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| *Ostroff, Fair and Company>>>Canada Taxes |
What happens when a person wins the lottery? |
I mean, what do they have to do to pick up the check and how do they know how much tax to pay and how do they not get away from people asking for money? A lot of things happen when a person wins the lottery. In CANADA, the winnings are tax-free. Upon winning, you should.... IMMEDIATELY SIGN the back of the ticket with your full legal name...this prevents someone from stealing it, or cashing it alone if you lose it. You can claim the prize by registered mail. Also, you may want to rent a post-office box, so you do not have to give your real address. Also, on the OLGC site, they list the winners from all the big draws, and some people list "NO FIXED ADDRESS" -- it is legal to not give your address. As far as what to do with your winnings --- if you can try to remain anonymous, no one will know. Sometimes family and/or friends can become the biggest leeches. Also, you will get calls out of the woodwork from strangers asking for 'loans' etc. Be ready. What you should consider...put aside a certain 'chunk' of the winnings, in some locked-in account that you cannot get at for 5-10 years...this will ensure you don't blow it all partying. Also, if you decide to give some to family etc. (remember, they will keep coming back to bleed you dry)...consider telling them you will give them say $10,000 per year for 5 years...AND IF THEY ask you for any more than this year's $10,000, you will say NO and scrap their remaining payments as well. Invest some, spend some, donate some, etc. but do us all a favour, don't blow it like a loser !!!!! GOOD LUCK The winner do all the transactions online... In Canada, lottery winnings are tax free. There should be a number to call on the back of the ticket to find out where to collect your winnings. You will now have new friends and relatives that you didn't know you had and the ones you did will now be a lot closer. I really don't think there is anything you can do about that except be honest with them about your intent for the winnings. It is YOUR money. They have to respect your decision if you don't want to share with everyone. As for the winnings themselves, in Canada, you don't have to claim them. However, you do have to claim any bank interest or money made on investments. you will have kinds of new friends |
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