Canadian Poker Players (David Ross You out there?)

[LImitPlayer]

I have a question for those of you who are playing poker for a living and are Canadian.

IS your income taxable if poker is your only source of income?

I just started playing for a living and I was under the impression that gambling winnings in Canada are tax free.

I had a brief chat with my accountant today as He was finishing up my year end for my recently sold business and he was under the impression that the income made from poker would be taxable if it was your main source of income. He wasn't 100% sure and he was going to check into it and get back to me on Moday but I am was just wondering if anyone hear knew the answer?

[Twisty]

There is a really good thread on this issue,search for it.
However the simple answer to your question is yes it is taxable.
There is some upside though,you will be filing as a professional gambler not a professional poker player so u can write off those roulette and slot binges.(well thats what my accountant tells me,ill let u know how the audit goes) [img]/images/graemlins/wink.gif[/img]

[4thstreetpete]

Canadian online Tax Thread