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Old 04-14-2012, 08:32 PM   #2126
TorontoCFE
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Re: Canadian Online Poker Tax Thread

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Originally Posted by BalugaWhale View Post
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
Only if you live in Canada primarily. Even then, likely no.
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Old 04-14-2012, 08:34 PM   #2127
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Re: Canadian Online Poker Tax Thread

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Originally Posted by YouSureSir View Post
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
Not any more than other transactions.
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Old 04-17-2012, 05:14 AM   #2128
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Re: Canadian Online Poker Tax Thread

I have not filed income tax for maybe 5-6 years and been living off of poker income since. I have not had any kind of job throughout this time and I am now considering taking a short summer job and am wondering how not claiming taxes for the last 5-6 years will affect me when i have to claim this summer job income if i take it. Can it raise issues or questions about 5-6 years of inactivity?
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Old 04-17-2012, 07:19 AM   #2129
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Re: Canadian Online Poker Tax Thread

There is no requirement that you file income tax if you do not owe and have not been requested to do so.
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Old 04-19-2012, 08:14 PM   #2130
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Re: Canadian Online Poker Tax Thread

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Originally Posted by TorontoCFE View Post
Only if you live in Canada primarily. Even then, likely no.
Can you expand on this? I'm in the same boat, I moved to Canada in November, and plan to spend 10-11 months in Canada this year. I own a house in the US, although I am trying to sell it. Why do you say 'likely no' if you live in Canada primarily?
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Old 04-20-2012, 05:46 AM   #2131
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Re: Canadian Online Poker Tax Thread

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Originally Posted by cumicon View Post
Can you expand on this? I'm in the same boat, I moved to Canada in November, and plan to spend 10-11 months in Canada this year. I own a house in the US, although I am trying to sell it. Why do you say 'likely no' if you live in Canada primarily?
Can you stay in Canada that long? I read 6 months was the longest you could stay without applying to stay longer. I'm planning on moving and renting there this summer but have no clue how that stuff works for sure.

And frankly, I don't know why anyone would pay taxes on their winnings. Seems way -EV.
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Old 04-20-2012, 01:59 PM   #2132
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Re: Canadian Online Poker Tax Thread

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Can you stay in Canada that long? I read 6 months was the longest you could stay without applying to stay longer. I'm planning on moving and renting there this summer but have no clue how that stuff works for sure.

And frankly, I don't know why anyone would pay taxes on their winnings. Seems way -EV.
Yes, you can apply online to have your six month visitor status extended another six months.
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Old 04-21-2012, 09:00 AM   #2133
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Re: Canadian Online Poker Tax Thread

Hi guys, I'm looking for a little bit of help with non poker related. I started working for an international company making minimum wage, I'm wondering how do I find out if this income will be reported to the CRA? Fwiw the only information they asked for is my name + address, no SIN.

Thanks.
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Old 04-21-2012, 02:46 PM   #2134
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Re: Canadian Online Poker Tax Thread

I'm a student, how should I report <20k? I'm taking student loans so they want to know my income, etc.
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Old 04-21-2012, 03:46 PM   #2135
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Re: Canadian Online Poker Tax Thread

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Originally Posted by rubadubdub View Post
Hi guys, I'm looking for a little bit of help with non poker related. I started working for an international company making minimum wage, I'm wondering how do I find out if this income will be reported to the CRA? Fwiw the only information they asked for is my name + address, no SIN.

Thanks.
I'm not one of the tax experts around here. I don't even consider myself knowledgeable. Just because the company you work for isn't reporting to the government, you still have to. Its the same thing as if you are self employed or sub contracted. It is your responsibility.
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Old 04-21-2012, 04:00 PM   #2136
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Re: Canadian Online Poker Tax Thread

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Originally Posted by LazyAce View Post
I'm not one of the tax experts around here. I don't even consider myself knowledgeable. Just because the company you work for isn't reporting to the government, you still have to. Its the same thing as if you are self employed or sub contracted. It is your responsibility.
I'm not asking if it's my responsibility or if you think I should. I'm asking if they will be reporting this income to the CRA?

If I end up paying taxes in another country, what would happen if I didn't "claim" this on my Canadian one?
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Old 04-21-2012, 08:20 PM   #2137
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Re: Canadian Online Poker Tax Thread

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Originally Posted by rubadubdub View Post
I'm not asking if it's my responsibility or if you think I should. I'm asking if they will be reporting this income to the CRA?

If I end up paying taxes in another country, what would happen if I didn't "claim" this on my Canadian one?
Sorry then. I misunderstood your question. If they don't have your SIN then I doubt very much they plan on reporting anything to CRA.

Why dont you just ask the company that you're working for?
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Old 04-22-2012, 12:34 PM   #2138
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Re: Canadian Online Poker Tax Thread

Is someone who doesn't report income, but declares capital gains and dividends more likely to get audited?
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Old 04-22-2012, 06:37 PM   #2139
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Re: Canadian Online Poker Tax Thread

the answer to this is yes. You are more likely to be audited if
you have capital gains or dividends but never reported income that would support you buying assets to generate that income.

Still pretty small risk, but it does go up.
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Old 05-15-2012, 05:28 PM   #2140
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Re: Canadian Online Poker Tax Thread

humm..after perusing through this thread is seems like the general opinion is that it is -Ev to pay taxes. BUT, if one were to pay taxes after making about 200k a year it seems the best way would be to incorporate and get the small business deduction rate of 16%. Is this correct?

PS Thanks for all the info taxguru, torontocfe and henry
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Old 05-20-2012, 09:00 AM   #2141
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Re: Canadian Online Poker Tax Thread

What percentage of income will I pay a tax if my annual income above 200,000?
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Old 05-21-2012, 03:51 PM   #2142
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Re: Canadian Online Poker Tax Thread

It depends on what province your in.
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Old 05-22-2012, 08:34 PM   #2143
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Re: Canadian Online Poker Tax Thread

I had a tournament score in the US and a friend of mine who is Canadian had a piece of my action. What are the required steps I take to pay him out?
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Old 05-23-2012, 02:49 AM   #2144
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Re: Canadian Online Poker Tax Thread

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What percentage of income will I pay a tax if my annual income above 200,000?
What is tax in Vancouver ?
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Old 05-23-2012, 10:46 AM   #2145
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Re: Canadian Online Poker Tax Thread

I believe you would pay around 34% in BC on 200k.
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Old 05-23-2012, 11:02 AM   #2146
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Re: Canadian Online Poker Tax Thread

http://lsminsurance.ca/calculators/canada/income-tax
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Old 05-23-2012, 11:03 AM   #2147
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Re: Canadian Online Poker Tax Thread

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Originally Posted by suchsickaments View Post
I had a tournament score in the US and a friend of mine who is Canadian had a piece of my action. What are the required steps I take to pay him out?
You just pay him out. It is his responsibility to report it.
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Old 05-23-2012, 11:15 AM   #2148
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Quote:
Originally Posted by Henry17 View Post
You just pay him out. It is his responsibility to report it.
I am the Canadian friend. I assume I don't pay tax on it the same way I would if it were my own score? Is there certain paperwork that I need to fill out? I'm confused because I have gotten a few different replies to the first question already. thanks for your help.
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Old 05-23-2012, 11:27 AM   #2149
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Re: Canadian Online Poker Tax Thread

It is a hard question to answer but I would say you are much more likely to have to pay income tax as a backer than as someone who won a tournament. It is really hard to say. This though is the law school exam answer -- the real world answer is if you do nothing you'll almost certainly be left alone.
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Old 05-23-2012, 01:30 PM   #2150
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Re: Canadian Online Poker Tax Thread

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Originally Posted by Henry17 View Post
thanks
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