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Originally Posted by banalanal
That was a beautiful touch. Thanks for keeping us informed. Any other advice for those making money playing fulltime poker, not claiming an income, and investing in dividend stocks? As in, are there any do's and don'ts when it comes time to filling a tax return?
Well you have to declare invesgting income or it becomes tax ev asion and I can't help you there. Just getting looked at isn't the end of the world. CRA asks and then you tell them you won the initial investment and probably no big deal.
If you get to talking serious money and over a long time then you might be nervous.
To lessen the questions, you could have some provable source of income (even a crap side job). If the initial investment isn't huge then they will assume it is savings or a gift so I recommend starting with smaller amounts and regularly putting more on the table from poker.
Be honest about all investing income. Don't be too flashy with income. Keep multiple accounts at different firms if they get sizable Invest in real property.
Really just common sense type things.
If you get to serious amounts of money then there are other things you can do that makes it less obvious to people what you own. Secrecy is not illegal if you are declaring the right investment income even if you actively obscure where it is.