is a lot easier to chase than on-land gambling, because the casino keep the records. If you are a professional gambler resident in Canada you are required to report your income for income tax purposes in Canada. Anyone who is engaged in an activity that can be considered as an adventure in the nature of trade (i.e. engaging in any activity with a view to making a profit) is technically required to file income tax returns covering that activity. By declaring yourself as a professional gambler you are then enabled to deduct travelling costs and other expenses necessary to the process of earning income from your chosen profession. This also means that if you had a bad year you can declare a loss that may be carried back and applied against taxable income reported in previous taxation years which would result in the recovering of some or all of those previously paid taxes. There are a good number of people who are extremely successful card players. These are the type of people that could conceiveably be questioned by the Canada Revenue Agency. It is doubtful however, that someone who invests heavily in lottery tickets (no matter how fortunate they may be) would be considered to be a professional gambler for income tax purposes. ...nope - not yet anyway. As fas as I know, you don't pay taxes on lottery and gambling winnings. In Canada, the proceeds of gambling are not taxable. Then again, your losses are not deductable either. (Unless you have declared yourself as a professional gambler) Glad to hear someone won. |
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