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I don't want to crash the whole positive vibe of the thread, but what are the ways to not have any paper trail?
If I make 300k this year is it possible for me to just declare lets say 60k and get the rest cash through neteller card?
Thanks for any help and if its already in the thread scream at me, I skimmed through it at work.
~p
It bothers me that people who win money gambling in Canada by lucky means don't have to pay taxes whereas the people who win money gambling by skilled means have to pay taxes. If anything this should be the opposite and the contraction really bothers me. I have no problem paying taxes for my work income, but why should I have to pay taxes on something that is quasi-illegal in Canada and which is unregulated, when lottery winners can keep all their profits?
What would be wrong with this hypotethetical argument? I won $x (large amount) in an online poker tournament a few years ago when I was just starting out and won it due to beginners luck (windfall which is not taxable). This site has since closed down and there are no records of my win (which happens all the time in this sheisty industry). Since then I have kept most of the money online at various poker sites, winning some and losing some, roughly breaking even for my passtime. However I have been withdrawing money steadily from my accounts as I need it.
The main problem that I see is if the CRA forces Neteller and the poker sites to report someone's results. Do they have that power over companies which aren't legal and regulated in Canada? I realize that some of these sites are headquartered in Canadian Native reserves but they aren't truly Canadian companies I don't think.
Well it's really just a thought experiment by me. But again it bothers me that the person described above would not have to pay taxes while a person who won an equivalent amount of money steadily in cash games would (presumably) have to pay taxes, although even that isn't specified clearly enough in the tax code for my liking.