Questions for my ex-countrymen

Paul3221

Hey gang,

Long time no visit. I used to be an active member here a few years back, and then dropped off as I moved to the US with my wife. Anyway, since moving to the US, I haven't paid attention to the online scene in Canada as much. The climate has gotten increasingly difficult here though, with the UIGEA laws passing, and then on June 1st, it being enforced. This of course is related to my problem, and information/advice I would love to hear from the people here...

A little less than 2 weeks ago, I won a Butt-load of money when I hit the bad beat jackpot, playing low limit holdem online. At first I was very excited, but then I came to realize that it may be difficulty or even impossible to get it off of the site, and into my bank account here with the new enforcement of the US law. I would even be willing to pay the taxes on it, but I still may not even be able to put it in the bank.

This leads to my questions:

Have things changed in a similar manner back there in Canada? Do banks have any problems with large deposits from Online poker?

Has anyone had issues with large online cashouts?

Have people had to pay Canadian taxes on their winnings, or is it still tax free?

Any advice would be greatly appreciated!

Thanks,
Paul3221

compuease

Jeesh, you left here not long after I joined here, long time for sure.. As for your question, still not taxable here in Canada but not sure how you can get it off. afik, here in Canada it's still no issue, just have stars issue a chq and deposit. Likely holding for a period but it will clear. When you say boatload, is this more than 5 figures...?

BlondeFish

My last bank wire transfer went through this month, so there has been no change in Canada for me.

You can ask your bank first, but from everything I've read, there will probably be no change for you either. I think the worst case for a US resident is if their specific bank mistakenly stopped accepting site withdrawals, then they can go to any other bank that knows the UIGEA rules better. Read The UIGEA FAQ.

JimmyHo

no taxes on winnings, not unless you are a pro and do it for a living, apparently. Even most pros in Canada probably don't claim their online winnings.

pokerdro

compuease;229503 wroteJeesh, you left here not long after I joined here, long time for sure.. As for your question, still not taxable here in Canada but not sure how you can get it off. afik, here in Canada it's still no issue, just have stars issue a chq and deposit. Likely holding for a period but it will clear. When you say boatload, is this more than 5 figures...?

I actually think I saw him win this. The Badbeat on UB was 450K. Not sure what he got out of that. I believe it was about well into 6 figures.
As for withdrawals I use instdebit right into my BMO account. No issues in the past year.

Paul3221

BlondeFish;229506 wroteMy last bank wire transfer went through this month, so there has been no change in Canada for me.

You can ask your bank first, but from everything I've read, there will probably be no change for you either. I think the worst case for a US resident is if their specific bank mistakenly stopped accepting site withdrawals, then they can go to any other bank that knows the UIGEA rules better. Read The UIGEA FAQ.

Thanks for the info. I have read that post, and quite a few others over the last couple weeks. I was thinking it would be OK (although it sucks giving the government a large percentage of it so that they can just waste it). Last night I found this though:

RE: Fed Crackdown on Online Poker Money Transfers (2) PokerStars refunds, bank account seizures, grand jury subpoenas | Pokerati | Texas Hold'em and Las Vegas WSOP Poker Blog

It sounds like at least some people are trying to enforce (over-enforce?) the new law, and make it more difficult to cash out.

Paul3221

DennisG

Have them send the cheque to me. I will cash it and you can pick up 90% in cash at my house. :)

JimmyHo

DennisG;229561 wroteHave them send the cheque to me. I will cash it and you can pick up 90% in cash at my house. :)

I will up it to 92%!

Paul3221

pokerJAH;229562 wroteI will up it to 92%!

Wow, that's a pretty good offer. I'd be coming out ahead compared to paying the tax in the US... ;-)

I just wanted to thank the people here for their input. I am still working out how to get it all out, and into my account. I'll let you know how it goes...

Thanks,
Paul3221