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 03-21-2012, 07:47 AM   #2101
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 As1an1nvas1on View Post
I don't consider myself a professional since I go to school and I had and will have a summer job this year.
This is incorrect reasoning. Neither of those things are considerations in if you are a professional or not.

The much more relevant piece of information is the 100k hands which I think would be very low for a professional player.

Quote:
Should I be claiming winnings?
People need to really clarify if they are asking should I legally be claiming my winnings or should I be claiming my winnings as a purely EV question.

The answer to the second is almost always no. Unless you are going to do stuff that makes you very public (run a blog / do newspaper interviews / star in a PokerStars commercial) or you feel the need to pay taxes for moral or patriotic reasons then you shouldn't pay taxes.

If the question is a legal one then we'd need a lot more information to say but the low volume is strong first indicator that you would not be considered a professional unless you scored very high on the other criteria of the test. For example, low volume but with exceptionally well targeted opponents where you studied and found fish in multiple games and drove around BC only playing those fish and only after studying their play would be a professional.
Henry17 is offline   Reply With Quote
Old 03-21-2012, 12:55 PM   #2102
As1an1nvas1on
Pooh-Bah
 
As1an1nvas1on's Avatar
 
Join Date: Jul 2010
Posts: 4,297
Re: Canadian Online Poker Tax Thread

great, thanks henry.
As1an1nvas1on is offline   Reply With Quote
Old 03-21-2012, 04:27 PM   #2103
Big Mack
journeyman
 
Big Mack's Avatar
 
Join Date: Apr 2011
Location: Oh Canada
Posts: 387
Re: Canadian Online Poker Tax Thread

Quote:
Originally Posted by Henry17 View Post
If you claim them as income odds are they will be considered income so it is very unlikely that you'd get the outcome you are hoping for.

Even if CRA rejects your attempt to claim winnings as income that does not mean they can't make you pay after. At best this would be a good case that you made an honest effort and would likely get penalties and interest waived but you would still have to pay your taxes.
Thanks for answering, Henry. I gather the only other option is to get a ruling? Which costs $500 minimum.

I didn't make enough last year for anyone to consider me a professional, but I hope to in the future.
Big Mack is offline   Reply With Quote
Old 03-22-2012, 11:11 AM   #2104
axemmiw905
newbie
 
Join Date: Feb 2012
Posts: 44
Re: Canadian Online Poker Tax Thread

Crazy news here:

http://ca.news.yahoo.com/mds-propose...040307538.html
axemmiw905 is offline   Reply With Quote
Old 03-22-2012, 01:21 PM   #2105
Big Mack
journeyman
 
Big Mack's Avatar
 
Join Date: Apr 2011
Location: Oh Canada
Posts: 387
Re: Canadian Online Poker Tax Thread

Interesting read; thankfully it doesn't affect most poker players.
Big Mack is offline   Reply With Quote
Old 03-22-2012, 01:25 PM   #2106
axemmiw905
newbie
 
Join Date: Feb 2012
Posts: 44
Re: Canadian Online Poker Tax Thread

Anyone who makes over six figures is affected
axemmiw905 is offline   Reply With Quote
Old 03-22-2012, 01:42 PM   #2107
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

This is not a change to tax policy just a bunch of not very bright doctors trying to lobby for keeping the prohibition on private medical insurance in place. The Canadian health care system is horrible and not allowing private health care given that is a violation of the Charter. I made this argument 15 years and eventually even the SCC came to the same conclusion. A two-tier health care system is pretty much unavoidable but there are still idiots out there who think we can save socialized medicine. Absolutely nothing will come of this.
Henry17 is offline   Reply With Quote
Old 03-22-2012, 01:58 PM   #2108
axemmiw905
newbie
 
Join Date: Feb 2012
Posts: 44
Re: Canadian Online Poker Tax Thread

So you're not a fan of socialized medicine? I think the Ontario health premium is actually pretty fair/cheap.
axemmiw905 is offline   Reply With Quote
Old 03-22-2012, 02:10 PM   #2109
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 health premium is not the only income tax that does to health care. The was added a few years back to supplement the funding.

The issue isn't even the cost so much as the quality. Canada has sub-par health care and we are fine with that as a nation because what matters is that everyone gets the same ****ty health care.
Henry17 is offline   Reply With Quote
Old 03-22-2012, 03:21 PM   #2110
axemmiw905
newbie
 
Join Date: Feb 2012
Posts: 44
Re: Canadian Online Poker Tax Thread

Oh I actually agree.

All of the doctors I've seen in Canada have been subpar to the extreme, most are incredibly corrupt and are prone to harassment by others.(as in they'll give me worse healthcare when a Canadian wacko harasser gets them)
axemmiw905 is offline   Reply With Quote
Old 03-23-2012, 12:37 AM   #2111
roy_miami
veteran
 
roy_miami's Avatar
 
Join Date: Sep 2004
Posts: 2,245
Re: Canadian Online Poker Tax Thread

Our healthcare system is great as long as you're perfectly healthy or on deaths door, it sucks for anything in between
roy_miami is offline   Reply With Quote
Old 03-23-2012, 01:13 AM   #2112
another loser
Guest
 
Posts: n/a
Re: Canadian Online Poker Tax Thread

Prescriptions are ridiculous. I pay $500 a month just for being diabetic!
  Reply With Quote
Old 03-26-2012, 12:01 PM   #2113
axemmiw905
newbie
 
Join Date: Feb 2012
Posts: 44
Re: Canadian Online Poker Tax Thread

Hi, when is the US going to allow for online poker? I'm thinking of moving over... lower income taxes, lower capital tax gains, etc
axemmiw905 is offline   Reply With Quote
Old 03-26-2012, 12:13 PM   #2114
axemmiw905
newbie
 
Join Date: Feb 2012
Posts: 44
Re: Canadian Online Poker Tax Thread

WOW... according to the net, the entirety of the USA has not banned online poker, it's just some states...

http://wiki.answers.com/Q/Why_can_yo...oker_in_the_US

Last edited by axemmiw905; 03-26-2012 at 12:24 PM.
axemmiw905 is offline   Reply With Quote
Old 03-26-2012, 12:50 PM   #2115
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

My understanding is that online poker is not banned in the United States -- except for the States that have state level bans. What is illegal in the United States is for any financial institution to assist in the processing of financial transactions from offshore gambling
Henry17 is offline   Reply With Quote
Old 03-26-2012, 12:51 PM   #2116
axemmiw905
newbie
 
Join Date: Feb 2012
Posts: 44
Re: Canadian Online Poker Tax Thread

EXACTLY
axemmiw905 is offline   Reply With Quote
Old 04-08-2012, 06:44 PM   #2117
axemmiw905
newbie
 
Join Date: Feb 2012
Posts: 44
Re: Canadian Online Poker Tax Thread

Do I have to pay taxes to Canada if I don't live there most of the time? 7-8 months out of 12?
axemmiw905 is offline   Reply With Quote
Old 04-08-2012, 07:13 PM   #2118
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

For the 20th time no. Income tax in Canada is based on residency. If you don't maintain the conditions required for residency then you don't pay taxes. For those conditions look to the previous 19 times this was discussed.
Henry17 is offline   Reply With Quote
Old 04-08-2012, 10:58 PM   #2119
axemmiw905
newbie
 
Join Date: Feb 2012
Posts: 44
Re: Canadian Online Poker Tax Thread

Okay no, you need to say these things in details.

If you own a car or a house in Canada, then you are a resident of Canada and will then have to pay world taxes anyways. It's called deemed residency.
axemmiw905 is offline   Reply With Quote
Old 04-09-2012, 03:28 AM   #2120
am_man
old hand
 
am_man's Avatar
 
Join Date: Apr 2008
Location: I'm on a boat!
Posts: 1,389
Re: Canadian Online Poker Tax Thread

If you were to claim winnings on the tax form, would they be classified as self-employed income, or capital gains? Obvious benefit with capital gains since you can cut your income in half. Does CPP still factor in to capital gains?
am_man is offline   Reply With Quote
Old 04-09-2012, 09:35 AM   #2121
Stake Monster
Pooh-Bah
 
Stake Monster's Avatar
 
Join Date: Jan 2007
Location: BC
Posts: 5,941
Re: Canadian Online Poker Tax Thread

Quote:
Originally Posted by roy_miami View Post
Our healthcare system is great as long as you're perfectly healthy or on deaths door, it sucks for anything in between
I don't know about the people on death's door really. I've heard lots of stories about people dying in hospital halls waiting for surgery. Just to get an MRI on my shoulder was a 6 month waiting list.

In Quebec it's particularly terrible for the "middle" stuff. You basically have to wait 10-12 hours just to see a doctor and then he/she just processes you as quickly as possible. There are more alternatives in the private sector but it's quite expensive. Just to open an account is a $250 cost.
Stake Monster is offline   Reply With Quote
Old 04-09-2012, 09:52 AM   #2122
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 am_man View Post
If you were to claim winnings on the tax form, would they be classified as self-employed income, or capital gains? Obvious benefit with capital gains since you can cut your income in half. Does CPP still factor in to capital gains?
It would be business or professional activities on form T2125.

As an individual who plays poker you can not claim poker winnings as capital gains.
Henry17 is offline   Reply With Quote
Old 04-11-2012, 03:40 PM   #2123
TorontoCFE
grinder
 
Join Date: Sep 2004
Location: Canada
Posts: 544
Re: Canadian Online Poker Tax Thread

Quote:
Originally Posted by Henry17 View Post
For the 20th time no. Income tax in Canada is based on residency. If you don't maintain the conditions required for residency then you don't pay taxes. For those conditions look to the previous 19 times this was discussed.
Technically a non-resident would have to pay tax on income earned from a Canadian source (unless there are taxs treaty exceptions).

Online play does not qualify for this though.
TorontoCFE is offline   Reply With Quote
Old 04-13-2012, 04:34 AM   #2124
YouSureSir
veteran
 
Join Date: Nov 2008
Posts: 2,069
Re: Canadian Online Poker Tax Thread

If I purchase a car from the states and wire a good sized amount of money to the dealership is this going to get flagged anywhere along the line and raise the risk of audit hassles? Like when i pay the taxes crossing the border or what not? Or just the transfer in general. We are talking about 35-40k ish
YouSureSir is offline   Reply With Quote
Old 04-13-2012, 04:42 PM   #2125
BalugaWhale
Carpal \'Tunnel
 
BalugaWhale's Avatar
 
Join Date: Jan 2006
Location: Bronzing
Posts: 6,228
Re: Canadian Online Poker Tax Thread

Hey, sorry to not read through 24 pages of epically long stuff, just going to ask my question

1) I have two residences, one in canada and one in the USA. I play poker (all online) when I'm at my canadian residence, but I ship all my winnings back to the USA and pay USA taxes.

Am I going to need to worry about paying Canadian taxes in addition? (amounts in the 5 figures).

Andrew
BalugaWhale 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 07:09 PM.


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