I recently won a tournament for a prize of $500 :tongue:. It got me thinking about if or when I need to pay taxes on my winnings. I live in Canada. So what are Canada's tax laws for online poker?
Notifications
Clear all
11 replies
probably over 11, 000
well there is no amount set in stone
however if they start seeing you have monthly income from poker for example $1000 a month
you have to claim taxes
its hard to say because say your a recreational player and win $100 000 in one day there is no taxes.
BUT if you win a significant amount for 5 out of 8 years or something you have to claim taxes
you really dont ever have to because the system is set up so that the government will never want to deal with it.
gambling winnings are not taxable but if there is a expectation of income then it is supposed to be taxable. if there is an expectation of income the government has to cover losses and they are scared shitless of that possibility.
even if you have a 6 figure year....you can easily just tell the government "ahh i think im just gonna go sit at 500/1000 with phil galfond over here"....and they'll be shitting their pants.
you don't have to worry about paying taxes on your poker winnings, unless you REALLY want to.
Pretty sure you don't have to pay tax on any winnings (poker/lottery/casino etc) in Canada.
If you win a million and put it in the bank, you'd have to pay on the interest that you make, but that is another story.
You will only have issues if poker is you sole income! You must be able to prove it is just a hobby.
Also if you win the sunday million and your bank account has a couple hundred grand in it you will have to pay taxes on the interest.
I am not positive but I believe you are able to give one tax free cash gift from winnings also.
I'm interested in this as well.
if someone chimes in with more than an opinion, like they work in this area or have investigated it A LOT, please state your sources/credentials etc.
I'm sure many would like to have a once & for all response to this question or at least something solid.
What do you guys mean paying interest for having a lot of money in the bank??
I thought it was the other way around. The bank gives you interest for having a large account.
Originally posted by matel17
What do you guys mean paying interest for having a lot of money in the bank??I thought it was the other way around. The bank gives you interest for having a large account.
Not paying interest, but paying taxes based on the interest you receive from the bank.
Whats the deal with this in the UK? I mean i'm a million miles away from winning to the extent I could be a pro but just curious.
Originally posted by Scooney
Whats the deal with this in the UK? I mean i'm a million miles away from winning to the extent I could be a pro but just curious.
There is no tax whatsoever for poker or other type of gambling for the players.
I am not familiar with the Canada laws
Regards
Thazar