Canadians Who Win Consistently- Do You Pay Taxes?
 

The tax code makes it sound that you would have to, as poker is (I paraphrase) "organized and repeated gambling with intent to profit". Seems to me that guys who withdraw 20K a month for years would have trouble getting around this issue... So are people paying or what?

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

I suspect most significant winners that work don't pay. The laws are to vague and the governments efforts to collect taxes are weak at best. Our government only recently started cracking down on 10K plus entries to and from the country. Do you think they have gotten around to the cyber gambler yet?

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

But what if people are banking US$300K a year? Wouldn't the government notice this and start asking where it came from? This would be the kind of organized, repeated wagering that the tax code refers to...

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

Poker is not taxable in Canada. It's considered lotto, and not a game of skill...

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

Nope.

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

Silly question, no Canadians could possibly be consistent winners. Or did you mispell whiners?

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

The most boring thread ever.

Lori

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

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Silly question, no Canadians could possibly be consistent winners. Or did you mispell whiners?

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I hold a party every 9/11.

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

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Poker is not taxable in Canada. It's considered lotto, and not a game of skill...

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This is very false.
It's not considered lotto.

But laws are vague enough that there likely won't be significant penalties for not paying taxes on them until there is significant legal precedent on point. Hopefully you won't be that precedent.

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

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I hold a party every 9/11.

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Why? Is that the Canadian tax free day?

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

Nice attempt.

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

What do you live in a fantasy world that's about 100 guys top in Canada. I doubt even that. Let's put this way I know people that have cleared 50K over the last few years and they have totally run under the radar........ [img]/images/graemlins/grin.gif[/img] [img]/images/graemlins/blush.gif[/img] [img]/images/graemlins/smile.gif[/img] [img]/images/graemlins/shocked.gif[/img] [img]/images/graemlins/cool.gif[/img]

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

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I hold a party every 9/11.

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Why? Is that the Canadian tax free day?

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Good one.
And you do have to pay taxes on poker winnings. I know a few people that make good money playing but do'nt pay any, as it is their second income.

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

I think a lot of you are underestimating what kind of trouble you're getting yourself into if you're caught for tax evasion. I would guess that there are LOTS of canadians who aren't paying taxes on their poker winnings because right now there's no precedant.

The percentage of players who do pay their fair share of taxes most likely increase the more money they make. I'm speaking of those who play primarily online as I highly doubt any B&M players would report their full income.

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

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I think a lot of you are underestimating what kind of trouble you're getting yourself into if you're caught for tax evasion. I would guess that there are LOTS of canadians who aren't paying taxes on their poker winnings because right now there's no precedant.

The percentage of players who do pay their fair share of taxes most likely increase the more money they make. I'm speaking of those who play primarily online as I highly doubt any B&M players would report their full income.

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didn't the link you post on the previous cdn tax thread basically say "No laws ATM, so it's okay not to" or something?

could you clarify what you said on the second half of the reply?

lastly, if you don't mind sharing, how much % are you paying? any loops we can jump through to reduce this %?

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

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What do you live in a fantasy world that's about 100 guys top in Canada. I doubt even that. Let's put this way I know people that have cleared 50K over the last few years and they have totally run under the radar........ [img]/images/graemlins/grin.gif[/img] [img]/images/graemlins/blush.gif[/img] [img]/images/graemlins/smile.gif[/img] [img]/images/graemlins/shocked.gif[/img] [img]/images/graemlins/cool.gif[/img]

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I didn't know making good money through internet poker was living in a fantasy world...? What was I thinking coming to 2+2 to inquire, there's no one making tons of cash online here... [img]/images/graemlins/crazy.gif[/img]

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

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I hold a party every 9/11.

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haha, me too...it's my birthday.

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

It's not but there are only a few hundred players across the various sites that make that much. So the number of Canadians would be 10 percent of that or less......

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

I'll pay when they make me pay. Til then I'll hang onto the cash thank you.

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

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I'll pay when they make me pay. Til then I'll hang onto the cash thank you.

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But you will report it, won't you?

As far as I understand, as long as you report everything, you can interpret the tax laws any way you like and then you can't get in trouble legally. However, they may decide that your interpretation is incorrect and ask you to pay up.

This will be my first year making enough money online to worry about taxes. What's the first dollar of yearly income that becomes taxable? I've heard it's around 7k or 8k but I can't find a definitive answer.

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

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I'll pay when they make me pay. Til then I'll hang onto the cash thank you.

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exactly. even if they do catch on and decide that you have to pay you aren't gonna get in [censored] for tax evasion. you simply say it was gambling income, and then they tell you some [censored] and that technically you have to pay. and you say, oh really, [censored] i was under the impression gambling income in canada wasn't taxable. and then they say no you gotta pay. and you say ok and pay them.

people who ask questions about grey area subjects are stupid.

ie. high school field trip -
teacher: does anyone have any questions?
stupid kid: ya, are we allowed to bring alcohol?

no the teacher says no and it's clear it's not allowed. if you don't ask, you don't know, and can't get in [censored].

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

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What's the first dollar of yearly income that becomes taxable? I've heard it's around 7k or 8k but I can't find a definitive answer.

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ya it changes with inflation and such but it's around there.

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

I think it would be interesting to look at the response of Revenue Canada to someone stating "online poker" as their sole source of income in their report.

Two friends of mine did that and actually send a check with the amount of tax they had to paid as if it was a labor income. They never had any inquiries from Revenue Canada. I think it was not the smartest move as they should at least have waited if Revenue Canada was asking them to pay tax on their poker winnings.

Anyone have tried it here ?

Re: Canadians Who Win Consistently- Do You Pay Taxes?
 

They upped it to 8300 or 8400? Any dollar after that minus deductions is taxable. Basically if you are a student or a househusband type you could probably make 10K and not pay taxes if you take off new computer parts internet fees, maybe gas(if you say you made money live), the area is totally ripe for exploitation.......