Two Plus Two Publishing LLC Two Plus Two Publishing LLC
 

Go Back   Two Plus Two Poker Forums > >

General Poker Discussion Discussion of other uncategorized topics related to poker.

Reply
 
Thread Tools Display Modes
Old 01-21-2010, 10:02 PM   #1001
27AllIn
Carpal \'Tunnel
 
27AllIn's Avatar
 
Join Date: Oct 2008
Location: Every night to me is Halloween
Posts: 6,581
Re: Canadian Online Poker Tax Thread

what are the obvious reasons henry?
27AllIn is offline   Reply With Quote
Old 01-22-2010, 12:00 AM   #1002
lozen
Carpal \'Tunnel
 
lozen's Avatar
 
Join Date: Mar 2005
Posts: 18,203
Re: Canadian Online Poker Tax Thread

I use CIBC in Alberta. My guy knew exactly were my funds came from and so did the bank manager. I remember when the dollar was so bad and the tellers would joke about me being the only client happy about it
Before poker I bonus whored and would bring in checks from banks all over the world. Only two ever bounced out of 1000's Than I discovered Paypal and after that neteller now Money bookers.
I miss those days of bonus hunting BJ
lozen is offline   Reply With Quote
Old 01-22-2010, 06:27 AM   #1003
another loser
Guest
 
Posts: n/a
Re: Canadian Online Poker Tax Thread

haha those were the days. I remember watching Star Trek: Voyager and grinding pontoon and blackjack for hours on end.
  Reply With Quote
Old 01-22-2010, 02:30 PM   #1004
harangutang
Pooh-Bah
 
harangutang's Avatar
 
Join Date: Jul 2007
Location: Running it twice
Posts: 3,956
Re: Canadian Online Poker Tax Thread

Got shot down by RBC today, business account person told me he spoke to the branch manager before our meeting and was told that this branch manager has a blanket policy of not allowing any gambling related business accounts because they are considered "high risk". Not sure if I will be able to get one at one of the big 5 Canadian banks.
harangutang is offline   Reply With Quote
Old 01-22-2010, 03:20 PM   #1005
Absolution
Carpal \'Tunnel
 
Absolution's Avatar
 
Join Date: Mar 2004
Location: 2+2 Know it all
Posts: 9,021
Re: Canadian Online Poker Tax Thread

Quote:
Originally Posted by 27AllIn View Post
what are the obvious reasons henry?
I think the major Poker sites draft checks from this bank?
Absolution is offline   Reply With Quote
Old 01-22-2010, 03:43 PM   #1006
Henry17
Carpal \'Tunnel
 
Henry17's Avatar
 
Join Date: Aug 2007
Location: You've got a friend in me
Posts: 27,716
Re: Canadian Online Poker Tax Thread

Quote:
Originally Posted by Absolution View Post
I think the major Poker sites draft checks from this bank?
Yes.
Henry17 is offline   Reply With Quote
Old 01-22-2010, 06:11 PM   #1007
27AllIn
Carpal \'Tunnel
 
27AllIn's Avatar
 
Join Date: Oct 2008
Location: Every night to me is Halloween
Posts: 6,581
Re: Canadian Online Poker Tax Thread

i keep waking up too late and the banks close too early
27AllIn is offline   Reply With Quote
Old 01-26-2010, 02:34 AM   #1008
27AllIn
Carpal \'Tunnel
 
27AllIn's Avatar
 
Join Date: Oct 2008
Location: Every night to me is Halloween
Posts: 6,581
Re: Canadian Online Poker Tax Thread

canadian western wouldn't let me open up an account in US currency. They said it was too unusual.
27AllIn is offline   Reply With Quote
Old 01-27-2010, 05:22 PM   #1009
HybridSoul
stranger
 
Join Date: Dec 2008
Posts: 9
Re: Canadian Online Poker Tax Thread

does being a full-time student carry weight when it comes to being taxed or not? For example i'm looking to withdraw a substantial amount, however i don't want to be taxed. Is there a threshold ie 5k (which i have heard) correct in terms of deposits being reported to Revenue Canada? if should should i look at withdraw amounts of 4k in succession or will that look like consist income.
HybridSoul is offline   Reply With Quote
Old 01-27-2010, 06:02 PM   #1010
another loser
Guest
 
Posts: n/a
Re: Canadian Online Poker Tax Thread

being a student does not count for anything.
  Reply With Quote
Old 01-27-2010, 07:09 PM   #1011
TaxGuru
journeyman
 
Join Date: Nov 2008
Location: Canada
Posts: 219
Re: Canadian Online Poker Tax Thread

Practically, being a student does count for something. But not much. And it's not based on how much you withdraw. It's based on how much you win.
TaxGuru is offline   Reply With Quote
Old 01-27-2010, 07:24 PM   #1012
HybridSoul
stranger
 
Join Date: Dec 2008
Posts: 9
Re: Canadian Online Poker Tax Thread

Thanks, for the replys. when you say based on how much i win, and not withdrawl, does that mean partial money i made last year but didn't withdrawl yet can be withdrawl now and be subject to income tax (2009) if i decide to declare it? Example: If i declare approximately 50k for 2009 how much stands to be taxed? no precise number necessary, im jus looking for a ball park figure.
HybridSoul is offline   Reply With Quote
Old 01-27-2010, 07:28 PM   #1013
TaxGuru
journeyman
 
Join Date: Nov 2008
Location: Canada
Posts: 219
Re: Canadian Online Poker Tax Thread

It depends on a lot of factors. Check here: http://www.walterharder.ca/T1.html
TaxGuru is offline   Reply With Quote
Old 01-27-2010, 07:32 PM   #1014
HybridSoul
stranger
 
Join Date: Dec 2008
Posts: 9
Re: Canadian Online Poker Tax Thread

Thanks, this helps a lot.
HybridSoul is offline   Reply With Quote
Old 01-28-2010, 02:47 AM   #1015
Rainbow Warrior
flight risk
 
Rainbow Warrior's Avatar
 
Join Date: Sep 2002
Location: on a blanket
Posts: 5,815
Re: Canadian Online Poker Tax Thread

Quote:
Originally Posted by HybridSoul View Post
does being a full-time student carry weight when it comes to being taxed or not? For example i'm looking to withdraw a substantial amount, however i don't want to be taxed. Is there a threshold ie 5k (which i have heard) correct in terms of deposits being reported to Revenue Canada? if should should i look at withdraw amounts of 4k in succession or will that look like consist income.
You jumped in late in this threaad.
Try reading it.
Rainbow Warrior is offline   Reply With Quote
Old 01-28-2010, 01:02 PM   #1016
harangutang
Pooh-Bah
 
harangutang's Avatar
 
Join Date: Jul 2007
Location: Running it twice
Posts: 3,956
Re: Canadian Online Poker Tax Thread

Quote:
Originally Posted by harangutang View Post
Got shot down by RBC today, business account person told me he spoke to the branch manager before our meeting and was told that this branch manager has a blanket policy of not allowing any gambling related business accounts because they are considered "high risk". Not sure if I will be able to get one at one of the big 5 Canadian banks.
Successfully opened a corporate chequing account with BMO today, yesssss.
harangutang is offline   Reply With Quote
Old 01-28-2010, 01:07 PM   #1017
Verstehen
old hand
 
Verstehen's Avatar
 
Join Date: Mar 2008
Location: growing old battling the donks
Posts: 1,694
Re: Canadian Online Poker Tax Thread

Quote:
Originally Posted by 27AllIn View Post
canadian western wouldn't let me open up an account in US currency. They said it was too unusual.
Not sure where you are located but most credit unions will do this for free. I have a US dollar account at Coast Capital (one of the bigger BC credit unions) and it took all of 5 minutes to set up, no questions asked.
Verstehen is offline   Reply With Quote
Old 01-28-2010, 02:28 PM   #1018
Triple B
journeyman
 
Join Date: Jan 2008
Posts: 219
Re: Canadian Online Poker Tax Thread

Yeah, I was under the assumption that US dollar accounts were a standard product at most banks.
Triple B is offline   Reply With Quote
Old 01-28-2010, 02:38 PM   #1019
Henry17
Carpal \'Tunnel
 
Henry17's Avatar
 
Join Date: Aug 2007
Location: You've got a friend in me
Posts: 27,716
Re: Canadian Online Poker Tax Thread

Some banks even have US currency in their ATMs so you can get US cash without having to go to a branch. It is pretty standard to get US accounts. The only difference is that deposit insurance does not cover US accounts.
Henry17 is offline   Reply With Quote
Old 01-28-2010, 05:04 PM   #1020
Alexos
old hand
 
Join Date: Feb 2007
Posts: 1,968
Re: Canadian Online Poker Tax Thread

Quote:
Originally Posted by harangutang View Post
Successfully opened a corporate chequing account with BMO today, yesssss.
nice, so you mentioned it's for poker and they were cool with it?
Alexos is offline   Reply With Quote
Old 01-28-2010, 05:14 PM   #1021
Henry17
Carpal \'Tunnel
 
Henry17's Avatar
 
Join Date: Aug 2007
Location: You've got a friend in me
Posts: 27,716
Re: Canadian Online Poker Tax Thread

The people who are starting corporations is that because you plan to start paying tax on your winnings or were you already declaring it as income and now just using a corporation to lower your liability?
Henry17 is offline   Reply With Quote
Old 01-31-2010, 04:19 PM   #1022
Hklm8383
veteran
 
Hklm8383's Avatar
 
Join Date: Jan 2007
Location: ooooooooooué
Posts: 2,052
Re: Canadian Online Poker Tax Thread

I have to fill a 1040 NR (US income tax form for non-resident) for gains made in the WSOP 2009 in Vegas.

On page 5, line L, I claim the benefit of a US treaty with Canada. Under which tax treaty article, do I claim the exempt income ? Is it article XXIV , 3 b ?

Can I claim expenses made in Vegas against my winnings such as lodging, food and airfare ?
Hklm8383 is offline   Reply With Quote
Old 01-31-2010, 04:42 PM   #1023
lozen
Carpal \'Tunnel
 
lozen's Avatar
 
Join Date: Mar 2005
Posts: 18,203
Re: Canadian Online Poker Tax Thread

Quote:
Originally Posted by Hklm8383 View Post
I have to fill a 1040 NR (US income tax form for non-resident) for gains made in the WSOP 2009 in Vegas.

On page 5, line L, I claim the benefit of a US treaty with Canada. Under which tax treaty article, do I claim the exempt income ? Is it article XXIV , 3 b ?

Can I claim expenses made in Vegas against my winnings such as lodging, food and airfare ?
Canada does not have a tax treaty I thought?
lozen is offline   Reply With Quote
Old 01-31-2010, 06:50 PM   #1024
SlightlyMad
journeyman
 
Join Date: May 2005
Posts: 305
Re: Canadian Online Poker Tax Thread

That is partially correct, lozen. We are allowed, under the US/Canada tax treaty to net our gambling wins and losses, and be taxed at 30% of the net income earned while gambling in the United States.

For most people (unless you are claiming you are a professional poker player), it goes on Page 4 (Schedule NEC, Line 10 - "Gambling, Residents of Canada Only"). There's no treaty benefit to claim/insert for being Canadian.

Edit: To the latter part of Hklm8383's question, you can ONLY claim gambling activities. Lodging, travel, et cetera don't count unless you claim you're a professional poker player. And, if you do, it's not "not effectively connected with a US Business", and you need a lot more help filling out your taxes (in particular, the CRA will be asking you why you're aren't filing as a professional poker player in Canada as well!)

Last edited by SlightlyMad; 01-31-2010 at 06:53 PM. Reason: Completing response.
SlightlyMad is offline   Reply With Quote
Old 01-31-2010, 10:37 PM   #1025
harangutang
Pooh-Bah
 
harangutang's Avatar
 
Join Date: Jul 2007
Location: Running it twice
Posts: 3,956
Re: Canadian Online Poker Tax Thread

Quote:
Originally Posted by Alexos View Post
nice, so you mentioned it's for poker and they were cool with it?
The woman who helped me knew nothing about poker so I just explained things candidly and she was cool with it. The whole thing was pretty quick. She didn't have to make any special checks to open a gambling account or anything.
harangutang is offline   Reply With Quote

Reply
      

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


Forum Jump


All times are GMT -4. The time now is 04:26 AM.


Powered by vBulletin®
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.
Copyright © 2008-2020, Two Plus Two Interactive