Canadians Who Win Consistently- Do You Pay Taxes?

JohnnyHumongous · #1 11-09-2005, 06:02 PM

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?

lefty rosen · #2 11-09-2005, 06:13 PM

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?

JohnnyHumongous · #3 11-09-2005, 06:36 PM

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...

#4 11-09-2005, 06:50 PM

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

phixxx · #5 11-09-2005, 07:09 PM

Nope.

teddyFBI · #6 11-09-2005, 07:25 PM

[ 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.

lefty rosen · #7 11-09-2005, 08:57 PM

What do you live in a fantasy world that's about 100 guys top in Canada. I doubt even that. Let's put this way I know people that have cleared 50K over the last few years and they have totally run under the radar........ [img]/images/graemlins/grin.gif[/img] [img]/images/graemlins/blush.gif[/img] [img]/images/graemlins/smile.gif[/img] [img]/images/graemlins/shocked.gif[/img] [img]/images/graemlins/cool.gif[/img]

4thstreetpete · #8 11-09-2005, 10:26 PM

I think a lot of you are underestimating what kind of trouble you're getting yourself into if you're caught for tax evasion. I would guess that there are LOTS of canadians who aren't paying taxes on their poker winnings because right now there's no precedant.

The percentage of players who do pay their fair share of taxes most likely increase the more money they make. I'm speaking of those who play primarily online as I highly doubt any B&M players would report their full income.

Allinlife · #9 11-09-2005, 10:52 PM

[ QUOTE ]
I think a lot of you are underestimating what kind of trouble you're getting yourself into if you're caught for tax evasion. I would guess that there are LOTS of canadians who aren't paying taxes on their poker winnings because right now there's no precedant.

The percentage of players who do pay their fair share of taxes most likely increase the more money they make. I'm speaking of those who play primarily online as I highly doubt any B&M players would report their full income.

[/ QUOTE ]
didn't the link you post on the previous cdn tax thread basically say "No laws ATM, so it's okay not to" or something?

could you clarify what you said on the second half of the reply?

lastly, if you don't mind sharing, how much % are you paying? any loops we can jump through to reduce this %?

JohnnyHumongous · #10 11-09-2005, 11:45 PM

[ QUOTE ]
What do you live in a fantasy world that's about 100 guys top in Canada. I doubt even that. Let's put this way I know people that have cleared 50K over the last few years and they have totally run under the radar........ [img]/images/graemlins/grin.gif[/img] [img]/images/graemlins/blush.gif[/img] [img]/images/graemlins/smile.gif[/img] [img]/images/graemlins/shocked.gif[/img] [img]/images/graemlins/cool.gif[/img]

[/ QUOTE ]

I didn't know making good money through internet poker was living in a fantasy world...? What was I thinking coming to 2+2 to inquire, there's no one making tons of cash online here... [img]/images/graemlins/crazy.gif[/img]