Canadians Who Win Consistently- Do You Pay Taxes? - Page 2

phixxx · #11 11-09-2005, 07:28 PM

Nice attempt.

lefty rosen · #12 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]

#13 11-09-2005, 09:50 PM

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I hold a party every 9/11.

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Why? Is that the Canadian tax free day?

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Good one.
And you do have to pay taxes on poker winnings. I know a few people that make good money playing but do'nt pay any, as it is their second income.

4thstreetpete · #14 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 · #15 11-09-2005, 10:52 PM

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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.

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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 · #16 11-09-2005, 11:45 PM

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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]

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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]

housenuts · #17 11-09-2005, 11:46 PM

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I hold a party every 9/11.

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haha, me too...it's my birthday.

lefty rosen · #18 11-10-2005, 12:37 AM

It's not but there are only a few hundred players across the various sites that make that much. So the number of Canadians would be 10 percent of that or less......

Bellagibro · #19 11-10-2005, 03:21 AM

I'll pay when they make me pay. Til then I'll hang onto the cash thank you.

Pog0 · #20 11-10-2005, 04:23 AM

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I'll pay when they make me pay. Til then I'll hang onto the cash thank you.

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But you will report it, won't you?

As far as I understand, as long as you report everything, you can interpret the tax laws any way you like and then you can't get in trouble legally. However, they may decide that your interpretation is incorrect and ask you to pay up.

This will be my first year making enough money online to worry about taxes. What's the first dollar of yearly income that becomes taxable? I've heard it's around 7k or 8k but I can't find a definitive answer.