Seneca is the worst place for Canadian residents to play a poker tournament as it has the stupid policy of withholding 30% tax on ANY winnings. It is possible for you to make it to the money but still lose as 30% of the entire min cash will be taxed away!
Almost all other US casinos will not withhold the 30% if your net winnings is below $5,000 or if you win a satellite, but Seneca will rape you no matter how small you win. It is much better for Canadian non-professionals to play in Canadian tournaments than any US tournament. Canadians who cashed big in WSOP and other US events had 30% of their winnings disappear, with nowhere enough gambling losses to offset the tax!
If you end up with $10,000 or more, you need to declare it with both US and Canadian Customs.
Coles Notes: If you're Canadian, play in Canadian tournaments with zero withholding and never play at Seneca!
Quote:
Originally Posted by SleightOfJam
Does anyone know the policy for if you win big at seneca as a canadian citizen? I keep hearing something about 30% holding tax but I'm not sure if that's accurate. Seems really high. At what point would you have to inform the border/pay the tax or whatever on winnings?
Last edited by Nash_equilibria; 07-26-2011 at 10:17 AM.