what are the obvious reasons henry?

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

haha those were the days. I remember watching Star Trek: Voyager and grinding pontoon and blackjack for hours on end.

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.

I think the major Poker sites draft checks from this bank?

Yes.

i keep waking up too late and the banks close too early

canadian western wouldn't let me open up an account in US currency. They said it was too unusual.

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.

being a student does not count for anything.

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.

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.

It depends on a lot of factors. Check here: http://www.walterharder.ca/T1.html

Thanks, this helps a lot.

You jumped in late in this threaad.
Try reading it.

Successfully opened a corporate chequing account with BMO today, yesssss.

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.

Yeah, I was under the assumption that US dollar accounts were a standard product at most banks.

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.

nice, so you mentioned it's for poker and they were cool with it?

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?

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?

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!)

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.