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.

Wake up CALL · #6 11-09-2005, 07:13 PM

Silly question, no Canadians could possibly be consistent winners. Or did you mispell whiners?

Lori · #7 11-09-2005, 07:20 PM

The most boring thread ever.

Lori

phixxx · #8 11-09-2005, 07:24 PM

[ QUOTE ]
Silly question, no Canadians could possibly be consistent winners. Or did you mispell whiners?

[/ QUOTE ]

I hold a party every 9/11.

teddyFBI · #9 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.

Wake up CALL · #10 11-09-2005, 07:26 PM

[/ QUOTE ]

I hold a party every 9/11.

[/ QUOTE ]

Why? Is that the Canadian tax free day?