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?
 

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

[/ QUOTE ]

I hold a party every 9/11.

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

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

[/ QUOTE ]

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?