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TAXES CANADA

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  1. tuna_fish_tank tuna_fish_tank is offline

    Toronto
    Canada

    Posts: 8
    Joined: Oct 07

    Feb 18th, 2008 (2/18/2008 2:34pm)

    Hello all Canadian's

    Does anyone know what the deal is with paying taxes??????? ive been trying to figure this out for so long. can't even get a straight answer from revenue Canada.
    anyway thanks
    722 
  2. Cast-P Cast-P is offline

    Markham
    Canada

    Posts: 76
    Joined: May 07

    Feb 18th, 2008 (2/18/2008 2:39pm) in reply to tuna_fish_tank

    no taxes on gambling winnings..
  3. lose_to_overset lose_to_overset is offline

    Ithaca, NY
    United States

    Posts: 329
    Joined: Feb 06

    Feb 18th, 2008 (2/18/2008 2:45pm) in reply to Cast-P

    The way i understand it is that if you are a professional(your only source of income) than you have to pay tax on winnings. If you have a job than you do not.
  4. Steve_MF Steve_MF is offline

    Canada

    Posts: 96
    Joined: Feb 08

    Feb 18th, 2008 (2/18/2008 3:39pm) in reply to lose_to_overset

    i asked a buddy of mine who works for revenue canada ....he said its the same as lottery winnings ....not taxed.
  5. crbc55 crbc55 is offline

    Canada

    Posts: 165
    Joined: May 06

    Feb 18th, 2008 (2/18/2008 4:38pm) in reply to Steve_MF

    Your poker winnings could be taxable based on a number of factors. It depends on the degree of organization of your playing, expectation of profit etc. Canada Revenue agency has the criteria laid out but it is very open to interpretation. However if CRA determines that you owe tax then you do and the burden of proof is on you to prove that you don't.

    People confuse gambling earnings, which may be taxable, with windfalls such as lotteries which are not taxable.

    Having another source of income such as a job does not mean that your poker income is not taxable. It depends if the CRA sees your poker playing as a business or a hobby and again this is based on a variety of factors.

    I did read on another forum of a poker player who was written up in the paper about him winning and the CRA did conclude that he owed taxes. I am not aware if the player has fought this ruling.

    Probably the best advice is to stay quiet. At the present time I am not aware of the CRA actively searching out online "professionals".

    Just don't be one of those people that say "Look at me I made all this money at poker and it isn't taxable here in Canada". You might just get a letter in the mail that you don't want.

    There is a long thread at 2+2 on Taxes and poker in Canada.
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