Originally Posted by sbfootball_84
i got out of school last year and haven't filed my taxes for the past 2 or 3 years. i probably withdrew ~15-20k in the past 2 years (couple of thousand here, couple of thousand there) from poker. do i have to be worried about the tax man coming after me?
if what you made from poker was your only (or most of your) income in the past 3 years then not filing is a huge mistake, for the following reasons:
1. You're missing out on thousands worth of education credits that could offset taxes to be paid in the future. And this is regardless of whether you declare your poker income or not.
2. if you decide to declare the poker income and you don't have any other income, you're still below the basic credit space of 10k per year (you won't get taxed on your first 10K in income anyways).
3. you're losing valuable rrsp deduction space that you could use in the future to offset your taxable income.
you can still file for previous years and take advantage of these benefits.