Best place to live for online poker pro: Western canada?

[tenth]

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I also took tax and accounting in school and have talked to revenue Canada.

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No offense, but simply taking a tax course doesn't mean much. I took it, and we certainly didn't cover anything like this to any depth. My tax accounting prof actually explained it the same way as Equal did here, and he has a poker playing client. While the prof isn't a tax specialist, he is a CA working in a good sized firm with several dedicated tax specialists at their disposal.

Talking to Revenue Canada is a little more interesting, but I'm a little skeptical the people doing customer support, most of whom would be temporary workers, really know the act 100%. My 18 year old sister even worked for the CRA in Customer Support (in some capacity) this last tax season. Or did you go beyond the guys that answer the phone?

Do you have a link to anything related to the court cases on this?

Sorry for being pessimistic, but I hold my tax prof in pretty high regard. That's not to say he can't be wrong, but I still trust him over the word of somebody on the internet. [img]/images/graemlins/crazy.gif[/img]

[tenth]

I believe this is the section Equal is referring to. Definitely hazy, but I'd be keeping pretty careful records as I think it'd be pretty agressive to not report it, especially if it makes up your primary income.

http://www.cra-arc.gc.ca/E/pub/tp/it...it334r2-e.html

[cassette]

If you live in Canada and make small change playing poker you don't need to report.

If you live in Canada and make decent money at poker and/or it is your primary income, you are a dumbass if you don't report.

Canada being tax free is an urban myth.

[Sponger15SB]

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-No taxes on winnings.

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why do people keep saying this?

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I am going to go out on a limb here and say that people keep saying this because they believe it to be true.

[LImitPlayer]

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Are you a CDN? If so find better accountants

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Yes, all my life

Let me ask you this, have you talked to an accountant?

Or are you just relying on what you have read and how you understand it?

No offense but unless you are planning to be an accountant I wouldn't out much faith in what you learned in school, as general tax and accounting courses don't go into enough detail to give you a correct answer here.

Both accounts said pretty much the same thing. You pretty much said both accountants were wrong. I find that amusing.

Can you back up your calims? Provide us with a case that shows Revenue Canada losing in a court case where it took a pro gambler to court. Not a one time winner, but a person who relies on gambling or whatever term you wish to use as sole souce of income is from poker.

Also, your reference to someone winning the lottery I believe is incorrect.

I believe the $$ vlaue you receive when winning the millions in a jackpot, is after taxes have already been taken out from the goverment.

You think the goverment hosts these lotteries for free?

Come on and think guy. By law lottery winnings are tax free, only the interest isd taxable. Poker winnings are a income like a job and taxable, as the expeenses would be deductable.


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This is not true. I just posted about this in the internet gambling forum this morning after talking to 2 different accountants

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Are you a CDN? If so find better accountants. Check the descisions on revenue Canada and you will find they loose.

How can they expect you to pay taxes on say $100,000 income a year from poker. Than not expect the guy who plays the lottery every week and wins 10 million.I also took tax and accounting in school and have talked to revenue Canada. Let me add i would not be waving all my gambling profits in there face.

Last three years I have done very well and never paid a dime in taxes.

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"I believe the $$ vlaue you receive when winning the millions in a jackpot, is after taxes have already been taken out from the goverment.

You think the goverment hosts these lotteries for free? "

Lotteries are tax free winnings. The amounts you hear are not after taxes as the governeemnt takes no money from a lottery prize.

[Simplistic]

lotto tickets are raked