How is gambling taxed in Canada?
 

Just wondering because I am considering moving there, is it pretty much considered regular income as it is in the US? Or do you guys have it better up there [img]/images/graemlins/cool.gif[/img]

Re: How is gambling taxed in Canada?
 

I have no idea and Im from Australia, but I thought it was tax free over there in canada.

Re: How is gambling taxed in Canada?
 

The tax laws here for gambling income are very ambiguous. The general consensus is that you have to pay taxes if gambling is your primary source of income.

Re: How is gambling taxed in Canada?
 

When I was talking to my accountant about this, and explaining that I was winning lots of money playing poker, he basically laughed at me when I asked if I'd have to pay taxes on it. Gambling winnings. No taxes. Of course, I do have a day job, so maybe if you have no other income, it could be different.

Re: How is gambling taxed in Canada?
 

Gambling is tax free if it is considered a windfall.
If there is an expectation of profit it is taxable.
Now everyone hopes they will win when they gamble but if you play regularly and the primary reason you play is because you do win consistently then i would say it is taxable.

Re: How is gambling taxed in Canada?
 

If you move to Newfoundland its tax free, but you also get unemployment insurance forever (just state your job as cod fisherman...gl

Re: How is gambling taxed in Canada?
 

Having just come from footy training (and perhaps the pub), in Canada, I have nothing to add on the tax matter. But your avatar's jersey annoy me.

That is all.

Re: How is gambling taxed in Canada?
 

You will not have to pay taxes on poker winnings in Canada.

It's been 6 years as my main source of income and no trouble at all in regards to taxes.

My former roommate (roomies about 4years ago) is a great player and makes a substantial income from poker, his full time job is a tax auditor. He has never paid a dime of taxes on poker winnings. I will add that he is under a rake back as well, still no taxes.

outs

Re: How is gambling taxed in Canada?
 

The scariest thread in zoo history.

Lori

Re: How is gambling taxed in Canada?
 

[ QUOTE ]
You will not have to pay taxes on poker winnings in Canada.

[/ QUOTE ]

This is really bad advice. See Lorinda's referenced thread.

Tuco.