Canadian Online Poker Tax Thread - Page 86 - Poker Legislation

Hey, sorry to not read through 24 pages of epically long stuff, just going to ask my question

1) I have two residences, one in canada and one in the USA. I play poker (all online) when I'm at my canadian residence, but I ship all my winnings back to the USA and pay USA taxes.

Am I going to need to worry about paying Canadian taxes in addition? (amounts in the 5 figures).

Andrew

Only if you live in Canada primarily. Even then, likely no.

Quote

04-14-2012 , 08:34 PM

#2127

TorontoCFE

grinder

Join Date: Sep 2004 Posts: 544

Quote:

Originally Posted by YouSureSir

If I purchase a car from the states and wire a good sized amount of money to the dealership is this going to get flagged anywhere along the line and raise the risk of audit hassles? Like when i pay the taxes crossing the border or what not? Or just the transfer in general. We are talking about 35-40k ish

Not any more than other transactions.

Quote

04-17-2012 , 05:14 AM

#2128

wildatheart3

enthusiast

Join Date: Jul 2008 Posts: 67

I have not filed income tax for maybe 5-6 years and been living off of poker income since. I have not had any kind of job throughout this time and I am now considering taking a short summer job and am wondering how not claiming taxes for the last 5-6 years will affect me when i have to claim this summer job income if i take it. Can it raise issues or questions about 5-6 years of inactivity?

Quote

04-17-2012 , 07:19 AM

#2129

Henry17

Carpal \'Tunnel

Join Date: Aug 2007 Posts: 27,710

There is no requirement that you file income tax if you do not owe and have not been requested to do so.

Quote

04-19-2012 , 08:14 PM

#2130

cumicon

journeyman

Join Date: Dec 2005 Posts: 360

Quote:

Originally Posted by TorontoCFE

Only if you live in Canada primarily. Even then, likely no.

Can you expand on this? I'm in the same boat, I moved to Canada in November, and plan to spend 10-11 months in Canada this year. I own a house in the US, although I am trying to sell it. Why do you say 'likely no' if you live in Canada primarily?

Quote

04-20-2012 , 05:46 AM

#2131

tzwien

Pooh-Bah

Join Date: Aug 2009 Posts: 5,267

Quote:

Originally Posted by cumicon

Can you stay in Canada that long? I read 6 months was the longest you could stay without applying to stay longer. I'm planning on moving and renting there this summer but have no clue how that stuff works for sure.

And frankly, I don't know why anyone would pay taxes on their winnings. Seems way -EV.

Quote

04-20-2012 , 01:59 PM

#2132

cumicon

journeyman

Join Date: Dec 2005 Posts: 360

Quote:

Originally Posted by tzwien

Yes, you can apply online to have your six month visitor status extended another six months.

Quote

04-21-2012 , 09:00 AM

#2133

rubadubdub

enthusiast

Join Date: Nov 2009 Posts: 93

Hi guys, I'm looking for a little bit of help with non poker related. I started working for an international company making minimum wage, I'm wondering how do I find out if this income will be reported to the CRA? Fwiw the only information they asked for is my name + address, no SIN.

Thanks.

Quote

04-21-2012 , 02:46 PM

#2134

jonwies

old hand

Join Date: Jan 2009 Posts: 1,245

I'm a student, how should I report <20k? I'm taking student loans so they want to know my income, etc.

Quote

04-21-2012 , 03:46 PM

#2135

LazyAce

veteran

Join Date: Jul 2010 Posts: 2,342

Quote:

Originally Posted by rubadubdub

I'm not one of the tax experts around here. I don't even consider myself knowledgeable. Just because the company you work for isn't reporting to the government, you still have to. Its the same thing as if you are self employed or sub contracted. It is your responsibility.

Quote

04-21-2012 , 04:00 PM

#2136

rubadubdub

enthusiast

Join Date: Nov 2009 Posts: 93

Quote:

Originally Posted by LazyAce

I'm not asking if it's my responsibility or if you think I should. I'm asking if they will be reporting this income to the CRA?

If I end up paying taxes in another country, what would happen if I didn't "claim" this on my Canadian one?

Quote

04-21-2012 , 08:20 PM

#2137

LazyAce

veteran

Join Date: Jul 2010 Posts: 2,342

Quote:

Originally Posted by rubadubdub

Sorry then. I misunderstood your question. If they don't have your SIN then I doubt very much they plan on reporting anything to CRA.

Why dont you just ask the company that you're working for?

Quote

04-22-2012 , 12:34 PM

#2138

banalanal

grinder

Join Date: Dec 2008 Posts: 685

Is someone who doesn't report income, but declares capital gains and dividends more likely to get audited?

Quote

04-22-2012 , 06:37 PM

#2139

TorontoCFE

grinder

Join Date: Sep 2004 Posts: 544

the answer to this is yes. You are more likely to be audited if
you have capital gains or dividends but never reported income that would support you buying assets to generate that income.

Still pretty small risk, but it does go up.

Quote

05-15-2012 , 05:28 PM

#2140

phatstax

newbie

Join Date: Sep 2011 Posts: 15

humm..after perusing through this thread is seems like the general opinion is that it is -Ev to pay taxes. BUT, if one were to pay taxes after making about 200k a year it seems the best way would be to incorporate and get the small business deduction rate of 16%. Is this correct?

PS Thanks for all the info taxguru, torontocfe and henry

Quote

05-20-2012 , 09:00 AM

#2141

Sboozzz

stranger

Join Date: Dec 2010 Posts: 9

What percentage of income will I pay a tax if my annual income above 200,000?

Quote

05-21-2012 , 03:51 PM

#2142

phatstax

newbie

Join Date: Sep 2011 Posts: 15

It depends on what province your in.

Quote

05-22-2012 , 08:34 PM

#2143

suchsickaments

banned

Join Date: Oct 2009 Posts: 5,437

I had a tournament score in the US and a friend of mine who is Canadian had a piece of my action. What are the required steps I take to pay him out?

Quote

05-23-2012 , 02:49 AM

#2144

Sboozzz

stranger

Join Date: Dec 2010 Posts: 9

Quote:

Originally Posted by Sboozzz

What percentage of income will I pay a tax if my annual income above 200,000?

What is tax in Vancouver ?

Quote

05-23-2012 , 10:46 AM

#2145

phatstax

newbie

Join Date: Sep 2011 Posts: 15

I believe you would pay around 34% in BC on 200k.

Quote

05-23-2012 , 11:02 AM

#2146

Henry17

Carpal \'Tunnel

Join Date: Aug 2007 Posts: 27,710

http://lsminsurance.ca/calculators/canada/income-tax

Quote

05-23-2012 , 11:03 AM

#2147

Henry17

Carpal \'Tunnel

Join Date: Aug 2007 Posts: 27,710

Quote:

Originally Posted by suchsickaments

I had a tournament score in the US and a friend of mine who is Canadian had a piece of my action. What are the required steps I take to pay him out?

You just pay him out. It is his responsibility to report it.

Quote

05-23-2012 , 11:15 AM

#2148

ShowUthExit

Carpal \'Tunnel

Join Date: Jul 2007 Posts: 6,993

Quote:

Originally Posted by Henry17

You just pay him out. It is his responsibility to report it.

I am the Canadian friend. I assume I don't pay tax on it the same way I would if it were my own score? Is there certain paperwork that I need to fill out? I'm confused because I have gotten a few different replies to the first question already. thanks for your help.

Quote

05-23-2012 , 11:27 AM

#2149

Henry17

Carpal \'Tunnel

Join Date: Aug 2007 Posts: 27,710

It is a hard question to answer but I would say you are much more likely to have to pay income tax as a backer than as someone who won a tournament. It is really hard to say. This though is the law school exam answer -- the real world answer is if you do nothing you'll almost certainly be left alone.