Re: Poker for a living and taxes
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I am not making money playing Poker [/ QUOTE ] We didn't really need to have that spelled out for us, but thanks anyway. |
Re: Poker for a living and taxes
You may find this useful:
from http://www.cra-arc.gc.ca/E/pub/tp/it...it334r2-e.html Gambling Profits 10. Profits derived from bookmaking or from the operation of any gambling establishment (carried on legally or otherwise) constitute income from a business. In addition, an individual may be subject to tax on income derived from gambling itself, if the gambling activities constitute carrying on the business of gambling; see the decision of MNR v. Morden, (1961) CTC 484, 61 DTC 1266 (Ex. Ct.). The issue of whether or not an individual's activities are such that he or she can be considered to be carrying on a gambling business is a question of fact that can be determined only by an examination of all of the circumstances and the taxpayer's entire course of conduct. Although no one factor may be conclusive, the following criteria should be considered in making the determination: (a) the degree of organization that is present in the pursuit of this activity by the taxpayer, (b) the existence of special knowledge or inside information that enables the taxpayer to reduce the element of chance, (c) the taxpayer's intention to gamble for pleasure as compared with any intention to gamble for profit as a means of gaining a livelihood, and (d) the extent of the taxpayer's gambling activities, including the number and frequency of bets. It is clear from various decisions of the courts that earnings from illegal operations or illicit businesses, such as illegal gambling and fraudulent business schemes, are not exempt from tax. (See for example, the decisions in The Queen v. Poynton, (1972) CTC 411, 72 DTC 6329 (Ont. C.A.) and MNR v. Eldridge, (1964) CTC 545, 64 DTC 5338 (Ex. Ct.).) Hobbies Also here is the law (unsuccessfully applied) in action: http://www.canlii.org/ca/cas/tcc/2003/2003tcc707.html |
Re: Poker for a living and taxes
This is a grey are in the CDN tax system. In the last 7 years there have been about 8 cases that have gone forward to the courts revenue canada has one only one or two. Right now the guys in Ontario that just play sport select and are soley responsible for the limit on amount bet per location arebefore the courts. All they do is sports bet and they look like they will beat the charge. If someone plays the lottery every week and than hits 10 million and is not taxed how can you tax someone that wins $50,000 a year. Thats the point they keep loosing out on.
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Post deleted by Mat Sklansky
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Re: Poker for a living and taxes
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Re: Poker for a living and taxes
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[ QUOTE ] We didn't really need to have that spelled out for us, but thanks anyway. [/ QUOTE ] *WE*? What the hell is wrong with you? Are you a schizopherniac? [/ QUOTE ] He speaks for I believe the majority of us on the forum, hence the "We." |
Post deleted by Mat Sklansky
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Re: Poker for a living and taxes
Nope. LINK
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Re: Poker for a living and taxes
Move to the UK. All gambling winnings whether as a hobby or profession are tax free.
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Post deleted by Mat Sklansky
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