Two Plus Two Publishing LLC
Two Plus Two Publishing LLC
 

Go Back   Two Plus Two Poker Forums > >

Notices

Poker Legislation & PPA Discussion hosted by Rich Muny Discussions of various poker-related laws and steps players can take to push for better laws.

Reply
 
Thread Tools Display Modes
Old 06-28-2017, 01:36 AM   #2776
DoTheMath
Pooh-Bah
 
DoTheMath's Avatar
 
Join Date: Jul 2006
Location: At my computer
Posts: 4,691
Re: Canadian Online Poker Tax Thread

Quote:
Originally Posted by Zobags View Post
Those two statements are contradictory.
When an action is actually illegal, but the only enforcement agency lacks either the ability or the will to enforce that provision of law, it doesn't make the act legal. There will simply be no consequences to the perpetrator as a result of the illegal act.
DoTheMath is offline   Reply With Quote
Old 11-20-2017, 02:57 PM   #2777
isunkurbttlship
Pooh-Bah
 
isunkurbttlship's Avatar
 
Join Date: Mar 2010
Posts: 5,938
Re: Canadian Online Poker Tax Thread

My wife and I got married this summer. This year for school she applied for OSAP and they needed spousal income information. I had some taxable earnings that I put down, but also won mid 5 figures from poker that I did not declare on my tax return. They want to know both 2016 total gross income received in Canada, as well as 2016 non-taxable income. My accountants initially thought that I should not put the poker winnings down, but they called both OSAP as well as the school's financial office. OSAP was unsure, but the financial office told them that I should put this information down. Does anyone have any experience or advice regarding my situation? If I should put this information down, they also want proof/required documentation. The only thing that I have would be emails from the poker site showing wd information.
isunkurbttlship is offline   Reply With Quote
Old 11-20-2017, 10:53 PM   #2778
TaxGuru
journeyman
 
Join Date: Nov 2008
Location: Canada
Posts: 219
Re: Canadian Online Poker Tax Thread

Quote:
Originally Posted by isunkurbttlship View Post
My wife and I got married this summer. This year for school she applied for OSAP and they needed spousal income information. I had some taxable earnings that I put down, but also won mid 5 figures from poker that I did not declare on my tax return. They want to know both 2016 total gross income received in Canada, as well as 2016 non-taxable income. My accountants initially thought that I should not put the poker winnings down, but they called both OSAP as well as the school's financial office. OSAP was unsure, but the financial office told them that I should put this information down. Does anyone have any experience or advice regarding my situation? If I should put this information down, they also want proof/required documentation. The only thing that I have would be emails from the poker site showing wd information.
Totally defensible to take the position that it is not "income from a source," and therefore not "income" for the purposes of a government student loan program. https://papers.ssrn.com/sol3/papers....act_id=1971415
TaxGuru is offline   Reply With Quote
Old 11-20-2017, 11:32 PM   #2779
isunkurbttlship
Pooh-Bah
 
isunkurbttlship's Avatar
 
Join Date: Mar 2010
Posts: 5,938
Re: Canadian Online Poker Tax Thread

That's great, thank you for your quick response.
isunkurbttlship is offline   Reply With Quote
Old 11-21-2017, 12:57 AM   #2780
isunkurbttlship
Pooh-Bah
 
isunkurbttlship's Avatar
 
Join Date: Mar 2010
Posts: 5,938
Re: Canadian Online Poker Tax Thread

One more thing. In this instance we already submitted the application, the sheet we are filling it is just a verification of that income to make sure the numbers are right etc. Would it be unreasonable to go back and say no non taxable income or would that raise too many red flags?
isunkurbttlship is offline   Reply With Quote
Old 04-25-2018, 05:25 PM   #2781
L00t
grinder
 
Join Date: Apr 2015
Posts: 667
Re: Canadian Online Poker Tax Thread

If an individual made $8k/year at his part-time job while grinding live cash casually for 4-5 days a week for around $35-40k, what is the tax stance?

Also, if the poker winnings are "tax-free" and only the $8k is taxable, and the company has already deducted the taxes, is it wiser to not file a return at all for such a small amount if one is willing to forego the refunds, rent and gst credits, etc.?

Assuming that filing for such a small amount would call for unnecessary attention.
L00t is offline   Reply With Quote
Old 04-25-2018, 09:33 PM   #2782
TaxGuru
journeyman
 
Join Date: Nov 2008
Location: Canada
Posts: 219
Re: Canadian Online Poker Tax Thread

According to Tax Foresight (and making some assumptions about facts you don't mention, so it's impossible for this to be construed as legal advice), there is about an 80% probability that a Canadian court would find these winnings to not be taxable income.

Last edited by TaxGuru; 04-25-2018 at 09:57 PM. Reason: disclaimer re: not legal advice
TaxGuru is offline   Reply With Quote
Old 04-25-2018, 09:55 PM   #2783
TaxGuru
journeyman
 
Join Date: Nov 2008
Location: Canada
Posts: 219
Re: Canadian Online Poker Tax Thread

P.S. You would be better off filing to get the benefit of having the assessment period clock ticking and also to secure the TFSA room.
TaxGuru is offline   Reply With Quote
Old 05-03-2018, 08:28 PM   #2784
pucmo
grinder
 
Join Date: Mar 2016
Location: Euro
Posts: 550
Re: Canadian Online Poker Tax Thread

Seems like poker can officially be a game of skill for some people in Canada.
pucmo is offline   Reply With Quote
Old 09-06-2018, 12:07 PM   #2785
Frenkl
newbie
 
Join Date: Jul 2011
Posts: 18
Re: Canadian Online Poker Tax Thread

Any news on poker taxes in Ontario in 2018?
Frenkl 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 02:12 AM.


Powered by vBulletin®
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
Copyright © 2008-2017, Two Plus Two Interactive
 
 
Poker Players - Streaming Live Online