To all Canadian: What about gaming winning and taxes up north???

happyjaypee · #1 03-01-2004, 03:14 AM

Hi all,

I was wondering if any of you have any idea about what to do about your gaming winnigs. I'm still a student and I made in the 5 figures (1x,xxx$cnd) this years, more then I make at my job as a waiter.

The thing I'm afraid of is the fact that all those Netteler transaction left trace of my activity in my bank account.

Anyone can fill me in??

Thx

-Happy [img]/images/graemlins/laugh.gif[/img]

rusty JEDI · #2 03-01-2004, 05:05 AM

There was a good debate a week or two ago about Canadian taxes. Its in the search somewhere.

Twisty · #3 03-01-2004, 05:59 AM

I wouldnt claim it if you have other income.
I wouldnt claim it if its your first year of making "real"money at poker.
If the issue ever arrises you just say you had a lucky year.
Its not taxable if your lucky,its taxable if your skilled.
(hard to prove with only one years play)
A piece of advice: try to keep a low profile and not brag to all your friends about all the cash your making,i know its hard esp. when your young .people will go out of there way to make your life miserable when they see you making money.
keep winning!

Twisty

Im gonna claim my winnings this year but im in a different situation then you are. [img]/images/graemlins/smirk.gif[/img]

47outs · #4 03-01-2004, 06:47 AM

Ok pal, this should clear it up for good. I can't say how or why I know but take my word for it, i know. Poker players in canada, do not claim on income tax. You will not get audited. If you are the rare bird who can rake 50,000 a year... be creative or claim it. Now if for some reason you feel like claiming your earnings... you have countless deductions associated with filing your tax. Portion of rent/mortgage, lights, office accessories, hardware, and on and on. Anyway, it's too much of a grey area to be audited and will not happen.
Cheers