are winnings taxable in Canada? - Beginning Poker Questions

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are winnings taxable in Canada?

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11-24-2009 , 01:50 PM

lynx9292

journeyman

Join Date: Nov 2009 Posts: 253

so if you win a nice tournment lets say the Double Deuce for 31 grand and you reside in Canada do you have to pay taxes on it? how many would the taxes be about? and how would you go about doing that so you dont get sued for it after you spend the money. and at what point would you have to claim them on taxes only after a certain amount like 5 grand or above or im a little confused as to how it works..

if anybody knows first hand that would be great, thanks.

*edit* assuming your playing on full tilt (a US based company no?)

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11-24-2009 , 01:53 PM

Lego05

Carpal \'Tunnel

Join Date: Mar 2006 Posts: 25,030

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Originally Posted by lynx9292

I don't know anything about Canadian tax law but Full Tilt is not based in the U.S. No site is.

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11-24-2009 , 02:02 PM

Ice_W0lf

Tremendous

Join Date: Sep 2007 Posts: 13,530

Canadian Online Poker Tax Thread

If I remember right, someone (raze maybe) posted about you only have to pay taxes on winnings if you are a professional or something, but I wouldn't take that as the rule. Look through that thread, post a question if you don't find your answer. If you still don't have an answer and you run into this problem, spend a small amount of money and get a tax professional to consult you about it.. it really shouldn't take longer than a few minutes and a small amount of $ to have your questions answered if you have this "problem".

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