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Canada Gambling Taxes
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There are no taxes on gambling winnings in Canada. Quote: wrong answer. try again. Quote: No that is correct, unless poker is your primary source of income. For example lottery winnings are not taxed, if however poker winnings are your primary source of income then they are taxable. My advice would be to not cash out 5 figure sums. Quote: Whether it's your "primary source of income" is only one consideration among several in determining whether gambling income is taxable for Canadian residents. For example, if you win $4-million in Lotto 6/49, I'll bet that lottery winnings are your "primary source of income" for the year! Despite that, the winnings are still non-taxable. The test is whether the gambling winnings are "income from a business". Quote: Primary, secondary, tertiary or whatever else is totally, absolutely and wholly irrelevant. The issue is whether your winnings are taxable "income" or "windfall" gain. There is also plenty of case law that clarifies the meaning of "income" v. "windfall" and how the courts determine the difference based on how YOU the individual behave or conduct yourself towards securing winnings from gambling. So I found these quotes searcching the forum... but can anyone provide a link to a government site where the tax law related to this is covered? I can't find it. Matt |
#2
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Re: Canada Gambling Taxes
Check this thread. There is some great info in here - especially from TorontoCFE.
http://forumserver.twoplustwo.com/sh...amp;PHPSESSID= |
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