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Old 05-27-2005, 08:11 AM
47outs 47outs is offline
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Join Date: Jun 2003
Posts: 132
Default Re: How is gambling taxed in Canada?

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Dude, someone asked if they should MOVE to Canada because poker winnings in non-taxable. Just because he might not get caught, telling him not to worry and MOVE here is not good advice.


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I see your point and your right. Although noone actually does pay taxes on poker winnings, it isn't very good advice.


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If the CRA does the expected and starts enforcing, do you think they might go back a few years and look under the hood? "...need not worry" seems like some seriously bad advice. Unless you have no problem handing over a check for a large amount of money, not to mention the legal fees to keep you out of some serious hot water.


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A lot of players are still trying to figure out if they are actually winning players after a 'few' years. To tax someone based on earnings (which are very hard to prove) occured in the last 'few' years could prove irresponsible, especially if the particular player has been more lucky than not. Poker is still a winfall in Canada and thus largely untaxable, ie. gambling.


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I'd like to make this bet. TorontoCFE is probably the most qualified in Canada, never mind this board.


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Your right again, I forgot about TorontoCFE and his previous explanatons on this topic. I still think he a too conservative at this point in the game.


outs
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