On The Subject Of Taxes (Canadian)
 

Just curious guys,
I live in Canada and make a modest profit off poker, however I've never withdrew a cent, when I withdraw do i have to claim it as income? cause I know Pro-Line and that [censored] up here isn't taxable same with lottery etc.

Just wondering if i need to move to sweden [img]/images/graemlins/smile.gif[/img]

Re: On The Subject Of Taxes (Canadian)
 

If you search you might find a lot more info then I can provide. I know a lot of proffesional gamblers and I have made a substantial amount from Horse Racing over the years and now poker is treating me well. Nobody I know has ever been investigated. But is always something that I think about. I think 2 things are the biggest considerations in being liable for tax in Canada.
Is it your only or main source of income?
Have you shown a reasonable expectation of profit over an extended period of time?

With all the lotteries and such in Canada and those not being taxable I think they are not concerned about a handful of pro and semi pro gamblers.

Re: On The Subject Of Taxes (Canadian)
 

Canadian Tax Thread