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#1
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Country with most lenient tax law towards poker income?
Lets say I have Canadian citizenship, but I have lived in the US all my life and do not have US citizenship, what countries are on top of my list as far as where I would want to live to only play primarily online poker for a living? Mostly for tax law, but obviously living conditions/cost of living/etc factor in. Gibraltar? Monaco? Aruba? I think Aruba would give me access to good live games as well. Any feedback at all is appreciated.
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#2
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Re: Country with most lenient tax law towards poker income?
There is no tax on poker or gambling winnings in the UK.
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#3
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Re: Country with most lenient tax law towards poker income?
I'm going to visit the tax manager of the firm I used to work at, and find out if this is true, my suspicion is that it's only true for hobby players.
Mack |
#4
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Re: Country with most lenient tax law towards poker income?
[ QUOTE ]
I'm going to visit the tax manager of the firm I used to work at, and find out if this is true, my suspicion is that it's only true for hobby players. Mack [/ QUOTE ] Your suspicion is incorrect, gambling winnings are subject to a tax rate of 0% there is no cut off to a higher level. Player sponsorship may be another matter and if you were purely playing as a pro then you may want to keep your ni stamp up but apart form that then there is nothing to pay. I can see this changing in the future but there will be one hell of an uproar when it does, its hard to say when a hobby ends and a living starts. There an article somwhere on the mob site that explains it in more detail. |
#5
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Re: Country with most lenient tax law towards poker income?
[ QUOTE ]
[ QUOTE ] I'm going to visit the tax manager of the firm I used to work at, and find out if this is true, my suspicion is that it's only true for hobby players. Mack [/ QUOTE ] Your suspicion is incorrect, gambling winnings are subject to a tax rate of 0% there is no cut off to a higher level. Player sponsorship may be another matter and if you were purely playing as a pro then you may want to keep your ni stamp up but apart form that then there is nothing to pay. I can see this changing in the future but there will be one hell of an uproar when it does, its hard to say when a hobby ends and a living starts. There an article somwhere on the mob site that explains it in more detail. [/ QUOTE ] Hope so, we'll need a case to find out, this online thing has really opened a can of worms as far as I'm concerned. Mack |
#6
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Re: Country with most lenient tax law towards poker income?
[ QUOTE ]
There is no tax on poker or gambling winnings in the UK. [/ QUOTE ] Same for Canada, but add Lottery winnings to that list too (chances are slim that you'll win the lottery, but it's still nice to know that you get to keep it all) |
#7
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Re: Country with most lenient tax law towards poker income?
Incorrect.
Gambling income for professional gamblers is taxable income in Canada. see: Alvin J. Luprypa, Appellant, and Her Majesty The Queen, Respondent 1997 CarswellNat 765, [1997] 3 C.T.C. 2363, 97 D.T.C. 1416 |
#8
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Re: Country with most lenient tax law towards poker income?
[ QUOTE ]
Incorrect. Gambling income for professional gamblers is taxable income in Canada. see: Alvin J. Luprypa, Appellant, and Her Majesty The Queen, Respondent 1997 CarswellNat 765, [1997] 3 C.T.C. 2363, 97 D.T.C. 1416 [/ QUOTE ] But not for amateurs, correct? How is the dinstinction made? |
#9
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Re: Country with most lenient tax law towards poker income?
My understanding is that to be taxable in Canada gambling has to be your primary source of income. CRA must be able to show that you approach poker in a systematic manner, with a reasonable expectation of profit, and that it is your primary source of income. If you have a full time or even part time job you can make a strong argument that gambling is not your primary source of income and hence not taxable.
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#10
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Re: Country with most lenient tax law towards poker income?
[ QUOTE ]
Incorrect. Gambling income for professional gamblers is taxable income in Canada. see: Alvin J. Luprypa, Appellant, and Her Majesty The Queen, Respondent 1997 CarswellNat 765, [1997] 3 C.T.C. 2363, 97 D.T.C. 1416 [/ QUOTE ] Only if this is your "primary" source of income. |
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