Poker Winnings Not Taxable!

BlondeFish

Great news for anybody who wins at poker.

- A recent Canadian tax court case confirmed that an online poker player’s winnings were not subject to Canadian income tax.
:wav: "cheers: :blob"

- If you know a poker player who wants to reverse the taxes they voluntarily and incorrectly paid on their past poker winnings, you should forward them a copy of this article.

- It is difficult to imagine how the government would be able to demonstrate that a poker player is a professional without relying on any of these considerations.

JimmyHo

Will CRA appeal the decision to the next level? Looks unlikely. Think there is more to this case. He was stupid for paying tax on his winnings in the first place.

Milo

From the first link . . .

The case centered on whether his online poker activities were a business established for the purpose of making a profit.

Pretty sure that the CRA could at least put forward a compelling argument that his investments in his game were designed to help him win (turn a profit).

BlondeFish

"The November 2013 issue of The Bottom Line reported that the CRA was not planning to appeal the decision and was prepared to accept the court’s findings." "cheers:

So instead of calling ourselves "semi-pro," you, GTA_Poker, The_Game and I can "throw everything away" and go pro! :D

https://www.youtube.com/watch?v=RwEIjbfOHD0

pokerJAH;373788 wroteWill CRA appeal the decision to the next level?

Milo

Reading the third link leads me to believe that part of this judgement is a means of supporting the idea of poker as "gambling" should any future cases of "gambling vs. skill" come before the courts.

Milo

Pretty sure the CRA will find some other way to "stick it in us" regardless of this decision.

GTA Poker

I thought that poker winnings in Canada were always not taxed?

BlondeFish

pokerJAH;373788 wroteHe was stupid for paying tax on his winnings in the first place.

After he stopped accepting contract work to go pro, he wanted to declare income to qualify for and secure a mortgage on his home. He declared poker winnings for the years 2004, 2005, 2006 and 2007.

BlondeFish

In case anybody made the mistake of paying taxes on their poker profits, read Refunded!!! :cool2:

Monoxide

GTA Poker;373817 wroteI thought that poker winnings in Canada were always not taxed?

Yea me also, I never even considered paying a tax or even recording anything long term over the years, I just assumed I didn't have to.

chaimr1924

Monoxide;380887 wroteYea me also, I never even considered paying a tax or even recording anything long term over the years, I just assumed I didn't have to.

Winniing a large amount on Poker stars they paid me the full amount without any deductions.So i guess we are safe in Canada by not paying any tax.

trigs

chaimr1924;380894 wroteWinniing a large amount on Poker stars they paid me the full amount without any deductions.So i guess we are safe in Canada by not paying any tax.

I believe they are talking about claims for income tax. Pokerstars would not be keeping money back for taxes.

GTA Poker

chaimr1924;380894 wroteWinniing a large amount on Poker stars they paid me the full amount without any deductions.So i guess we are safe in Canada by not paying any tax.

lmao